DENVER, Nov. 8, 2012 /PRNewswire/ -- Two Rivers Water Company (OTC QB: TURV) (http://www.2riverswater.com) announced the operating results for the September 30, 2012 quarter.
After two years of infrastructure development, Two Rivers planted its first season of crops and demonstrated the productive capacity of its irrigated farming. In this first quarter of revenue from farm operations, Two Rivers generated farm revenues of $381,000 and gross margins of $101,000 or 26.5%. Two Rivers planted 385 acres in 2012 and expects annual farm revenue of approximately $1,000,000 with gross margins exceeding 25%. In the 2013 growing season, Two Rivers expects to plant 1,350 acres, more than triple the amount of acres planted in the 2012 growing season. As a result of its capital investment over the last two years, Two Rivers believes it can expand farm production to 30,000 acres along the Arkansas River in Colorado over the next decade.
ABOUT TWO RIVERS WATER COMPANY
Two Rivers Water Company acquires and develops high yield irrigated farmland and the associated water rights in the western United States, and is presently focusing on the Huerfano and Cucharas two river basin and the Arkansas river basin in southern Colorado. At the present time, Two Rivers Water operates two core businesses, organic crop production and traditional cropping. We are aggressively expanding operations through various funding mechanisms to develop our business model in southern Colorado with a view to the future implementation of this business model in other areas in the arid West.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing and acquiring land and water resources. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in the press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
Two Rivers Water Company
John McKowen, CEO
SOURCE Two Rivers Water Company