PHILADELPHIA, Aug. 1, 2016 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") reports that its subsidiary, Pardee Solar 1 LLC, recently closed on an investment in a renewable energy partnership that owns a ground-mounted 1.25 MW (dc) solar photovoltaic system located in Foster, Rhode Island. The Company's investment in this partnership is $1.1 million. The funding for this investment will be through available cash and is subject to the system being successfully placed in operation which is expected in the near future. "Pardee is pleased to add this renewable energy investment to our Alternative Energy Division's portfolio" said Carleton P. Erdman, President and Chief Executive Officer.
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include statements that relate to the impact of the acquisition described above. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: difficult economic conditions, the possibility of increased or adverse government regulation, and the risk that the system may not be as we currently expect, and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Pardee Resources Company