LAKE ARROWHEAD, Calif., Aug. 24, 2017 /PRNewswire/ -- Rock Ridge Resources, Inc. (Pink Sheets: RRRI) released its 2016 annual report along with, first and second quarter 2017. Year-end reporting for 2016 reflects a profit of $3,025,015. First quarter 2017 shows a profit of $46,076, with the second quarter reflecting a loss of -$448,268.
The downturn in profits is the result of more than $2,300,000 in receivable write-offs from its subsidiary Serenity Lodge, Inc. (Serenity Lodge) and its adaptation to the changing insurance and payor environment. In addition, significant capital investments by the parent, Rock Ridge Resources, Inc. (Rock Ridge), have been taking place since the first quarter of 2016.
"We are fully engaged in implementing the restructuring of our Lake Arrowhead Treatment Center," says Daniel R. Voorhees, President and CEO, Rock Ridge Resources, Inc. and Serenity Lodge, Inc. "The uncertainty within the insurance industry is driving significant, proactive, change to our payor mix, treatment protocols and marketing practices. Given these modifications and current investment strategy, we are anticipating an improved second half of the year for both Serenity Lodge and Rock Ridge."
In the first quarter of 2016, Rock Ridge purchased a 14-acre parcel located in Blue Jay, Calif. for $1,250,000 in cash and has spent pre-construction expenses for plans, surveys, and studies in the amount of $230,000. Plans are underway to construct a 46-room hotel, a 325-seat outdoor amphitheater, a sports bar restaurant, and a malt and coffee shop. This first phase of construction is estimated to cost approximately $18 million. The second phase of the project, a proposed 50-unit senior living community, is located on an adjacent five acres. For more information about the project and virtual tour, go to www.bluejayproject.com.
Rock Ridge recently purchased a Union 76 gas station and convenience store located at 27243 Hwy 189 in Blue Jay, Calif. The station's proximity will serve as a tremendous asset to the Blue Jay project allowing the organization to develop a scenic bridgeway between the existing downtown area and new development.
Rock Ridge has numerous construction projects on its agenda, including the construction of another Union 76 Gas Station, inclusive of a car wash, located near the Lake Arrowhead Village.
Rock Ridge is well underway with the construction of a 24-bed women's recovery facility for Serenity Lodge, which includes four new residences, beautifully adorned grounds and in ground hot tub. The total cash investment to date is more than $700,000, with an anticipated completion total of $3,600,000.
In addition, Rock Ridge recently completed the construction of a 4,000-ft. state-of-the-art meeting hall and indoor basketball half court at Serenity Lodge's residential rehabilitation facility costing $440,000.
Rock Ridge Resources, Inc. is a professionally managed firm that is currently engaged in the development of organizations deriving energy from natural resources; as well as, the funding, management and development of various real estate holdings and evolution of substance abuse recovery services through its subsidiary Serenity Lodge, Inc. In support of this endeavor, Serenity Lodge holds a California State Alcohol and Drug Rehabilitation License, and provides treatment to men, 18-years and older, in a luxury mountain setting in Lake Arrowhead, California.
For more information on Rock Ridge and Serenity Lodge please visit their websites: www.rockrrinc.com and www.slrecovery.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Rock Ridge Resources, Inc. to be materially different from the statements made herein. Except for any obligation under the U.S. federal securities laws, Rock Ridge Resources, Inc. undertakes no obligation to publicly update any forward-looking statement as a result of new information, future events or otherwise.
SOURCE Rock Ridge Resources, Inc.