Real estate company

Blue Ridge Real Estate Company completes sale of 284 acres of land

BLAKESLEE, Pa., January 20, 2021 /PRNewswire/ — Blue Ridge Real Estate Company (OTC Pink: BRE) announced today that the company has completed the sale of 284 acres of land located along Route 940 in Blakeslee, Pennsylvania (the “Property”) to Exeter Industrial Drive Route 940 Land LLC (“Exeter“) for the construction of a logistics and distribution center in carbon county. Proceeds from the sale must be used for general corporate purposes. “This sale is part of Blue Ridge’s strategy to unlock embedded value in the company’s natural resources portfolio and to redeploy capital in an accretive manner to maximize shareholder value,” said Bruce Beaty, President and CEO of Blue Ridge.

About Blue Ridge Real Estate Company

Blue Ridge is engaged in real estate development and land sales. AT October 31, 2020, the properties of Blue Ridge and its subsidiaries consisted of approximately 9,700 acres of land located in the Pocono Mountains of Pennsylvania. Revenue is derived from these lands through leases, third party selective logging, sales and other disposals. For more information about Blue Ridge, please visit the company’s website at www.brreco.com.

Safe Harbor Statement

The statements in this press release state the Company’s and management’s intentions, beliefs, expectations or projections for the future and are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) adverse local economic and real estate conditions generally, (ii) financing risks, such as inability to obtain equity, debt or other sources of financing or refinancing on terms favorable to the Company, (iii) the Company’s ability to attract and successfully complete transactions with real estate developers and to manage relationships with real estate developers in the future, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management’s ability to estimate the impact of these changes, and (vi) the impacts of pandemics or other health crises, such as coronavirus disease 2019 (COVID-19). Additional information regarding factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the Company’s filings with OTC Markets Group, Inc. (“OTC Markets”). Copies of each filing may be obtained from the Company or from OTC Markets.

The Company refers you to the documents filed by the Company from time to time with OTC Markets, in particular the section entitled “Risk Factors” in the annual financial report of the Company for the financial year ended October 31, 2019, as may be updated or supplemented in the Company’s quarterly financial reports and other filings by the Company with OTC Markets, which discuss these and other factors that could adversely affect the results of the Company. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Bruce Beaty, President and CEO, bbeaty@brreco.com, 570-443-8433

Quote

View original content: http://www.prnewswire.com/news-releases/blue-ridge-real-estate-company-completes-the-sale-of-284-acres-of-land-301211761.html

SOURCE Blue Ridge Real Estate Company


Source link