PureCycle Corporation completes water and sewer service facility for state of Colorado
PureCycle Corporation announced today the completion of the Colorado Department of Human Services' Ridgeview Facility, the first major water and sewer customer in the company's 24,000-acre service area located in southeast Denver.
DENVER, Colo., July 24, 2001 — PureCycle Corporation announced today the completion of the Colorado Department of Human Services' Ridgeview Facility, the first major water and sewer customer in the company's 24,000-acre service area located in southeast Denver.
The Ridgeview Facility is a 400-acre juvenile correction facility that will house 500 students.
PureCycle designed, built and now operates the water and sewer systems that serve this facility. The capital costs for the water and sewer systems were approximately $1.66 million. The Company received approximately $2.0 million in tap fees (i.e. connection charges) to provide approximately 100 acre feet of water service to the facility. "Revenues from the model facility and the Company's other customers are projected to cover the Company's annual operating expenses," Company President Mark Harding said.
With the rapid growth of Denver, the metropolitan area has reached the boundary of the Company's service area. This currently undeveloped property is owned by the State Land Board for the benefit of the public schools in the state. PureCycle has the exclusive right to provide water and wastewater service to this area. Depending on the ultimate development of this property, PureCycle could supply more than 23,000 acre feet of water per year and process over 10 million gallons of wastewater per day.
In addition to the water reserved for use within its service area, PureCycle owns approximately 12,000 acre feet of water that can supply water to customers throughout the water-starved Denver area. "The Company's water rights, together with its integrated water and sewer systems, offer municipal water and sewer providers the ability to incrementally expand their services to meet growing demands within their boundaries," Harding said.
PureCycle is engaged in providing water and wastewater service to customers in the Denver metropolitan area. In addition to the approximately 32,000 acre feet of water available in the Denver area, PureCycle owns 70,000 acre feet of water on Colorado's western slope. For further information, please contact shareholder relations at 303/292-3456 or write to 8451 Delaware Street, Thornton, Colo., 80260.
Matters discussed in this news release with respect to the Company's expectations are forward-looking statements that involve risks and uncertainties. The assumptions and risk factors that could cause actual results to differ materially include those described in the Company's Form 10K for the year ended August 31, 2000.