LA JOLLA, Calif., Sept. 12, 2011 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) announced today that a Definitive Agreement for the sale of the Company's wholly – owned subsidiary, Nevada Land and Resource Company, LLC to a third party has been executed and a non-refundable deposit of $1,000,000 has been received. Under the Definitive Agreement, NLRC will be sold for $31 million in cash with the close of escrow scheduled for December 2011. Excluded from the sale are existing promissory notes of approximately $3 million and certain water rights and related land assets. NLRC assets include in excess of 480,000 acres of Nevada real property together with a sizable mineral estate.
About PICO Holdings, Inc.
PICO Holdings, Inc. is a diversified holding company. The Company seeks to build and operate businesses where significant value can be created from the development of unique assets, and to acquire businesses which it identifies as undervalued and where its management participation in operations can aid in the recognition of the businesses' fair value, as well as create additional value.
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" about the expected timing of the sale of Nevada Land and Resource Company, LLC. Those forward–looking statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results may differ substantially as a result of a number of factors, including the need to satisfy the various conditions to closing the transaction, not all of which are within the Company's control. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.