Contact Information: Contact: Mark W. Harding President 303-292-3456
Pure Cycle Announces Favorable Water Court Ruling Regarding City of Aurora Motion to Reconsider and Lend Lease Amicus Curiae
| Source: Pure Cycle
THORNTON, CO--(Marketwire - April 18, 2008) - Pure Cycle Corporation (NASDAQ : PCYO ) was
notified yesterday that the Colorado Water Court supports its position and
denied the City of Aurora's ("Aurora") motion for reconsideration and
upheld its order of November 6, 2007, granting Rangeview Metropolitan
District's Motion for Partial Summary Judgment. The November ruling
requires the City of Aurora to remove three reservoir sites included in its
2003 Water Court filing because the reservoir sites substantially overlap
reservoir sites which are subject to a previous agreement between Rangeview
Metropolitan District and the State Land Board and in which Pure Cycle
holds certain interests.
The Water Court's order also denied Lend Lease Lowry Range LLC's ("Lend
Lease") Motion for Leave to File Response as Amicus Curiae in Support of
Aurora's Motion for Reconsideration.
"The court's ruling protects the 20+ years of investment and development
work on these reservoirs by Rangeview and Pure Cycle," commented Mark
Harding, Pure Cycle's President and CEO. Mr. Harding further stated, "The
State Land Board's water interests and royalty revenue opportunities for
the K-12 public education trust beneficiaries were also protected. We look
forward to continuing to work with Lend Lease, the City of Aurora, and the
State Land Board on the Lowry Project."
Additional details regarding the Water Court filings can be found in the
Pure Cycle Form 10-Q for the six months ended February 29, 2008 filed with
the Securities and Exchange Commission ("SEC") on April 9, 2008 and an 8-K
filed with the SEC on March 18, 2008.
Company Information
Pure Cycle owns water assets in several river basins in the State of
Colorado as well as certain aquifers in the Denver, Colorado metropolitan
area. Pure Cycle provides water and wastewater services to customers
located in the Denver metropolitan area including the design, construction,
operation and maintenance of water and wastewater systems.
Additional information including our recent press releases and Annual
Reports are available at www.purecyclewater.com, or you may contact our
President, Mark W. Harding, at 303-292-3456.