DENVER, Aug. 11, 2011 (GLOBE NEWSWIRE) -- Two Rivers Water Company ("Two Rivers") (OTCQB:TURV), a company focused on acquiring and developing water and irrigated farming resources in Colorado, announced today its results for the second quarter ended June 30, 2011 and discussed its progress in developing water and farming land resources.
The net loss in the June 30, 2011 quarter was $2,007,000 compared to a net loss of $1,247,000 for the second quarter ended June 30, 2010. The loss per share in the June 2011 quarter was $(0.09) per share on 22,054,000 basic and dilutive shares compared to a net loss of $(0.13) per share on 11,267,000 basic and dilutive shares in June 2010 quarter.
For the six months ended June 30, 2011, the net loss was $3,455,000 compared to a net loss of $2,108,000 for the six months ended June 30, 2010. The loss per share for the six months ended June 30, 2011 was $(0.16) per share on 21,054,000 basic and dilutive shares compared to a net loss of $(0.22) per share on 10,700,000 basic and dilutive shares.
In commenting on the second quarter results, Mr. Gary Barber, President and COO, stated, "The results for the second quarter are in line with our expectations as we continue to expand our water and irrigated farmland portfolio. It is exciting to see once prosperous farmland, now fallow, being returned to full production to the benefit of the community and to our shareholders. We expect to expand our irrigated farmland portfolio up to as much as 25,000 acres in Pueblo and Huerfano County, Colorado over the next three to five years."
Mr. Barber added, "In today's volatile investment marketplace, investors are looking for a safe haven. We believe that farmland and water are two assets providing some safety in this financial storm. We have been successful raising capital through convertible notes, secured by farmland and water, to expand our farming operations."
On August 3rd we announced that we had closed on approximately $3.5 million of the maximum $6 million private placement offering of secured convertible debt. The proceeds from the offering will be used for expansion of our water and irrigated farming portfolio in southern Colorado.
Two Rivers is in the business of acquiring and developing water and irrigated farming resources in Colorado.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing and acquiring land and water resources. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in the press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
Two Rivers Water Company – 2000 South Colorado Blvd. Annex Bldg 420 – Denver, CO 80222
For further information about Two Rivers Water Company please visit our web site: www.2riverswater.com