Pardee Resources Company announced today that it has entered into a definitive agreement to sell all of its table grape assets to Joseph Vineyard Estates LLC, an affiliate of Four Star Fruit, Inc., for total cash proceeds of $6,130,000.
These assets, which are located in the Central Valley of California, consist of one wholly owned 40 acre table grape ranch and a second 220 acre table grape ranch which is 85% owned by Pardee through a joint venture.
The sale is subject to the satisfaction of certain contingencies and normal closing conditions and adjustments. The transaction is expected to close in the second quarter of 2026.
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In addition to historical statements, this press release contains statements relating to future events, the pending transaction, and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995.
While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations.
These factors include, but are not limited to, risks related to the pending transaction, including the satisfaction of conditions precedent to closing, difficult economic conditions and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect.
"We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise," said a spokesperson.
For more information:
© Pardee Resources Company
Pardee Resources Company
Tel: (215) 405-1260
www.pardee.com
