BLAKESLEE, Pennsylvania., January 20, 2021 / PRNewswire / – Blue Ridge Real Estate Company (OTC Pink: BRRE) today announced the closing of the sale of 284 acres of land located along Route 940 in Blakeslee, Pennsylvania (the “Property”) at Exeter Industrial Drive Route 940 Land LLC (“Exeter“) for the construction of a logistics and distribution center in Carbon county. The proceeds of the sale are to be used for general business purposes. “This sale is part of Blue Ridge’s strategy of unlocking the value inherent in the company’s natural resource portfolio and accretive redeployment of capital to maximize shareholder value,” said Bruce beaty, President and CEO of Blue Ridge.
About Blue Ridge Real Estate Company
Blue Ridge is engaged in real estate development and the sale of land. AT October 31, 2020, the properties of Blue Ridge and its subsidiaries consisted of approximately 9,700 acres of land located in the Pocono Mountains of Pennsylvania. Income is earned from these lands through leases, selective logging by third parties, sales and other arrangements. For more information about Blue Ridge, please visit the company’s website at www.brreco.com.
Safe Harbor Declaration
Statements in this press release state the intentions, beliefs, expectations or projections of the company and management and are forward-looking statements. It is important to note that the actual results of the Company could differ materially from those projected in these forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, (i) adverse local economic and real estate conditions generally, (ii) funding risks, such as inability to ” obtain equity, debt or other sources of financing or refinancing on terms favorable to the Company, (iii) the Company’s ability to attract and successfully conclude transactions with real estate developers and to manage relationships with real estate developers in the future, (iv) the Company’s ability to raise capital by selling its assets, (v) changes in government laws and regulations and management’s ability to estimate the impact of these changes, and (vi) impacts of pandemics or other health crises, such as coronavirus disease 2019 (COVID-19). Additional information regarding factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in documents filed by the Company with OTC Markets Group, Inc. (“OTC Markets”). Copies of each deposit can be obtained from the Company or from OTC Markets.
The Company refers you to documents filed by the Company from time to time with OTC Markets, in particular the section entitled “Risk Factors” in the Company’s annual financial report for the year ended. October 31, 2019, as may be updated or supplemented in the Company’s quarterly financial reports and other documents filed by the Company with OTC Markets, which address these and other factors which could adversely affect the results of the society. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Bruce beaty, President and CEO, [email protected], 570-443-8433
SOURCE Blue Ridge Real Estate Company