SOURCE: Pure Cycle

April 18, 2008 07:00 ET

Pure Cycle Announces Favorable Water Court Ruling Regarding City of Aurora Motion to Reconsider and Lend Lease Amicus Curiae

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.

Contact Information

  • Contact:
    Mark W. Harding
    President
    303-292-3456