LA JOLLA, CA -- PICO Holdings, Inc. (NASDAQ:PICO) announced today that its wholly-owned subsidiary, Vidler Water Company, has agreed to sell approximately 15,470 acres of farmland, together with approximately 42,000 acre-feet of groundwater rights associated with the acreage, located in the Harquahala Valley Irrigation District, Arizona to a prominent Arizona real estate developer. The sale price of the property is $95.25 million and closing is due on June 30, 2005. Vidler received into escrow on April 4 a non-refundable sum of $1 million and is due to receive an additional non-refundable sum of $4 million on May 4, 2005 with the balance purchase price payable in cash at closing.
Vidler's total cost of the properties to be sold is approximately $35 million.
Vidler Water Company, a water resource development business, is the largest private sector owner of water rights and water storage assets in Arizona and Nevada. Further information about Vidler and PICO can be obtained from our websites www.vidlerwater.com and www.picoholdings.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of securities law. These include, but are not limited to, statements about the Company's operations and our future expectations. These statements reflect our current views about future events which could affect our financial performance. Although we aim to promptly disclose any new development which will have a material effect on PICO, we do not undertake to update all forward-looking statements. You should not place undue reliance on forward- looking statements because they are subject to various risks and uncertainties (including those listed under "Risk Factors" and elsewhere in our SEC filings) which could cause actual results to differ materially from such forward- looking statements or from our past results.
Source: PICO Holdings, Inc.
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CONTACT: Max Webb, Chief Financial Officer of PICO Holdings, Inc.,
+1-858-456-6022, ext. 216
Web site: http://www.picoholdings.com/
http://www.vidlerwater.com/
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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