TWO RIVERS WATER & FARMING COMPANY (OTCMKTS:TURV) Files An 8-K Regulation FD Disclosure
ITEM 7.01 Regulation FD Disclosure
The information in this Item 7.01 of this Current Report is furnished to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.
As disclosed in Two Rivers September 30, 2018 10Q filed with the United States Securities Exchange Commission, Two Rivers disclosed that it recorded a $1,800,000 contingent liability for a projected demolition expense for this dam.
Recently, the State of Colorado has begun the Dam demolition through a third party contractor. On December 13, 2018, Two Rivers representatives met with the contractor doing the demolition. The contractor stated that work should be completed the first part of January 2019 and the expected costs are anticipated to be less than the previously recorded contingent liability of $1,800,000.
Further, due to Two Rivers’ current lack of capital, the State of Colorado has funded the cost and will be requesting reimbursement from the Company, which the Company intends to honor.
The contractor also stated that materials from the job site might be able to be used for a new dam, if rebuilt, thereby providing cost savings.
About TWO RIVERS WATER & FARMING COMPANY (OTCMKTS:TURV)
Two Rivers Water & Farming Company acquires and develops irrigated farmland and associated water rights and infrastructure. The Company converts irrigated farmland from traditional use to grow marginally profitable feed crops to use for growing fruit and vegetable crops. The Company’s segments include Farms and Water. The Company’s crop production consisted of cabbage, pumpkins and squash grown for human consumption, as well as feed crops, such as alfalfa, corn, oats and sorghum, planted as part of its crop rotation practice. The Company’s business model integrates irrigated farming and water distribution in a manner developed for semi-arid regions in the southwestern United States. The Company’s area of focus is the Arkansas River Basin, on the southern Front Range in Colorado.