Pure Cycle Corporation Signs Professional Service Agreement With the Town of Bennett and Was Added to the Russell 2000(R) and Russell Global(R) Indexes
Pure Cycle Corporation (NASDAQ: PCYO) announced that it has entered into a professional services agreement to operate the Town of Bennett's water and wastewater systems beginning August 2013.
For several years the Company has been working with the Town of Bennett and other interests along the I-70 corridor, where its Sky Ranch property is located, to bring its valuable water supplies and service capabilities to assist land owners and communities with their water supply needs. This operations contract will provide modest annual revenues of approximately $40,000 per year and further the Company's strategic goal of developing its service business.
Mark W. Harding, Pure Cycle's President, commented, "We are excited to enter into this agreement with the Town of Bennett and look forward to providing quality service to Town customers as the Town develops and expands their water and wastewater systems."
Pure Cycle Corporation was also added to the Russell 2000® and Russell Global® Indexes. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe and is a subset of the Russell 3000® Index, representing approximately 10% of the total market capitalization of that index. Memberships in the indexes remain in place for one year.
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