Pure Cycle Corporation (NASDAQ:PCYO) will release its year ended August 31, 2022 financial results on Monday, November 14, 2022, and hold a conference call the following day to discuss the results.

Fiscal 2022 will be another record year for Pure Cycle's land, water, and home rental segments. Pure Cycle accomplished several significant milestones that we are proud to share prior to our full financial statement issuance in November. The fiscal 2022 items Pure Cycle is highlighting include:

• Successful delivery of 219 lots in our Phase 2A at Sky Ranch to our four homebuilder partners, which resulted in proceeds from lot sales totaling $13.7 million received in fiscal 2022 (combined with the first milestone payment in fiscal 2021 of $3.9 million, we have $0.8 million remaining to be collected on Phase 2A lots).
• Pure Cycle sold 159 water and 154 wastewater taps, generating $4.9 million of proceeds.
• The Sky Ranch CAB closed on its second municipal bond and repaid $23.6 million of public improvement reimbursables and interest, exceeding the $16.0 million we reflected as a current receivable.
• Pure Cycle expanded its single-family home rental units with an additional 11 homes beginning construction (10 of them in Phase 2A), which we believe will deliver in 2023.
• Pure Cycle received record proceeds from oil & gas operators totaling more than $3.0 million.
• With the proceeds detailed above, we closed fiscal 2022 with near record levels of liquidity with cash and cash equivalents exceeding $34.0 million.

"We are excited to complete another historic year for Pure Cycle, with just a few milestones described above, and look forward to our full earnings release in November," commented Mr. Mark Harding, CEO of Pure Cycle.

Pure Cycle's fiscal year ended August 31, 2022 financial statement audit is currently underway, which as recently announced, will be the final audit with Plante & Moran. Plante & Moran has been Pure Cycle's auditor for five years following their merger with EKS&H. As a result of partner rotations, changing market conditions, staffing, and timing of our audit, we mutually agreed to transition audit services away from Plante & Moran to our new auditor, FORVIS, LLP for fiscal year 2023. "We were satisfied with the services we received from EKS&H and Plante & Moran and look forward to a beneficial and seamless transition to our new auditor, FORVIS," commented Kevin McNeill, CFO of Pure Cycle. FORVIS is the combination of North Carolina based Dixon Hughes Goodman, LLP and Missouri based BKD CPAs & Advisors. Pure Cycle's relationship with FORVIS was culminated through the Denver office of BKD and Pure Cycle is encouraged by FORVIS's industry experience and depth of personnel, not only in Denver, but nationwide.

Additional financial results will be disclosed in an earnings release expected to be issued on Monday, November 14, 2022. Additionally, we will host a conference call on Tuesday, November 15, 2022, at 8:30AM Eastern (6:30AM Mountain) to discuss the financial results and answer questions. Call details are presented below. We will post a detailed slide presentation, which will provide an overview of Pure Cycle and present summary financial results, on our website at www.purecyclewater.com.

YE 2022 EARNINGS CALL
When: 8:30AM Eastern (6:30AM Mountain) on November 15, 2022
Call in number: 888-506-0062 (access code: 931680)
International call-in number: 973-528-0011 (access code: 931680)
Replay number: 877-481-4010 | 919-882-2331 (passcode: 46627)
Replay available until: November 29, 2022 at 8:30AM ET
Event link: https://www.webcaster4.com/Webcast/Page/2247/46627

Company Information

Pure Cycle continues to diversify its operations, grow its balance sheet, and drive recurring revenues. We operate in three distinct business segments, each of which complement one another. At our core we are an innovative and vertically integrated wholesale water and wastewater service provider. In 2017, we launched our land development segment which develops master planned communities on land we own and to which we provide water and wastewater services. In 2021, we launched our newest line of business, the rental of single-family homes located at Sky Ranch, which provides long-term recurring revenues, furthers our land development operations, and adds more customers to our water resource segment.

Additional information including our recent press releases and SEC filings are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, or our CFO, Kevin B. McNeill, at 303-292-3456 or at This email address is being protected from spambots. You need JavaScript enabled to view it.. Be sure to follow Pure Cycle on Twitter @purecyclecorp.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are all statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, such as statements about the following: the transition to a new audit firm, the timing of the issuance of full financial statements, and the timing of delivery of single-family home rental units. The words "anticipate," "likely," "may," "should," "could," "will," "believe," "estimate," "expect," "plan," "intend" and similar expressions are intended to identify forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ from projected results include, without limitation: the availability and cost of skilled personnel, labor, material, and equipment; weather conditions, and other factors impacting the housing construction industry;; the risk factors discussed in Part I, Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2021; and those factors discussed from time to time in our press releases, public statement and documents filed or furnished with the U.S. Securities and Exchange Commission. Except as required by law, we disclaim any obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.