Pardee Resources Company Announces Agreement to Sell its Table Grape Assets

Rhea-AI Summary

Pardee Resources Company (OTC: PDER) entered into a definitive agreement to sell all of its table grape assets for $6,130,000 in cash to Joseph Vineyard Estates LLC, an affiliate of Four Star Fruit, Inc.

The assets include a wholly owned 40-acre table grape ranch and an 85% interest in a 220-acre table grape ranch in California's Central Valley. The sale is subject to customary contingencies, closing conditions and adjustments, and is expected to close in Q2 2026.

AI-generated analysis. Not financial advice.

Positive

• Cash proceeds of $6,130,000 from the sale
• Disposition of a wholly owned 40-acre table grape ranch
• Disposition of an 85% interest in a 220-acre table grape ranch
• Expected close in Q2 2026 (subject to conditions)

Negative

• Transaction is subject to contingencies and normal closing conditions, creating closing risk
• Sale will remove the company’s table grape assets (40 acres and 85% of 220 acres) from its portfolio
• Final cash proceeds may be adjusted at closing per customary adjustments

News Market Reaction – PDER

-2.36%

1 alert

-2.36% News Effect

On the day this news was published, PDER declined 2.36%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

RADNOR, Pa., April 22, 2026 /PRNewswire/ -- Pardee Resources Company (OTC: PDER) (the "Company") announced today that it has entered into a definitive agreement to sell all of its table grape assets to Joseph Vineyard Estates LLC, an affiliate of Four Star Fruit, Inc., for total cash proceeds of $6,130,000. These assets, which are located in the Central Valley of California, consist of one wholly owned 40 acre table grape ranch and a second 220 acre table grape ranch which is 85% owned by Pardee through a joint venture. The sale is subject to the satisfaction of certain contingencies and normal closing conditions and adjustments. The transaction is expected to close in the second quarter of 2026.

In addition to historical statements, this press release contains statements relating to future events, the pending transaction, and our future results. These statements are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, risks related to the pending transaction, including the satisfaction of conditions precedent to closing, difficult economic conditions and other risks and uncertainties. As a result, these forward-looking statements may turn out to be incorrect. We are under no obligation to (and expressly disclaim any obligation to) update or alter these forward-looking statements whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/pardee-resources-company-announces-agreement-to-sell-its-table-grape-assets-302750494.html

SOURCE Pardee Resources Company

FAQ

When will Pardee Resources (PDER) complete the sale of its table grape assets?

The transaction is expected to close in Q2 2026. According to Pardee Resources, closing remains subject to satisfaction of customary contingencies, closing conditions and any purchase price adjustments.

How much cash will Pardee Resources (PDER) receive from the table grape asset sale?

Pardee Resources will receive total cash proceeds of $6,130,000. According to Pardee Resources, that amount is the agreed purchase price but may be adjusted at closing under customary terms.

What table grape properties is Pardee Resources (PDER) selling in the transaction?

The sale includes a wholly owned 40-acre table grape ranch and an 85% interest in a 220-acre table grape ranch. According to Pardee Resources, both properties are located in California's Central Valley.

Who is buying Pardee Resources' (PDER) table grape assets?

Joseph Vineyard Estates LLC, an affiliate of Four Star Fruit, Inc., is the buyer. According to Pardee Resources, the buyer agreed to pay $6,130,000 in total cash proceeds for the assets.

What risks could affect Pardee Resources' (PDER) table grape sale closing?

Closing depends on satisfaction of certain contingencies and normal closing conditions. According to Pardee Resources, those conditions and potential adjustments could affect timing and final proceeds.