Two Rivers Management Returns Stock Based Compensation
11 Diciembre 2013 - 11:24AM
Marketwired
Two Rivers Management Returns Stock Based Compensation
DENVER, CO--(Marketwired - Dec 11, 2013) - Two Rivers Water
& Farming Company ("Two Rivers") (OTCBB: TURV) (OTCQB: TURV)
(www.2riverswater.com) announced today that Two Rivers' management
and employees have returned stock based compensation for 2013 and
2012. In November 2011, the Company shareholders had approved
an incentive compensation package whereby management and employees
could potentially receive as much as $1,641,000 in stock based
compensation for 2013. In January 2012, Two Rivers' board of
directors approved a vesting schedule that provided for the
granting of stock to management and employees based on certain
criteria being met. In evaluating the criteria, management and
the board determined the criteria for granting the stock had not
been met and the compensation should therefore revert back to the
Company.
John McKowen, CEO of Two Rivers, stated, "While Two Rivers has
made substantial improvements in revenues and expenses, especially
in comparison to its micro cap peer group in the water industry,
the key goal for our shareholders is increased share
price. The incentive stock option plan was created and
approved, in part, to incentivize management and employees to
achieve milestones that would contribute to an increased share
price. Therefore, if criteria for granting the stock based
compensation has not been met, the compensation should be returned
to the Company."
About Two Rivers:
Two Rivers has developed and operates a new farming and water
business model suitable for arid regions in the Southwestern United
States whereby the Company synergistically integrates high value
fruit and vegetable farming and wholesale water distribution into
one company, utilizing a practice of rotational farm
fallowing. Rotational farm fallowing, as it applies to water,
is a best methods farm practice whereby portions of farm acreage
are temporarily fallowed in cyclic rotation to give soil an
opportunity to reconstitute itself. As a result of fallowing,
an increment of irrigation water can be made available for
municipal use without permanently drying up irrigated
farmland. Collaborative rotational farm fallowing agreements
between farmers and municipalities make a portion of irrigation
water available for urban use. The Company's initial area of focus
is in the Arkansas River basin and its tributaries on the southern
Front Range of Colorado.
This news release contains "forward-looking statements," as
that term is defined in Section 27A of the United States Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release, which are not purely historical,
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
developing and acquiring land and water resources. There can be no
assurance we will be able to raise additional capital, that we will
be able to increase the scale of our business, or that our existing
resources will be sufficient to meet all of our cash needs. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in the press release are reasonable, there can
be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate.
Contact: John McKowen Two Rivers Water & Farming Company
(303) 222-1000 info@2riverswater.com
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