PCYO Pure Cycle Corp

Pure Cycle Corporation (Nasdaq:PCYO): Governor Bill Owens has announced that the Colorado State Board of Land Commissioners authorized the issuance of two requests for proposals (RFPs) in which the State Land Board is seeking a development partner to "assist with the entitlement, resource planning and development" of 3,800 acres of land on what's known as the Lowry Range Property. The Lowry Range Property consists of approximately 26,000 acres or primarily undeveloped land owned by the State Land Board, located in Arapahoe County, Colorado. At a special board meeting yesterday the State Land Board adopted a three-part vision for the overall use of the property, consisting of (i) development of water resources, (ii) open space and conservation plans, and (iii) "smart growth" or contained development of the property. Following Governor Owen's announcement, Mark Harding, president of Pure Cycle stated, "We are excited about the issuance of the RFPs by the State Land Board, and we look forward to working with the State Land Board on development of the water resources at the property as laid out in their three-part vision. Further, we are thrilled to see a 'smart growth' concept taken by Governor Owens and the State Land Board for the development of this valuable property." The RFPs must be submitted to the State Land Board by April 20, 2006, with a decision expected to follow shortly thereafter. "This asset represents a terrific opportunity to blend conservation, smart growth, and revenue opportunities for the State's K-12 education system," continued Mr. Harding. More information is certain to follow as the State Land Board moves forward with its overall vision for the Lowry Range Property. Company Information Pure Cycle provides water and wastewater services to customers located in the Denver metropolitan area using its significant water assets. Pure Cycle's services include the design, construction, operation and maintenance of water and wastewater systems. Additional information about Pure Cycle, including our recent press releases and financial statements are available at www.purecyclewater.com, or you may contact our President, Mark W. Harding, at 303-292-3456.