AUSTIN, Texas, May 8, 2017 /PRNewswire/ --
Paradise Ridge Hydrocarbons, Inc. (OTC Pink: PRGE) today announced the formation of a subsidiary to acquire and develop strategic real estate projects, as well as its first such property acquisition.
With its base of operations in Austin, Texas, the company is strategically positioned to capitalize on the tremendous growth of the Texas Hill Country wine region. The company has contracted to purchase a$3.3 million dollar, 15-acre Highway 71 frontage tract inSpicewood, Texas, a rapidly growing suburb of Austin.
According to the Travel Channel, "Every wine connoisseur's bucket list should include a trip to the Texas Hill Country region, voted one of the top 10 wine destinations by Wine Enthusiast Magazine in 2014. Home to some of the state's best wineries, Hill Country is a key place for first-time vineyard visitors as well as winery veterans. In fact, the Texas Hill Country American viticultural area is the second largest in the nation, covering an area of more than 9 million acres."
CEO Gordon Johnson stated, "We are quickly positioning Paradise Ridge to be able to capitalize on expanding markets through a myriad of strategic acquisitions. This initial vineyard project outside ofAustin, though somewhat smaller in scope, will provide us with a platform to attract wine connoisseurs from around the region that we hope will take an interest in becoming shareholders in our global enterprise."
