Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary

HONOLULU, March 05, 2025 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced that it had entered into a non-binding letter of intent for the sale of Water Resources International, Inc., its water well drilling subsidiary. The Company anticipates that the transaction, for an expected aggregate value of $1,050,000, would close in late March 2025. A portion of the consideration would be paid at the closing and the remainder would be paid in installments, with the last installment payable on September 15, 2025, before the end of the Company’s current fiscal year.

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