Village Farms International Enters into a New Operating Loan
TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms International, Inc. - VFF
VANCOUVER, Sept. 3, 2013 /CNW/ - Village Farms International, Inc. (the "Company") (TSX: VFF) announced today, the Company has entered into a new CAD $10.0 million asset based lending operating facility with Bank of Montreal. The facility is for a three year term and is subject to certain positive and negative covenants.
"This facility provides both an attractive borrowing rate and a higher borrowing base as compared to our prior operating facility," said Stephen Ruffini, Chief Financial Officer of the Company.
"We are pleased to announce the beginning of what we believe will be a long and mutually beneficial lending relationship with Bank of Montreal," said Michael DeGiglio, Chief Executive Officer of the Company.
About Village Farms
Village Farms is one of the largest producers, marketers and distributors of premium-quality, greenhouse-grown tomatoes, bell peppers and cucumbers in North America. This premium product as well as premium product produced under exclusive arrangements with other greenhouse producers is grown in sophisticated, highly efficient and intensive agricultural greenhouse facilities located in British Columbia and Texas. Product is marketed and distributed under the Village Farms® brand primarily to retail grocers and dedicated fresh food distributors throughout the United States and Canada. Village Farms currently operates distribution centres located in key markets in the United States and Canada. Since its inception, Village Farms has been guided by sustainable agricultural principles which integrate three main goals; environmental health, economic profitability, and social and economic equality.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect the Company's expectations regarding its growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases, forward looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict" , "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, you should specifically consider various factors, including, but not limited to, such risks and uncertainties as availability of resource, competitive pressures and changes in market activity, risks associated with U.S. and Canadian sales and foreign exchange, regulatory requirements and all of the other "Risk Factors" set out in the Company's current annual information form and management's discussion and analysis for the quarter ended March 31, 2013, which is available electronically at www.sedar.com. Actual results may differ materially from any forward looking statement. Although the Company believes that the forward looking statements contained in this press release are based upon reasonable assumptions, you cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and other than as specifically required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
SOURCE Village Farms International, Inc.For further information:
Stephen C. Ruffini, Executive Vice President and Chief Financial Officer, 407-936-1190 ext 340, firstname.lastname@example.org