Village Farms International, Inc. Completes Purchase of Maxim Power (B.C.) Inc. and Announces the Retirement of a Member of its Board of Directors
The Toronto Stock Exchange:
Village Farms International, Inc. - VFF
VANCOUVER, July 17, 2014 /CNW/ - Village Farms International, Inc. ("Village Farms" or the "Company") announced today that it has closed its previously announced acquisition of Maxim Power (B.C.) Inc., a wholly-owned subsidiary of Maxim Power Corp., for approximately CAD $5.2 million, which includes a closing adjustment of CAD $0.7 million for working capital. The new name of the acquired company will be VF Clean Energy, Inc. The facility that Village Farms acquired as part of the acquisition will continue generating power under an existing long term power purchase agreement with BC Hydro as well as focus on improving the sustainability profile of Village Farms' greenhouse operations in Delta, B.C. The Company satisfied the purchase price with cash and is currently in the process of completing a new term loan facility for CAD $3.0 million with Bank of Montreal, which the Company expects to be completed on or before July 31, 2014.
Retirement of Corporate Director
Mr. Heinz Wehner, a director of Village Farms since 1997, has elected to retire from the Company's Board of Directors effective July 31, 2014. The Board of Directors and management of Village Farms wish to extend their thanks to Mr. Wehner for his guidance and contributions to the development and growth of Village Farms over the last 18 years and wish him all the best in his retirement.
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. Since its inception, Village Farms has been guided by friendly growing methods, growing produce vegetables 365 days a year from its facilities that are healthier for people and the plant. Village Farms is Good for the Earth®.
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, 2014, which are 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, Village Farms International, Inc., (407) 936-1190 ext 340; email@example.com.