TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms Income Fund - VFF.UN
VANCOUVER, Feb. 10 /CNW/ - Village Farms Income Fund (the "Fund") (TSX:
VFF.UN) announces the sale of their Ringgold Greenhouse Facility, located in
Ringgold, Pennsylvania. The sale integrates a marketing agreement where as
Village Farms will continue the marketing, sales, and distribution for the
Ringgold facility as well as for another greenhouse facility of the buyer,
Intergrow Portageville Inc., located in Portageville, NY.
Ringgold has been owned and operated by Village Farms since 1993. The
sale is integral to Village Farms' Strategic Plan focused on large scale
greenhouse operations with advancing technologies that provide 365 days a year
production. This sale represents Village Farms' third and final sale of their
small greenhouse facility assets. The Fund recorded a small gain on the sale.
The buyer, Mario van Logten, is a former employee of Village Farms, who
over the course of 15 years has operated three distinct greenhouses, including
the Ringgold facility for Village Farms. Mr. van Logten has additional
greenhouse facilities including part ownership in Intergrow Portageville Inc.,
located in Portageville, NY, in the greater Buffalo/Rochester area.
Village Farms will continue to market, sell, and distribute under the
Village Farms(R) brand all of Ringgold's Greenhouse production as per a long
term marketing agreement with Mr. van Logten. In addition, Village Farms will
also commence marketing under the Village Farms(R) brand for all of van
Logten's, Intergrow Portageville Inc. greenhouse production as well.
Michael A. DeGiglio, Chief Executive Officer of Village Farms says, "We
are pleased to be partnering with Mario van Logten, as a world class grower we
are fortunate to have been associated with him for a number of years. Village
Farms is looking forward to continuing this long term relationship with Mr.
van Logten. It is wonderful to have an increased presence in the Northeast for
Village Farms and provide our customers with locally grown premium greenhouse
product." Mario van Logten also comments, "I am happy to be reuniting with the
Village Farms Family and I'm confident that the relationship is beneficial to
both of us"
Village Farms' customer base in the Northeast will continue to be
supplied with premium product marketed under the Village Farms brand(R). In
addition, Village Farms New York and Pennsylvania customers will be able to be
supplied with locally grown produce.
About Village Farms
Village Farms is the largest producer, marketer and distributor of
premium-quality, greenhouse grown tomatoes, bell peppers, and cucumbers in
North America. This premium product as well as 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(R) brand primarily to retail grocers and
dedicated fresh food distributors throughout the United States, Canada,
Mexico, and Japan. Village Farms currently operates distribution centers
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 & economic equality.
Restriction on Non-resident Ownership
The Declaration of Trust of the Fund contains provisions which prohibit
non-residents of Canada from owning more than 49.9% of the Units of the Fund
on a fully-diluted basis and give the Trustees of the Fund certain powers,
including the power to require non-residents to sell their Units if this
limitation is exceeded and the right to refuse to register transfers of the
units to non-residents if such a situation is imminent. The Fund estimates
that in excess of 40% of its Units, on a fully-diluted basis, are held by
non-residents. Should non-residents acquire additional Units of the Fund, it
may be necessary for the trustees to exercise their powers to require
non-resident Unitholders to sell their Units and/or to refuse Unit transfers
to non-residents. Accordingly, non-residents may determine that it is not
appropriate to acquire directly or indirectly Units of the Fund.
This news release included statements about expected future events and/or
financial results that are forward-looking in nature and subject to risks and
uncertainties. The Fund cautions that actual performance will be affected by a
number of factors, many of which are beyond its control. Future events and
results may vary substantially from what the Fund currently foresees.
For further information:
For further information: Stephen C. Ruffini, Chief Financial Officer,
Village Farms Canada Limited Partnership, (732) 676-3008