TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms Income Fund - VFF.UN
VANCOUVER, Jan. 5 /CNW/ - Village Farms today announced the appointment
of Stephen Ruffini, Senior Vice President and Chief Financial Officer. Mr.
Ruffini succeeds Kenneth S. Hollander.
Mr. Ruffini comes to Village Farms from Performing Brands, Inc. where he
served as Chief Operating Officer and Chief Financial Officer. He brings with
him 25 years of extensive financial, operations, investor relations and
mergers and acquisitions experience with leading international companies,
including Hit Entertainment plc, Lyrick Corporation and Arthur Andersen LLP.
"We are extremely pleased to welcome Stephen to the Village Farms
management team. He brings the expertise and track record of a successful CFO,
along with the hands-on business experience of a seasoned operations
executive," said Michael A. DeGiglio, Chief Executive Officer. "This strong
combination of skills and experience will be an important addition to the
Village Farms management team and will support his success as CFO of a
fast-growing, competitive company like Village Farms."
Mr. Ruffini stated, "I'm delighted to join the management team and look
forward to contributing to the Company's future development and expansion. My
financial and operations experience over the years provides me great
confidence in my ability to accelerate Village Farms' success in the
marketplace. I feel very fortunate to have been selected as a member of this
management team, and I'm very excited about the Company's future and the
unique opportunities that lay ahead."
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 intensive agricultural greenhouse facilities located in
British Columbia, Texas and Pennsylvania and is marketed and distributed under
its Village Farms(R) brand name, primarily to retail supermarkets and
dedicated fresh food distribution companies. Village Farms markets and
distributes throughout the United States, Canada, Mexico and Japan, and
currently operates seven distribution centres located across the United States
and Canada. Since its inception, Village Farms has been guided by a
sustainable agriculture policy which integrates three main goals -
environmental health, economic profitability and social and 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 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 includes 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: Michael A. DeGiglio, Chief Executive Officer,
Village Farms Canada Limited Partnership, (732) 676-3000