TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms International, Inc. - VFF
VANCOUVER, Oct. 24, 2013 /CNW/ - Village Farms International, Inc. (the "Company") (TSX: VFF) announced today that it has approved plans to repair 20 acres of its remaining 40-acre hail damaged greenhouse facility in Marfa, Texas. The plan calls for the repair to start immediately and includes multiple technology enhancements, such as raising the height of the facility, which will modernize the structure, extend its useful life and increase its productivity.
The overall project cost, including new system replacements to the overall site, will be slightly less than $9.0 million. The project is scheduled for completion in April 2014. The initial production from this 20-acre facility will commence in late June or early July 2014 with continuous harvesting throughout the year. The entire project will be funded from the Company's cash balance, no financing is necessary.
Michael DeGiglio, President and Chief Executive Officer for Village Farms, "We are very excited to be back in growth mode after completing our insurance settlement last month. This next repair phase, will bring a cumulative total of sixty of the eighty damaged acres back to operational status. It is the best return on investment for the Company today, as historically it has been one of our most productive assets. In addition, it returns a significant amount of lost supply to our core markets which we continue to under supply from previous levels of capacity. With the improvements we are making to the structure and underlying systems, it will essentially be a new and modern greenhouse when it is complete with a prolonged service life."
About Village Farms
Village Farms leads the industry as premier grower and marketer in North America of branded, finest quality, hydroponic greenhouse grown produce. Our great tasting fresh vine ripened tomato, bell pepper, and cucumber varieties are handpicked at the peak of flavor. At Village Farms we exceed customer expectations through our unparalleled commitment to quality produce, remarkable food safety standards, and sustainable growing practices utilizing leading edge environmental stewardship principles. Our earth friendly growing methods produce vegetables 365 days a year from our beautiful indoor gardens that are healthier for people and the planet. 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 June 30, 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 CFO, 407-936-1190 ext 340, [email protected]