TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms Income Fund - VFF.UN
VANCOUVER, Aug. 13 /CNW/ - Village Farms today announced that Kenneth S.
Hollander, Executive Vice President, Chief Financial Officer and Director,
will leave the company to pursue personal and professional interests. Mr.
Hollander intends to remain with Village Farms until a successor is found and
has agreed to a consulting arrangement thereafter to help ensure an orderly
Michael A. DeGiglio, Chief Executive Officer stated, "With our key
financial processes and structures in place, Ken has decided it is an
appropriate time to pursue other career opportunities. Ken has made invaluable
contributions to Village Farms during his nine years with the company. He
helped navigate the company through challenging times and was instrumental in
bolstering Village Farms' financial strength and to become the market leader.
We are grateful for his professionalism, his longstanding commitment to
Village Farms and his leadership of a first-class finance team."
Mr. Hollander said, "I want to achieve other goals in life and whilst the
decision to resign from Village Farms has not been easy, I am very pleased to
be leaving at a time when the company is performing very well and has the best
growth prospects it has ever seen. I am proud of the significant achievements
the company has made in recent years which have positioned the company well
for the future. I have much confidence that Village Farms is on the road to
even greater success."
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: Kenneth S. Hollander, Executive Vice President
and Chief Financial Officer, Village Farms Canada Limited Partnership, (732)