TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms International, Inc. - VFF
VANCOUVER, June 1, 2012 /CNW/ - Village Farms International, Inc. (the "Company") (TSX: VFF) announced today that it experienced major crop damage at its Marfa and Presidio facilities (total of 82 acres) resulting from a significant hail storm in Marfa, Texas that occurred around 7:30 p.m. on May 31, 2012. The Company is in the process of assessing the damage to its crops and facilities. The facilities and crops are fully insured for such events. The Company expects that certain sections of these greenhouses may remain operational, some sections will be operational in a few weeks while other sections will not be operational for a couple of months.
The Company's facilities in Fort Davis (40 acres) and Monahans (30 acres) were not impacted by this significant hail storm and are fully operational. The Company's facilities in Delta, British Columbia (110 acres) are fully operational as well and, given the timing of this event, there will be little to no disruption in supply to the Company's core U.S. and Canadian accounts.
Mike DeGiglio, Chief Executive Officer of the Company stated, "The facilities are typically dark in late June and through July such that the hail damage came at the very end of our annual crop cycle, such that the crop and revenue loss are near their annual low point." He added "In our 20 year history, we have never experienced such a weather event. We are fortunate that no one was hurt during this weather event and that it occurred at this time of year. We have an experienced team and a crisis management process in place to handle such events."
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, Texas and Mexico. 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. 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 four main goals; environmental health, economic profitability, and social & economic equality. Village Farms is a member of the S&P/TSX Clean Technology Index. For more information, visit the company's Web site at www.villagefarms.com.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect our expectations regarding our growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect our current internal projections, expectations or beliefs and are based on information currently available to us. 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 international 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, 2012, which is available electronically at www.sedar.com. Actual results may differ materially from any forward looking statement. Although we believe 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, we assume no obligation to update or revise them to reflect new events or circumstances.
For further information:
Stephen C. Ruffini, Executive Vice President and Chief Financial Officer, 732-676-3008, [email protected].