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|Village Farms International, Inc. - VFF|
VANCOUVER, Feb. 21, 2012 /CNW/ - Village Farms International, Inc. (the "Company") (TSX: VFF) announced today it has harvested the first fruit from its new state-of-the-art greenhouse located in Monahans, Texas yesterday. The initial pick is being harvested a few weeks ahead of schedule due to the excellent greenhouse climate.
The Company broke ground on 30 acres (Phase I) in June 2011, planting the initial 15 acres in mid-December 2011 and the remaining in early January (15 acres). The Monahans greenhouse is the fifth greenhouse built by the Company in Texas, and is the first commercial size greenhouse based on the Company's innovative proprietary technology, Greenhouse Advanced Technology Environment System, (GATESTM). Phase I incorporates a 30 acre production greenhouse in addition to various other service buildings including an advanced technology packing, sorting, and distribution facility. The long term plan is to build a total of 120 acres, on the 320 acre site.
Michael DeGiglio, CEO of the Company stated, "Harvesting our first crop in our state of the art facility is an exciting event for the Company, considering the very aggressive time line we committed to in building this facility." He added "The Monahans greenhouse is truly like no other greenhouse in the world and is already demonstrating its ability to grow high quality fruit in a stable and consistently monitored growing climate, even when the conditions outside the greenhouse are less than ideal. I am proud of this significant event not only for the Company but for all the hard work and dedication it took on the part of our employees and vendors to bring the Monahans greenhouse into the production phase."
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, 2011, 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].