Vancouver, B.C. – Village Farms has completed planting of 15 acres (6 hectares) of its new 30 acre greenhouse in Monahans Texas. The remaining 15 acres will be planted in January. The Company is in the final stages of completing the greenhouse and support structures, which will be fully operational prior to the initial harvest in late February.
The Company broke ground on the 30 acre greenhouse in Monahans in June 2011. The greenhouse is based on the Company's innovative proprietary technology termed GATESTM, which has demonstrated yields exceeding 100 kilograms per square meter per year in the Company's existing GATESTM research greenhouse. The Monahans greenhouse will provide year round supply and enhance the Company's product offerings for its existing customer base.
Michael DeGiglio, Chief Executive Officer for the Company, stated “We are on schedule with construction as well as planting of our new facility in Monahans.” He added "I would like to thank the development team and our contractors for not only adhering to a stringent schedule but in fact building this facility in record time. Fellow industry professionals have made it a point to tell us they do not recall a traditional greenhouse, let alone one as complex as our GATESTM greenhouse, to have been completed so expeditiously. I am extremely proud of our efforts to date and look forward to being fully operational in the spring of 2012."
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 and Texas. 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.
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 year ended December 31, 2010, 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, Village Farms International, Inc., (732) 676-3008.
Source: Village Farms International, Inc.,