TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms International, Inc. - VFF
VANCOUVER, Sept. 3, 2013 /CNW/ - Village Farms International, Inc. (the
"Company") (TSX: VFF) announced today, the Company has entered into a
new CAD $10.0 million asset based lending operating facility with Bank
of Montreal. The facility is for a three year term and is subject to
certain positive and negative covenants.
"This facility provides both an attractive borrowing rate and a higher
borrowing base as compared to our prior operating facility," said
Stephen Ruffini, Chief Financial Officer of the Company.
"We are pleased to announce the beginning of what we believe will be a
long and mutually beneficial lending relationship with Bank of
Montreal," said Michael DeGiglio, Chief Executive Officer of the
Company.
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 centres located in key markets in the United
States and Canada. Since its inception, Village Farms has been guided
by sustainable agricultural principles which integrate three main
goals; environmental health, economic profitability, and social and
economic equality.
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 March 31,
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.
Stephen C. Ruffini, Executive Vice President and Chief Financial Officer, 407-936-1190 ext 340, sruffini@villagefarms.com