TRADING SYMBOL: The Toronto Stock Exchange:
Village Farms International, Inc. - VFF
VANCOUVER, Oct. 24, 2013 /CNW/ - Village Farms International, Inc. (the
"Company") (TSX: VFF) announced today that it has approved plans to
repair 20 acres of its remaining 40-acre hail damaged greenhouse
facility in Marfa, Texas. The plan calls for the repair to start
immediately and includes multiple technology enhancements, such as
raising the height of the facility, which will modernize the structure,
extend its useful life and increase its productivity.
The overall project cost, including new system replacements to the
overall site, will be slightly less than $9.0 million. The project is
scheduled for completion in April 2014. The initial production from
this 20-acre facility will commence in late June or early July 2014
with continuous harvesting throughout the year. The entire project
will be funded from the Company's cash balance, no financing is
necessary.
Michael DeGiglio, President and Chief Executive Officer for Village
Farms, "We are very excited to be back in growth mode after completing
our insurance settlement last month. This next repair phase, will
bring a cumulative total of sixty of the eighty damaged acres back to
operational status. It is the best return on investment for the
Company today, as historically it has been one of our most productive
assets. In addition, it returns a significant amount of lost supply to
our core markets which we continue to under supply from previous levels
of capacity. With the improvements we are making to the structure and
underlying systems, it will essentially be a new and modern greenhouse
when it is complete with a prolonged service life."
About Village Farms
Village Farms leads the industry as premier grower and marketer in North
America of branded, finest quality, hydroponic greenhouse grown
produce. Our great tasting fresh vine ripened tomato, bell pepper, and
cucumber varieties are handpicked at the peak of flavor. At Village
Farms we exceed customer expectations through our unparalleled
commitment to quality produce, remarkable food safety standards, and
sustainable growing practices utilizing leading edge environmental
stewardship principles. Our earth friendly growing methods produce
vegetables 365 days a year from our beautiful indoor gardens that are
healthier for people and the planet. Village Farms is Good for the
Earth®.
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 June 30,
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.
