Innovative CEA facility combines vertical and greenhouse technologies to grow sustainable produce year-round using 90% less water and land
Enhances rapidly growing national distribution footprint, which is the largest in the CEA industry
Expected to create more than 40 jobs in the Tri-Cities region
HAMILTON, Mont., April 23, 2024 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, announced today that it will mark the opening of its new controlled environment agriculture (CEA) facility in Pasco, Washington with a ribbon cutting ceremony on Tuesday, May 7, 2024, from 1:00 to 4:00 pm local time. Members of the Company's management team will be joined by industry leaders, local officials, and members of the community at this invitation-only event.
Craig Hurlbert, Local Bounti's Chief Executive Officer, commented, "We are proud to officially be able to call Pasco home with the opening of this latest facility, which enhances our rapidly growing distribution footprint across the US. Our state-of-the-art CEA facility, which is underpinned by our innovative and patented Stack & Flow Technology®, enables us to support existing customer demand in Washington, Oregon, and adjacent markets in the Pacific Northwest. We are excited about the opportunities this facility creates, not only for our Company but also for the local economy and the environment. Our pledge to sustainability and community engagement remains unwavering, and we look forward to contributing positively to Pasco and the broader Pacific Northwest region."
The facility is expected to generate more than 40 jobs throughout Tri-Cities region and will focus on growing and selling Local Bounti's greenhouse fresh line of packaged leafy greens. Varieties include spring mix, butter lettuce, romaine crisp, green leaf, and additional blends.
"Pasco extends a warm welcome to Local Bounti in our community and the Tri-Cities region. Their dedication to integrating into the community, creating jobs, and prioritizing sustainable practices represents a substantial investment in Pasco's future," said Jacob Gonzalez, Director Community & Economic Development for the City of Pasco. "We are eager to collaborate with Local Bounti as they contribute to our city's growth and diversity of economic opportunities."
The Washington facility spans across three acres and was seeded in January 2024. In April, the facility completed the Food Safety certification, which came in with a score of 100%, and will be shipping to its first national retail customer's northwest division this month. The addition of the new facility fortifies Local Bounti's distribution to directly service local retail distribution centers within the Pacific Northwest region and provide additional capacity to meet existing demand from the Company's direct relationships with blue-chip retail customers.
Local Bounti's patented Stack & Flow Technology seamlessly blends the advantages of vertical and greenhouse cultivation, setting the stage for a new era in sustainable agriculture. With a focus on maximizing efficiency, the Washington facility boasts significantly higher yields while utilizing less water, land, and pesticides compared to traditional farming methods. This commitment to sustainability aligns with Local Bounti's mission to revolutionize the agricultural landscape and reduce its environmental impact.
About Local Bounti
Local Bounti is redefining indoor farming with an innovative method – its patented Stack & Flow Technology® – that significantly improves crop turns, increases output and improves unit economics. Local Bounti operates advanced indoor growing facilities across the United States, servicing approximately 13,000 retail doors. Local Bounti grows healthy food utilizing a hybrid approach that integrates the best attributes of controlled environment agriculture with natural elements. Local Bounti's sustainable growing methods are better for the planet, using 90% less land and 90% less water than conventional farming methods. With a mission to 'bring our farm to your kitchen in the fewest food miles possible,' Local Bounti's food is fresher, more nutritious, and lasts longer than traditional agriculture. To find out more, visit localbounti.com or follow Local Bounti on LinkedIn for the latest news and developments.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of terms such as "expect," "will," "continue," "believe," expect," "estimate," "project," "intend," "should," "is to be," or similar expressions, and variations or negatives of these words, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to, statements regarding job creation, operations, and distribution at the Washington facility. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from results expressed or implied in this press release. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that Local Bounti will fail to obtain additional necessary capital when needed on acceptable terms, or at all; the risk that Local Bounti will not be able to close the financings contemplated by the previously announced conditional commitment letters; Local Bounti's ability to effectively integrate the acquired operations of any CEA or similar operations which it acquires into its existing operations; the ability of Local Bounti to retain and hire key personnel; the Company's ability to meet the continued listing requirements of the New York Stock Exchange or cure noncompliance; the uncertainty of projected financial information; if and when the Company will repurchase the stock authorized by its Board of Directors and the impact of the share repurchase program to the Company and its stockholders; Local Bounti's increased leverage as a result of additional indebtedness incurred in connection with the acquisition of Pete's or as the result of the incurrence of additional future indebtedness; restrictions contained in Local Bounti's debt facility agreements with Cargill; Local Bounti's ability to repay, refinance, restructure and/or extend its indebtedness as it comes due; Local Bounti's ability to generate revenue; the risk that Local Bounti may never achieve or sustain profitability; the risk that Local Bounti could fail to effectively manage its future growth; Local Bounti's ability to build out additional facilities; reliance on third parties for construction, delays relating to material delivery and supply chains, and fluctuating material prices; Local Bounti's ability to decrease its cost of goods sold over time; potential for damage to or problems with Local Bounti's CEA facilities; Local Bounti's ability to attract and retain qualified employees, including management; Local Bounti's ability to develop and maintain its brand or brands it may acquire; Local Bounti's ability to maintain its company culture or focus on its vision as it grows; Local Bounti's ability to execute on its growth strategy; the risks of diseases and pests destroying crops; Local Bounti's ability to compete successfully in the highly competitive natural food market; Local Bounti's ability to defend itself against intellectual property infringement claims; changes in consumer preferences, perception and spending habits in the food industry; seasonality; Local Bounti's ability to achieve its sustainability goals; and other risks and uncertainties indicated from time to time, including those under "Risk Factors" and "Forward-Looking Statements" in Local Bounti's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 28, 2024, as supplemented by other reports and documents Local Bounti files from time to time with the SEC. Local Bounti cautions that the foregoing list of factors is not exclusive and cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date hereof. Local Bounti does not undertake or accept any obligation or undertaking to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
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SOURCE Local Bounti
