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
