Kalera to Divest Seed Genetics Business and International Assets
18 October 2022 - 10:30PM
Kalera Public Limited Company (Nasdaq: KAL, KALWW; “Kalera” or the
“Company”), a vertical farming company, announced today that it
intends to divest its subsidiary, Vindara, and the assets of its
international business. Vindara is expected to continue serving
Kalera’s strategic custom seed needs and serving other indoor
farming companies. The international business includes the previous
&ever GmbH management team, and farming assets in Kuwait and
Singapore.
“We expect that these divestitures will address the strategy we
announced in September to bring our U.S. farms to cash flow
positive much faster than anticipated while reducing capital
requirements for all Kalera holdings,” said Jim Leighton, President
and Chief Executive Officer of Kalera.
This will allow the Orlando headquartered management team to
focus all efforts on U.S. Farms and reduce its monthly cash burn
rate.
“These transactions align with our capital light business model
we discussed in our analyst and investor event last month,”
Leighton said. “It will allow us to stay laser focused on bringing
our U.S. farms to cash flow positive faster while reducing our
capital requirements.”
About KaleraAs a leader in controlled
environment agriculture, Kalera is driven by our belief that
vertical farming can play an important role in securing access to
fresh produce for a growing world population facing climate change
and concerns about the future of traditional farming. Through our
proprietary technology, we sustainably grow local, delicious,
nutrient-rich, pesticide-free, non-GMO leafy greens year-round. Our
automated, data-driven, hydroponic vertical farms produce higher
yields and, use approximately 95% less water, and 99% less land
than traditional farming. Sold under the Kalera brand, our leafy
greens are “better than organic” and priced competitively, always
with the end consumer in mind. Kalera is headquartered in Orlando,
Florida with farms in Orlando; Atlanta, Georgia; Houston,
Texas; Denver, Colorado; and Kuwait, with additional
farms under development. More information is available
at www.kalera.com.
Forward-Looking Statements
This communication includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the applicable securities laws.
Forward-looking statements generally are accompanied by words such
as "believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," "should," "would," "plan," "predict,"
"potential," "seem," "seek," "future," "outlook," and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters.
These forward-looking statements include, but are not limited
to, statements regarding the terms and conditions of the
transactions disclosed herein, the timing of the consummation of
such transactions. These statements are based on various
assumptions and/or on the current expectations of Kalera's
management. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and
must not be relied on by any investor or other person as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Kalera.
These forward-looking statements are subject to a number of risks
and uncertainties, including but not limited to general economic,
financial, legal, political and business conditions and changes in
domestic and foreign markets; changes in the assumptions underlying
Kalera's expectations regarding its future business; the effects of
competition on Kalera's future business; and the outcome of
judicial proceedings to which Kalera is, or may become a party.
If the risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Kalera presently do not know or currently believe are immaterial
that could also cause actual results to differ materially from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect expectations, assumptions, plans
or forecasts of future events and views as of the date of this
communication. Kalera anticipate that subsequent events and
developments will cause these assessments to change. However, while
Kalera may elect to update these forward-looking statements at some
point in the future, Kalera specifically disclaims any obligation
to do so, except as required by applicable law. These
forward-looking statements should not be relied upon as
representing Kalera's assessments as of any date subsequent to the
date of this written communication. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
Contacts |
|
Kalera PLC |
Financial Profiles, Inc. |
Aparna Mehra |
Julie Kegley |
aparna.mehra@kalera.com |
jkegley@finprofiles.com |
|
310.622.8246 |
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