HAMILTON, Mont., Sept. 27, 2021 /PRNewswire/ -- Breakthrough
U.S. indoor agriculture company Local Bounti Corporation ("Local
Bounti") is pleased to announce that it has joined the United
Nations Global Compact — the world's largest corporate
sustainability initiative, with a voluntary leadership platform for
the development, implementation and disclosure of responsible
business practices. With this announcement, Local Bounti has become
one of the first U.S. based Controlled Environment Agriculture
(CEA) companies to participate in the initiative, joining thousands
of other companies globally that are committed to taking action to
build a better world.
The UN Global Compact is a call to companies worldwide to align
their operations and strategies with 10 universally-accepted
principles in the areas of human rights, labor, environment and
anti-corruption, and to take action in support of UN goals and
issues embodied in the UN Sustainable Development Goals (SDGs).
Launched in 2000, the initiative includes more than 9,500
companies and 3,000 non-business signatories based in over 160
countries and spanning more than 70 local networks. Notably, just
799 participants are based in the U.S., with only 21 of those in
the food production sector along with Local Bounti.
A CEA leader, Local Bounti is focused on dramatically increasing
produce shelf life, reducing waste and emissions, and addressing
the availability of high-quality produce in local communities. The
company's sustainably-grown produce is cultivated locally, reducing
food miles – the largest contributor to greenhouse gas emissions in
the current produce supply chain – and creating year-around
employment opportunities for local agriculture workers.
"In line with our commitment to the UN Global Compact
principles, Local Bounti is proud to be one of the first U.S. based
CEA participants to Turn a New Leaf™ in this critical mission to
better the world and continue to bring ESG leadership to the
quickly growing AgTech industry," said Craig Hurlbert, co-CEO of Local Bounti. "Every
aspect of our company is focused on sustainability, corporate
responsibility and optimizing the health of families, communities
and the planet, and we are proud to put the UN's platform into
practice each day while serving as a role model for other food
production companies."
Local Bounti's profile and sustainability practices can be found
on the UN Global Compact website at
https://www.unglobalcompact.org/what-is-gc/participants/147863-Local-Bounti.
Local Bounti estimates that the total U.S. market for herbs and
vegetables is anticipated to reach $30
billion by 2025, with less than one percent of leafy greens
being grown indoors today. To learn more about Local Bounti's
unique growing process, diversified product offerings and
experienced leadership team, please visit localbounti.com.
In June 2021, Local Bounti and Leo
Holdings III Corp. (NYSE: LIII)("Leo") announced that they entered
into a definitive business combination agreement. Upon the closing
of the proposed business combination (the "Business Combination")
between Leo and Local Bounti, which remains subject to customary
closing conditions, Local Bounti will become publicly traded on the
New York Stock Exchange under the new ticker symbol, "LOCL".
About Local Bounti
Local Bounti is a premier
Controlled Environment Agriculture (CEA) company redefining
conversion efficiency and environmental, social and governance
(ESG) standards for indoor agriculture. Local Bounti operates an
advanced indoor growing facility in Hamilton, Montana, within a few hours' drive
of its retail and food service partners. Reaching retail shelves in
record time post-harvest, Local Bounti produce is superior in taste
and quality compared to traditional field-grown greens. Local
Bounti's USDA Harmonized Good Agricultural Practices (GAP Plus+)
and non-genetically modified organisms (GMO) produce is sustainably
grown using proprietary technology 365 days a year, free of
pesticides and herbicides, and using 90 percent less land and water
than conventional outdoor farming methods. With a mission to 'bring
our farm to your kitchen in the fewest food miles possible,' Local
Bounti is disrupting the cultivation and delivery of produce. Local
Bounti is also committed to making meaningful connections and
giving back to each of the communities it serves. To find out more,
visit localbounti.com or follow the company
on LinkedIn for the latest news and developments.
Additional Information
In connection with the Business Combination, Leo filed with the
U.S. Securities and Exchange Commission ("SEC"), on July 19,
2021, a Registration Statement on Form S-4 (as
amended or supplemented through the date hereof, the
"Registration Statement"), containing a preliminary
prospectus and preliminary proxy statement. After the Registration
Statement is declared effective, Leo will mail a definitive joint
proxy statement/prospectus and other relevant documents to its
shareholders and public warrant holders. This communication is not
a substitute for the Registration Statement, the definitive joint
proxy statement/prospectus or any other document that Leo will send
to its shareholders in connection with the Business Combination and
public warrant holders in connection with the proposed amendment to
the warrant agreement that governs all of Leo's outstanding
warrants (the "Warrant Amendment"). Investors and
security holders of Leo are advised to read the preliminary joint
proxy statement/prospectus in connection with Leo's solicitation of
proxies for its extraordinary general meeting of shareholders to be
held to approve the Business Combination (and related matters) and
special meeting of public warrant holders to be held to approve the
proposed Warrant Amendment and, when available, any amendments
thereto and the definitive joint proxy statement/prospectus,
because the joint proxy statement/prospectus contains important
information about the Business Combination and the parties to the
Business Combination and the proposed Warrant
Amendment. The definitive joint proxy statement/prospectus
will be mailed to shareholders and public warrant holders of Leo as
of a record date to be established for voting at each of the
extraordinary general meeting of shareholders and special meeting
of public warrant holders. Shareholders and public warrant holders
will also be able to obtain copies of the preliminary joint proxy
statement/prospectus, the definitive joint proxy
statement/prospectus and other documents filed with the SEC without
charge, once available, at the SEC's website at www.sec.gov or by
directing a request to: Leo Holdings III Corp, 21 Grosvenor Pl,
London SW1X 7HF, United Kingdom.
Participants in the Solicitation
Leo and its directors, executive officers, other members of
management, and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of Leo's shareholders
in connection with the Business Combination and public warrant
holders in connection with the proposed Warrant
Amendment. Investors and security holders may obtain more
detailed information regarding the names of Leo's directors and
executive officers and a description of their interests in Leo in
Leo's filings with the SEC, including the preliminary joint proxy
statement/prospectus of Leo for the Business
Combination. Shareholders and public warrant holders will
also be able to obtain copies of the preliminary joint proxy
statement/prospectus, the definitive joint proxy
statement/prospectus and other documents filed with the SEC without
charge, once available, at the SEC's website at www.sec.gov or by
directing a request to: Leo Holdings III Corp, 21 Grosvenor Pl,
London SW1X 7HF, United Kingdom.
Local Bounti and its directors and executive officers may also
be deemed to be participants in the solicitation of proxies from
the shareholders of Leo in connection with the Business Combination
and the public warrant holders of Leo in connection with the
proposed Warrant Amendment. A list of the names of such directors
and executive officers and information regarding their interests in
the proposed business combination will be included in the
definitive joint proxy statement/prospectus for the Business
Combination when available.
Forward Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Leo's and Local Bounti's
actual results may differ from their expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Leo's and Local Bounti's expectations with respect to
future performance and anticipated financial impacts of the
proposed Business Combination, the satisfaction of the closing
conditions to the Business Combination and the timing of the
completion of the Business Combination. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside Leo's and Local Bounti's
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change or other circumstances that could give rise to
the termination of the Agreement and Plan of Merger, dated as of
June 17, 2021 (as it may be amended,
supplemented or otherwise modified from time to time, the "Merger
Agreement"), by and among Leo, Longleaf Merger Sub, Inc., Longleaf
Merger Sub II, LLC and Local Bounti, (2) the outcome of any
legal proceedings that may be instituted against Leo and Local
Bounti following the announcement of the Merger Agreement and the
transactions contemplated therein; (3) the inability to complete
the proposed Business Combination, including due to failure to
obtain approval of the shareholders of Leo or other conditions to
closing in the Merger Agreement; (4) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the Merger Agreement or could otherwise cause the
Business Combination to fail to close; (5) the amount of redemption
requests made by Leo's shareholders; (6) the inability to obtain or
maintain the listing of the post-business combination company's
common stock on the New York Stock Exchange following the proposed
Business Combination; (7) the risk that the proposed Business
Combination disrupts current plans and operations as a result of
the announcement and consummation of the proposed Business
Combination; (8) the ability to recognize the anticipated benefits
of the proposed Business Combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably and retain its key
employees; (9) costs related to the proposed Business Combination;
(10) changes in applicable laws or regulations; (11) the
possibility that Local Bounti or the combined company may be
adversely affected by other economic, business, and/or competitive
factors; and (12) other risks and uncertainties indicated from time
to time in the proxy statement relating to the proposed Business
Combination, including those under "Risk Factors" and "Cautionary
Note Regarding Forward-Looking Statements" in Leo's Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2021, and which are set forth in the
Registration Statement filed by Leo and in Leo's other filings with
the SEC. Some of these risks and uncertainties may in the future be
amplified by the COVID-19 outbreak and there may be additional
risks that we consider immaterial or which are unknown. It is not
possible to predict or identify all such risks. Leo cautions that
the foregoing list of factors is not exclusive. Leo cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date they are made. Leo 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.
No Offer or Solicitation
This communication is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of
any vote in any jurisdiction pursuant to the Business Combination
or otherwise, nor shall there be any sale, issuance or transfer or
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the
Securities Act and otherwise in accordance with applicable law.
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SOURCE Local Bounti
