Expected to create approximately 50 jobs in
the Mount Pleasant area
Innovative CEA facility combines vertical and
greenhouse technologies to grow sustainable produce year-round
using less water and land
HAMILTON,
Mont., May 16, 2024 /PRNewswire/ -- Local Bounti
Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a
breakthrough U.S. indoor agriculture company, announced today it
will hold a ribbon cutting ceremony on Tuesday, June 18, 2024 from 1:00 to 4:00 pm local time to mark the official
opening of its latest state-of-the-art controlled environment
agriculture (CEA) facility in Mount
Pleasant, Texas. 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.
"We are proud to unveil our latest cutting-edge
CEA facility in Mount Pleasant,
Texas," said Craig Hurlbert,
Chief Executive Officer of Local Bounti. "Powered by our innovative
and patented Stack & Flow Technology®, this state-of-the-art
greenhouse will bolster our rapidly expanding capacity across the
U.S. to help meet customer demand in Texas and further support our distribution
across the Southern United States.
This facility represents another significant milestone for Local
Bounti and an opportunity for the local Mount Pleasant economy through job creation.
Our commitment to sustainable agriculture and community engagement
remains steadfast, and we're excited to make a positive impact in
Mount Pleasant and the surrounding
region."
The facility is expected to generate
approximately 50 jobs throughout the Titus County region and will focus on growing
and selling Local Bounti's living green butter lettuce in addition
to its greenhouse fresh line of packaged leafy greens. Varieties
include spring mix, butter lettuce, romaine crisp, green leaf, and
additional blends.
"The City of Mount
Pleasant is delighted to welcome Local Bounti to our
community," said Nathan Tafoya,
Executive Director of the Mount Pleasant Economic Development Corp.
"Local Bounti's commitment to being an active part of the local
area, generating new jobs, and operating with sustainable and
environmentally-friendly practices represents a major investment in
Mount Pleasant's future
prosperity. We look forward to partnering with Local Bounti as they
help drive economic growth and diversification in our city through
their innovative agricultural operations."
The Texas
facility spans across six acres and began shipping this month. The
addition of the new facility fortifies Local Bounti's distribution
to directly service local retail distribution centers and provides
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
Texas 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 Texas 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
