Innovative Stack & Flow Technology™ Wins
Award for Achieving Significant Sustainability Breakthroughs in
Farming
HAMILTON, Mont., Sept. 6,
2022 /PRNewswire/ -- Local Bounti Corporation
(NYSE: LOCL, LOCL WS) ("Local Bounti" or the "Company"), a
breakthrough U.S. indoor agriculture company combining the best
aspects of vertical and greenhouse growing technologies, announced
it has been awarded The Sustainability Leadership Award by the
Business Intelligence Group as part of the 2022 BIG Sustainability
Awards.
Local Bounti's Stack & Flow Technology™ ("Stack & Flow")
– a proprietary hybrid method for indoor farming that combines the
best of vertical and greenhouse farming – received the award for
its innovation that significantly improves sustainability. With
Stack & Flow, Local Bounti has achieved several breakthroughs,
including significantly reducing the crop cycle of its leafy
greens, increasing crop yield by over 35%, and drastically
reducing water and land use compared to conventional
agriculture – while driving superior unit economics in the
Controlled Environment Agriculture (CEA) industry.
"We are honored that our efforts to start a new chapter in
agriculture, with sustainability at its core, are being recognized
by the Business Intelligence Group," said Craig Hurlbert, Co-CEO of Local Bounti. "Local
Bounti is quickly becoming one of the largest CEA companies in
America with a relentless focus on both environmental and financial
sustainability. Our superior produce varieties are grown
sustainably with sunlight, use 90% less water and land, and last 3
to 5 times longer in your refrigerator than traditionally-grown
leafy greens. We are devoted to growing healthy food sustainably,
investing in local communities, building local facilities, hiring
local talent, and delivering fresh, delicious and sustainable
products to families in the communities we serve."
"We are proud to reward and recognize Local Bounti for its
industry-leading sustainability efforts," said Maria Jimenez, Chief Nominations Officer,
Business Intelligence Group. "It was clear to our judges that their
vision and strategy will continue to deliver results toward a
cleaner, more sustainable world. Congratulations!"
The Sustainability Awards honor those who have made
sustainability an integral part of their business practice.
For-profit and not-for-profit organizations of all sizes submitted
nominations to reward team members and gain exposure for the
organization, its initiatives, and the exemplary accomplishments of
its leaders as they work to reduce their impact on our
environment.
Past honorees of the BIG Sustainability Awards include Dupont,
Ford, FedEx, IBM, and PepsiCo. For more information about the BIG
Sustainability Awards, visit
https://www.bintelligence.com/sustainability-awards.
About Local Bounti
Local Bounti is redefining indoor
farming with an innovative method – its proprietary 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
10,000 retail doors with its two brands: Local Bounti®
and Pete's®. We grow healthy food utilizing a
hybrid approach that integrates the best attributes of controlled
environment agriculture with natural elements. Our sustainable
growing methods are better for the planet, using 90% less water and
land 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 3 to 5 times
longer than traditional agriculture. To find out more,
visit localbounti.com or eatpetes.com, or follow Local
Bounti on LinkedIn for the latest news and
developments.
About Business Intelligence Group
The Business
Intelligence Group was founded with the mission of recognizing
true talent and superior performance in the business world. Unlike
other industry award programs, business executives—those with
experience and knowledge—judge the programs. The organization's
proprietary and unique scoring system selectively measures
performance across multiple business domains and then rewards those
companies whose achievements stand above those of their peers.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and 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 words such as "anticipate,"
"approximate," "believe," "commit," "continue," "could,"
"estimate," "expect," "hope," "intend," "may," "outlook," "plan,"
"project," "potential," "should," "would," "will" and other similar
words or expressions. Forward-looking statements reflect Local
Bounti's current expectations or beliefs concerning future events
and actual events may differ materially from historical results or
current expectations. The reader is cautioned not to place undue
reliance on these forward-looking statements, which are not a
guarantee of future performance and are subject to a number of
uncertainties, risks, assumptions and other factors, many of which
are outside the control of Local Bounti. The forward-looking
statements in this press release address a variety of subjects
including, for example, Stack & Flow and the growth of Local
Bounti's business. The following factors, among others, could cause
actual results to differ materially from those described in these
forward-looking statements: Local Bounti's ability to effectively
integrate the recently acquired operations of Pete's into its
existing operations; the ability of Local Bounti to retain and hire
key personnel; the uncertainty of projected financial information;
Local Bounti's increased leverage as a result of additional
indebtedness incurred in connection with the recent acquisition of
Pete's; restrictions contained in Local Bounti's debt facility
agreements with Cargill Financial Services International, Inc.;
Local Bounti's ability to repay, refinance, restructure and/or
extend its indebtedness as it comes due; and unknown liabilities
that may be assumed in acquisitions; 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; the risk that Local Bounti
will fail to obtain additional necessary capital when needed on
acceptable terms, or at all; 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 maintain its
gross margin or 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; 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, 2021, filed with the SEC
on March 30, 2022, as supplemented by
subsequent Quarterly Reports on Form 10-Q and Annual Reports on
Form 10-K, and 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