Currently operating the largest national
distribution footprint in the industry, future operations in
Texas signal Local Bounti's
commitment to reduce food miles throughout the United States
HAMILTON, Mont., Jan. 4, 2023
/PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL, LOCL WS), a
leading U.S. controlled environment agriculture (CEA) company
committed to growing locally and distributing nationally with the
largest distribution footprint in the industry, today announced
plans to construct and operate a new state-of-the-art indoor
facility in Mount Pleasant, Texas.
To kickoff construction, Local Bounti will be joined by state and
local leaders for a groundbreaking ceremony at the facility
scheduled for 9:15 AM CT Wednesday, January
4.
Following the groundbreaking, the Company will begin
construction of a six-acre facility, which will leverage Local
Bounti's proprietary Stack & Flow Technology™ to grow and sell
its indoor grown line of packaged leafy greens. Varieties include
spring mix, butter lettuce, romaine crisp, green leaf, and
additional blends. The facility is expected to commence operations
in the fourth quarter of 2023.
"Mount Pleasant is thrilled to
welcome Local Bounti to the region," said Nathan Tafoya, Executive Director of the Mount
Pleasant Economic Development Corporation. "With its innovative and
proprietary controlled-environment agriculture (CEA) approach,
Local Bounti adds a much-desired agri-tech ingredient to
Mount Pleasant's rich history in
food production. We've already begun integrating workforce training
and partnership conversations with our college's Ag program. As
Local Bounti's chosen Texas
location for a multimillion-dollar investment, and multiple planned
phases, Mount Pleasant looks
forward to growing with Local Bounti for many years to come."
The addition of the new facility in northeast Texas is expected to fortify Local Bounti's
distribution in markets across Texas, Oklahoma, Louisiana, Mississippi, Arkansas, Kansas, and Missouri. Further, the facility is designed to
provide additional capacity to meet existing demand from Local
Bounti's direct relationships with blue-chip retailers and
distributors throughout the region.
"Local Bounti is excited to call Mount
Pleasant home to our latest facility in a rapidly expanding
national footprint. Future local operations will help us answer
existing customer demand within the Lone Star State and adjacent
markets," said Craig Hurlbert,
Co-Founder & Co-CEO of Local Bounti. "Today's announcement
comes at a time when demand is surging across the country for our
sustainable produce, and we are excited to establish a new regional
base of operations where we can continue to reduce food miles."
The construction phase of the facility will begin immediately
and is expected to generate approximately 50 direct jobs in
Mount Pleasant, Texas. Once the
facility is operational in the fourth quarter of 2023, Local Bounti
expect to generate approximately 200 direct and indirect jobs
throughout Titus County.
Local Bounti is building one of the largest networks of
high-tech CEA facilities in the U.S. with the ability to grow
sustainable, fresh produce year-round, providing consumers with
extended shelf life versus traditional farming methods.
About Local Bounti
Local Bounti Corporation (NYSE: LOCL, LOCL WS), is changing how
food is grown and delivered to kitchen tables by utilizing
patent-pending Stack & Flow Technology™ to locally grow a
variety of fresh, delicious, and sustainable products 365 days a
year and distribute nationally with the largest distribution
footprint in the controlled environment agriculture industry. The
company operates advanced indoor facilities with its two brands:
Local Bounti® and Pete's®, reducing the food miles required to ship
to consumers across the United
States. Our team is delivering on Local Bounti's promise to
increase produce shelf life, reduce waste, conserve water, address
food scarcity in local communities, and lower GHG emissions. To
find out more, visit localbounti.com or eatpetes.com, or
follow Local Bounti on LinkedIn for the latest news and
developments.
If interested in interviewing Local Bounti executives or
learning about the company's products and operations, including
patent-pending Stack & Flow Technology
™, please contact press@localbounti.com. For
investor news and information, please contact
investors@localbounti.com.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under 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 the Company. The forward-looking
statements in this press release address a variety of subjects
including, for example, plans to construct and operate the
Mount Pleasant, Texas, facility,
the size of the facility, the construction schedule, Local Bounti's
planned distribution network, and expected jobs relating to the
facility. These risks and uncertainties include, but are not
limited to, the ability to effectively integrate the operations of
any businesses it may acquire; restrictions contained in debt
facilities; ability to repay, refinance, restructure and/or extend
its indebtedness as it comes due; unknown liabilities that may be
assumed in acquisitions; ability to generate revenue; the ability
to achieve or sustain profitability; the ability to obtain
additional necessary capital when needed on acceptable terms, or at
all; the ability to build out additional facilities; the ability to
develop and maintain its brand or brands it may acquire; the
ability to manage the risks of diseases and pests destroying crops;
the ability to defend itself against intellectual property
infringement claims; changes in consumer preferences, perception
and spending habits in the food industry; seasonality; 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 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