Now also Supplying Sam's Club from Local
Bounti's Recently Opened Texas Facility
HAMILTON, Mont., July 22,
2024 /PRNewswire/ -- Local Bounti Corporation
(NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S.
indoor agriculture company, today announced that it has expanded
distribution with its customer, Sam's Club, for its leafy greens
production with service commencing from the Company's recently
opened CEA facility in Mount Pleasant, Texas. Local Bounti is
now fulfilling shipments to six of Sam's regional distribution
centers from two of its facilities, including Byron,
Georgia.
"The past several months have been pivotal for Local Bounti with
the commencement of commercial operations at our new growing
facilities in Washington and
Texas," commented Kathleen Valiasek, President and Chief Financial
Officer of Local Bounti. "The incremental capacity afforded by
these facilities is critical in our effort to provide our retail
customers consistent access to fresh, sustainable, locally grown
produce. In connection with our offtake agreement with Sam's
Club, we are thrilled to expand our distribution with them and
utilize capacity from our Texas
facility. We have worked tirelessly to optimize our
operations and have applied these learnings to our sites in
Texas and Washington, both of which are demonstrating
the advantages we identified when setting out to leverage our
patented Stack & Flow Technology® at these
purpose-built facilities."
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
'revolutionize agriculture, ensuring accessibility to fresh,
sustainable, locally grown produce and nourishing communities
everywhere for generations to come,' 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," "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 expanded
distribution to Sam's Club. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/local-bounti-expands-distribution-with-sams-club-302202376.html
SOURCE Local Bounti