For Immediate Release:
Tuesday, February 10, 2009
Vancouver, BC., February 10, 2009/CNW/ - Village Farms Income Fund (the "Fund") (TSX: VFF.UN) announces the sale of their Ringgold Greenhouse Facility, located in Ringgold, Pennsylvania. The sale integrates a marketing agreement where as Village Farms will continue the marketing, sales, and distribution for the Ringgold facility as well as for another greenhouse facility of the buyer, Intergrow Portageville Inc., located in Portageville, NY.
Ringgold has been owned and operated by Village Farms since 1993. The sale is integral to Village Farms’ Strategic Plan focused on large scale greenhouse operations with advancing technologies that provide 365 days a year production. This sale represents Village Farms’ third and final sale of their small greenhouse facility assets. The Fund recorded a small gain on the sale.
The buyer, Mario van Logten, is a former employee of Village Farms, who over the course of 15 years has operated three distinct greenhouses, including the Ringgold facility for Village Farms. Mr. van Logten has additional greenhouse facilities including part ownership in Intergrow Portageville Inc., located in Portageville, NY, in the greater Buffalo/Rochester area.
Village Farms will continue to market, sell, and distribute under the Village Farms® brand all of Ringgold’s Greenhouse production as per a long term marketing agreement with Mr. van Logten. In addition, Village Farms will also commence marketing under the Village Farms® brand for all of van Logten’s, Intergrow Portageville Inc. greenhouse production as well.
Michael A. DeGiglio, Chief Executive Officer of Village Farms says, "We are pleased to be partnering with Mario van Logten, as a world class grower we are fortunate to have been associated with him for a number of years. Village Farms is looking forward to continuing this long term relationship with Mr. van Logten. It is wonderful to have an increased presence in the Northeast for Village Farms and provide our customers with locally grown premium greenhouse product." Mario van Logten also comments, "I am happy to be reuniting with the Village Farms Family and I’m confident that the relationship is beneficial to both of us"
Village Farms’ customer base in the Northeast will continue to be supplied with premium product marketed under the Village Farms brand®. In addition, Village Farms New York and Pennsylvania customers will be able to be supplied with locally grown produce.
About Village Farms:
Village Farms is the largest producer, marketer and distributor of premium-quality, greenhouse grown tomatoes, bell peppers, and cucumbers in North America. This premium product as well as product produced under exclusive arrangements with other greenhouse producers is grown in sophisticated, highly efficient and intensive agricultural greenhouse facilities located in British Columbia and Texas. Product is marketed and distributed under the Village Farms® brand primarily to retail grocers and dedicated fresh food distributors throughout the United States, Canada, Mexico, and Japan. Village Farms currently operates distribution centers located in key markets in the United States and Canada. Since its inception, Village Farms has been guided by sustainable agricultural principles which integrate three main goals; environmental health, economic profitability, and social & economic equality.