MORRISVILLE, N.C., May 14, 2019 /PRNewswire/ -- Pyxus International,
Inc. (NYSE: PYX), a global value-added agricultural company, is
pleased to announce its wholly-owned indirect subsidiary, FIGR,
Inc., has launched an early works program at its Simcoe, Ontario, facility. The program is
focused on pre-groundbreaking tasks, such as excavation and tree
clearing, on the 20-acre parcel of land (adjacent to the current
Simcoe facility) slated for the
company's 800,000 square foot expansion project.
"We are pleased with the implementation of FIGR's early works
program, as it marks another milestone in its continual execution
against the goal of expanding local capacity while working toward
its overall construction timeline with an expected completion date
of 2021," said Pyxus President, CEO and Chairman Pieter Sikkel. "The expected increase in
capacity is a key component of our growth strategy to build a
seed-to-consumer global consumer packaged goods
company."
FIGR expects to break ground on the Simcoe facility expansion within the next 60
days (subject to government approval) and recently announced the
onboarding of strategic project leadership organization Colliers
Project Leaders, tasked with leading the facility's expansion
efforts.
"Additionally, FIGR's Prince Edward
Island operation remains on track in regards to its own
expansion project," added Sikkel. "Phase one of the project is
expected to be final this spring with the completion of phase two
expected by year's end."
Upon completion of both phases, the Prince Edward Island operation's footprint is
expected to grow upwards of 325,000 square feet with its production
capacity estimated to be 40,000 kilograms annually.
FIGR's Simcoe expansion,
together with the company's buildout of its Charlottetown, PEI facility, is expected to
increase FIGR's total production capacity potential to more than
140,000 kilograms per year. Additionally, FIGR's total footprint
will grow to more than 1.1 million square feet upon completion of
both facilities' buildouts.
About Pyxus International, Inc.
Pyxus International Inc. (NYSE: PYX) is a global agricultural
company with 145 years' experience delivering value-added products
and services to businesses and customers. Driven by a united
purpose—to transform people's lives, so that together we can grow a
better world—Pyxus International, its subsidiaries and affiliates,
are trusted providers of responsibly sourced, independently
verified, sustainable and traceable products and ingredients. For
more information, visit www.pyxusintl.com.
About FIGR, Inc.
FIGR is a vertically integrated legal cannabis company
headquartered in Toronto, Ontario,
that operates under one sole purpose:
to put character into everything it does. FIGR cannabis is sourced
from the company's two licensed subsidiaries located in
Charlottetown, Prince Edward
Island, and Simcoe,
Ontario. FIGR is a wholly-owned indirect subsidiary of Pyxus
International, Inc. (NYSE: PYX). For more information, visit
www.figr.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
These statements are based on current expectations of future
events. Such statements include, but are not limited to, statements
about future financial and operating results, plans, objectives,
expectations and intentions and other statements that are not
historical facts. Such statements are based on the current beliefs
and expectations of management and are subject to significant risks
and uncertainties. If underlying assumptions prove inaccurate or
known or unknown risks or uncertainties materialize, actual results
may differ materially from those currently anticipated expected or
projected. The following factors, among others, could cause actual
results to differ from those expressed or implied by the
forward-looking statements: changes in laws and regulations or the
interpretation of laws and regulations, continued compliance with
applicable regulatory requirements and, uncertainties with respect
to the timing and extent of retail and product-line expansions,
including securing necessary financing to fully fund the facilities
expansions. Additional factors that could cause results to differ
materially from those expressed or implied by forward-looking
statements can be found in the most recent Annual Report on Form
10-K of Pyxus International, Inc. for the period ended March 31, 2018 and the other filings with the
Securities and Exchange Commission (the "SEC") which are available
at the SEC's Internet site (http://www.sec.gov).
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SOURCE Pyxus International, Inc.