– Company to Report Fourth Quarter and Year
End Financial Results Via News Release on
Tuesday, March 16, 2021 at
7:00 a.m. ET and Host Conference Call
the Same Day at 8:30 a.m. ET
–
VANCOUVER, BC, Feb. 23, 2021 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today advised that operations at its Texas greenhouse facilities have continued
uninterrupted amidst the recent power outages and water supply
shortages that have been experienced throughout many parts of the
State as a result of unseasonably cold temperatures and severe
weather conditions. The Company's Texas greenhouse facilities source their water
needs from local wells and were able to rely on their redundant
generator systems for their electricity requirements.
Timing and Details of Fourth Quarter and Year End Conference
Call
The Company also announced it will host a conference call to
discuss its fourth quarter and 2020 full year financial results on
Tuesday, March 16, 2021 at
8:30 a.m. ET. Participants can
access the conference call by telephone by dialing (647) 427-7450
or (888) 231-8191, or via the Internet at:
https://bit.ly/3shX6Z8.
The Company expects to report its fourth quarter and 2020 full
year financial results via news release on Tuesday, March 16, 2021 at 7:00 a.m. ET.
Conference Call Archive Access Information
For those unable to participate in the conference call at the
scheduled time, it will be archived for replay both by telephone
and via the Internet beginning approximately one hour following
completion of the call. To access the archived conference call by
telephone, dial (416) 849-0833 or (855) 859-2056 and enter the
passcode 5894379 followed by the pound key. The telephone
replay will be available until Tuesday, March 23, 2021 at
midnight (ET). The conference call will also be archived on
Village Farms' web site at
http://villagefarms.com/investor-relations/investor-calls.
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating
greenhouse growers in North
America. The Company leverages decades of experience in
large-scale, low-cost intensive agriculture as a vertically
integrated produce supplier to pursue high-value, high-growth
plant-based Consumer Packaged Goods opportunities in cannabis and
CBD in North America and select
markets internationally.
The Company's wholly-owned Canadian subsidiary, British-Columbia-based Pure Sunfarms, is one
of the single largest cannabis operations in the world, the
lowest-cost greenhouse producer and one of the best-selling brands
in Canada, and has generated
profitability for seven consecutive quarters.
In the U.S., subject to compliance with all applicable U.S.
federal and state laws, Village Farms is pursuing a strategy to
become a leading developer and supplier of branded and
white-labeled CBD products targeting major retailers and consumer
packaged goods companies. Village Farms has one of the largest
greenhouse operations in the country and is strategically
positioned to utilize its agricultural experience and Pure
Sunfarms' operational and product expertise, to pursue potential
high-THC cannabis opportunities when legally permitted to do
so.
Internationally, Village Farms evaluates and targets select,
nascent, legal cannabis and CBD opportunities with significant
long-term potential, with an initial focus on the Asia-Pacific region through its investments in
Australia-based Altum
International.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, (the "Securities Act") and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and is subject to the safe harbor created by those
sections. This press release also contains "forward-looking
information" within the meaning of applicable Canadian securities
law. We refer to such forward-looking statements and
forward-looking information collectively as "forward-looking
statements". Forward-looking statements may relate to the Company's
future outlook or financial position and anticipated events or
results and may include statements regarding the financial
position, business strategy, budgets, expansion plans, litigation,
projected production, projected costs, capital expenditures,
financial results, taxes, plans and objectives of or involving the
Company. Particularly, statements regarding future results,
performance, achievements, prospects or opportunities for the
Company, the greenhouse vegetable industry or the cannabis industry
are forward-looking statements. In some cases, forward-looking
information can be identified by such terms as "outlook", "may",
"might", "will", "could", "should", "would", "occur", "expect",
"plan", "anticipate", "believe", "intend", "try", "estimate",
"predict", "potential", "continue", "likely", "schedule",
"objectives", or the negative or grammatical variation thereof or
other similar expressions concerning matters that are not
historical facts. The forward-looking statements in this press
release are subject to risks that may include, but are not limited
to: our limited operating history, including that of Pure Sunfarms
and our start-up operations of growing hemp in the
United States; the legal status of
Pure Sunfarms' cannabis business; risks relating to obtaining
additional financing, including our dependence upon credit
facilities; potential difficulties in achieving and/or maintaining
profitability; variability of product pricing; risks inherent in
the cannabis, hemp and agricultural businesses; the ability of Pure
Sunfarms to cultivate and distribute cannabis in Canada;
existing and new governmental regulations, including risks related
to regulatory compliance and licenses (e.g., Pure Sunfarms' ability
to obtain licenses for its Delta 2 greenhouse facility as well as
additional licenses under the Canadian act respecting cannabis to
amend to the Controlled Drugs and Substances Act, the Criminal Code
and other Acts, S.C. 2018, c. 16 (Canada) for its Delta 3 greenhouse facility),
and changes in our regulatory requirements; risks relating to
conversion of our greenhouses to cannabis production for Pure
Sunfarms; risks related to rules and regulations at the U.S.
federal (Food and Drug Administration and United States Department
of Agriculture), state and municipal levels with respect to produce
and hemp; retail consolidation, technological advances and other
forms of competition; transportation disruptions; product liability
and other potential litigation; retention of key executives; labor
issues; uninsured and underinsured losses; vulnerability to rising
energy costs; environmental, health and safety risks, foreign
exchange exposure, risks associated with cross-border trade;
difficulties in managing our growth; restrictive covenants under
our credit facilities; natural catastrophes; the ongoing and
developing COVID-19 pandemic; and tax risks.
The Company has based these forward-looking statements on
factors and assumptions about future events and financial trends
that it believes may affect its financial condition, results of
operations, business strategy and financial needs. Although the
forward-looking statements contained in this press release are
based upon assumptions that management believes are reasonable
based on information currently available to management, there can
be no assurance that actual results will be consistent with these
forward-looking statements. Forward-looking statements necessarily
involve known and unknown risks and uncertainties, many of which
are beyond the Company's control, that may cause the Company's or
the industry's actual results, performance, achievements, prospects
and opportunities in future periods to differ materially from those
expressed or implied by such forward-looking statements. These
risks and uncertainties include, among other things, the factors
contained in the Company's filings with securities regulators,
including this press release. In particular, we caution you that
our forward-looking statements are subject to the ongoing and
developing circumstances related to the COVID-19 pandemic, which
may have a material adverse effect on our business, operations and
future financial results.
When relying on forward-looking statements to make decisions,
the Company cautions readers not to place undue reliance on these
statements, as forward-looking statements involve significant risks
and uncertainties and should not be read as guarantees of future
results, performance, achievements, prospects and opportunities.
The forward-looking statements made in this press release relate
only to events or information as of the date on which the
statements are made in this press release. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
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SOURCE Village Farms International, Inc.