HAMILTON, Mont., Feb. 21,
2024 /PRNewswire/ -- Local Bounti Corporation
(NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S.
indoor agriculture company, announced today that the United States
Patent and Trademark Office issued a patent to the Company on
February 13, 2024 for its proprietary
Stack & Flow Technology.
"This is an amazing accomplishment for our entire organization
which has worked tirelessly to design a robust solution, and we are
pleased to have received the grant from the U.S. Patent and
Trademark Office recognizing our innovations while further
extending our intellectual property and competitive lead,"
commented Craig Hurlbert, Local
Bounti's Chief Executive Officer. "It is exhilarating to think
about all the families that will benefit from delicious, locally
grown produce that we grow utilizing sustainable methods.
This is a win for families and the environment."
Local Bounti utilizes its proprietary Stack & Flow
Technology at four of its six growing facilities to enhance
productivity in support of its distribution to a national customer
base that spans approximately 13,000 retail doors. Stack & Flow
Technology, which combines the best of vertical and greenhouse
growing technologies, enables superior unit economics and
efficiencies across the production cycle. Plants spend early
development in a stacked nursery design, reducing facility square
footage. When the plants reach targeted maturity, they are
transported to hydroponic greenhouses, which are arranged on
horizontal planes with natural sunlight and other controlled
environment variables, resulting in optimal growth conditions
specified for each type of plant as well as space and energy
efficiency. With less land requirement and fewer days in the
greenhouse, Stack & Flow Technology enables lower capital
expenditure, lower operating expenses, higher labor efficiency and
higher yield that others lack compared to results published by
greenhouse farms and other CEA operations.
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 with its
two brands: Local Bounti® and Pete's®. 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 'bring our farm to
your kitchen in the fewest food miles possible,' 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," expect,"
"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 the
capabilities and impact of Stack & Flow Technology. 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; 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; 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,
2022, filed with the SEC on March 31,
2023, 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.
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SOURCE Local Bounti