Village Farms International Enters into New, Exclusive, Long-Term Sales, Marketing, & Distribution Agreement with Agroparque de Yecapixtla
VANCOUVER, June 1, 2018
– Agroparque de Yecapixtla to More Than Double Growing Capacity Over Next Three Years –
VANCOUVER, June 1, 2018 /CNW/ - Village Farms International, Inc. ("Village Farms" or the "Company") (TSX:VFF) (OTC: VFFIF) today announced it has entered into a new, exclusive, seven-year agreement to sell, market, and distribute Village Farms' exclusive tomato varieties grown by Mexico-based Agroparque de Yecapixtla. The new agreement extends the existing agreement between the two companies, under which Agroparque de Yecapixtla grows tomato varieties for Village Farms, including Village Farms' exclusive specialty varieties, which are distributed under the Village Farms brand and sold to Village Farms' marquee retail and food service partners in the United States and Canada.
Agroparque de Yecapixtla is in the process of a major expansion, more than doubling its growing area to 125 acres from its current 50 acres through an addition to its existing greenhouse and state of the art packaging facility built just two years ago. This expansion will further leverage its scale and expertise to expand into cucumbers and peppers, which will also be sold, marketed and distributed under the agreement.
Agroparque de Yecapixtla is located in the state of Morelos, just south of Mexico City, a mountainous region with warm days and cool nights that makes it one of the best areas for greenhouse growing in all of Mexico, and ideal for tomato, pepper, and cucumber plant cultivation. The company's master farmers have generations of experience cultivating tomatoes, peppers, and cucumbers. As part of the extended agreement, Village Farms will continue to provide Agroparque de Yecapixtla with technical expertise in growing and packaging operation support, with two full-time Village Farms employees on site.
Michael A. DeGiglio, President & CEO for Village Farms had this to say about the agreement, "We are thrilled to build on this existing and flourishing relationship with Agroparque de Yecapixtla. Village Farms prides itself in its ability to deliver year round consistent quality products to its customers. This new, exclusive, long-term agreement with Agroparque de Yecapixtla further solidifies Village Farms' value commitment to its customers. And reflecting upon our many years of operating in Mexico we are most grateful to be associated with such a highly respected company lead by the honorable Mr. Miguel."
According to Agroparque de Yecapixtla CEO, Alfredo Miguel "We are pleased to commence upon this long term agreement between Village Farms and Agroparque de Yecapixtla, a great achievement uniting not only these two companies but inaugurating the Mexican countryside as a source of reliable and quality product."
According to Michael Minerva, SVP, Grower Relations & Supply Development for Village Farms, "Working with Agroparque de Yecapixtla over the past year has confirmed for us that we are aligned with a great long-term partner in Mexico who will further enhance our winter supply capabilities for our growing customer base. We look forward to accomplishing great things together in the years to come."
About Agroparque de Yecapixtla
Agroparque de Yecapixtla parent Company, Grupo CIC, is a conglomerate based in Mexico City with business interests in the oil & gas industry, including helicopters and supply ships that transport and supply oil rigs in the Gulf of Mexico. Other business interests include the tourism industry, with several resorts currently under construction, as well as infrastructure investment, including the building of roads and bridges. Grupo CIC is also a shareholder in Village Farms International, Inc.
About Village Farms International, Inc.
Village Farms International, Inc. is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada. With more than 750 years of accumulated master grower experience coupled with advanced proprietary technology and environmentally sustainable growing practices, Village Farms is highly resource efficient. Village Farms produces and distributes fresh, premium-quality produce with consistency 365-days a year to national grocers in the U.S. and Canada from its large-scale Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in BC, Ontario, and Mexico.
SOURCE Village Farms International, Inc.
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Stephen C. Ruffini, Executive Vice President and Chief Financial Officer, Village Farms International, Inc., (407) 936-1190, ext. 340; Lawrence Chamberlain, Investor Relations, (416) 519-4196, email@example.comCopyright CNW Group 2018