Continues to Execute Strategy to Expand Agribusiness
SANTA PAULA, Calif.--(BUSINESS WIRE)--
On April 16, 2012, Limoneira Company (NASDAQ:LMNR), a leading
agribusiness with prime agricultural land and operations, real estate
and water rights in California, completed the purchase of a citrus
orchard and is in an agreement that is expect to close in May 2012 to
acquire an additional citrus orchard for a combined 125 acres of
agriculture property in the San Joaquin Valley of California for a
aggregate purchase price of $1.23 million.
The two properties, which are currently planted with Navel oranges,
exemplify the high quality citrus land that complements the Company's
existing citrus portfolio. With these acquisitions, the Company will own
or lease nearly 8,000 acres of agriculture property.
Harold Edwards, President and Chief Executive Officer of Limoneira said,
"Following the expansion of our agribusiness with the Sheldon leases in
January, we are very pleased with these acquisitions of additional
productive agriculture property as further execution of our strategy to
grow our agribusiness segment. These properties are located in close
proximity to our existing orchards in Porterville, California, which
will make for efficient integration into our current operations. "
Alex Teague, Senior Vice President of Limoneira, added, "Expanding our
portfolio of quality citrus acreage is an essential part of our
long-term growth strategy. We will continue to look for opportunities to
make strategic acquisitions that will contribute to our long-term top
and bottom line growth."
About Limoneira Company
Limoneira Company, a 119-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon΄âra), is a dedicated sustainability company with approximately 7,850
acres of rich agricultural lands, real estate properties and water
rights in California. The Company is a leading producer of lemons,
avocados, oranges, specialty citrus and other crops that are enjoyed
throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on Limoneira's current expectations
about future events and can be identified by terms such as "expect,"
"may," "anticipate," "intend," "should be," "will be," "is likely to,"
"strive to," and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking
statements are reasonable but cannot guarantee future results, level of
activity, performance or achievements. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Therefore, Limoneira cautions you against relying on
any of these forward-looking statements. Factors which may cause future
outcomes to differ materially from those foreseen in forward-looking
statements include, but are not limited to: changes in laws,
regulations, rules, quotas, tariffs and import laws; weather conditions
that affect production, transportation, storage, import and export of
fresh product; increased pressure from disease, insects and other pests;
disruption of water supplies or changes in water allocations; pricing
and supply of raw materials and products; market responses to industry
volume pressures; pricing and supply of energy; changes in interest and
currency exchange rates; availability of financing for land development
activities; political changes and economic crises; international
conflict; acts of terrorism; labor disruptions, strikes or work
stoppages; loss of important intellectual property rights; inability to
pay debt obligations; inability to engage in certain transactions due to
restrictive covenants in debt instruments; government restrictions on
land use; increased costs from becoming a public company and market and
pricing risks due to concentrated ownership of stock. Other risks
and uncertainties include those that are described in Limoneira's SEC
filings, which are available on the SEC's website at http://www.sec.gov.
Limoneira undertakes no obligation to subsequently update or revise
the forward-looking statements made in this press release, except as
required by law.
Investor Contact:
ICR
John Mills
Senior Managing
Director
310-954-1105
Source: Limoneira Company
News Provided by Acquire Media
