Continues to Execute on Strategy to Expand Agribusiness
SANTA PAULA, Calif.--(BUSINESS WIRE)--
On July 20, 2012, Limoneira Company (NASDAQ: LMNR), a leading
agribusiness with prime agricultural land and operations, real estate
and water rights in California, entered into an agreement to acquire 230
acres of agriculture property in the San Joaquin Valley of California
for $1.3 million. The transaction is expected to close in August 2012.
The property is high quality citrus land that will be planted with
approximately 150 acres of lemons adding to the existing 1,870 acres of
lemon orchards. Once this property is fully planted, the Company
believes it is capable of producing approximately 1,000 cartons of
lemons per acre. With this acquisition, the Company will own or lease
over 8,000 acres of agriculture property.
Harold Edwards, President and Chief Executive Officer of Limoneira said,
"With the close of this transaction, we will have added over 1,300 acres
of productive agriculture this year which is in-line with our overall
strategy to leverage our expertise in managing premium agriculture
properties. This property is adjacent to the Sheldon orchards, 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 agribusiness growth strategy. We have a strong pipeline of
additional acquisition opportunities and believe we will continue to
expand our business through acquisitions and organic growth that will
contribute to our long-term top and bottom line growth for many years to
come."
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
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