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Bank of Montreal, Village Farms in New C$10MM Asset-Based Loan

September 04, 2013, 07:26 AM

Village Farms International, Inc. announced today ithas entered into a new CAD $10.0 million asset based lending operating facility with Bank of Montreal. The facility is for a three-year term and is subject to certain positive and negative covenants.

"This facility provides both an attractive borrowing rate and a higher borrowing base as compared to our prior operating facility," said Stephen Ruffini, Chief Financial Officer of the Company.

"We are pleased to announce the beginning of what we believe will be a long and mutually beneficial lending relationship with Bank of Montreal, " said Michael DeGiglio, Chief Executive Officer of the Company.

Village Farms is one of the largest producers, marketers and distributors of premium-quality, greenhouse-grown tomatoes, bell peppers and cucumbers in North America. This premium product as well as premium product produced under exclusive arrangements with other greenhouse producers is grown in sophisticated, highly efficient and intensive agricultural greenhouse facilities located in British Columbia and Texas. Product is marketed and distributed under the Village Farms(R) brand primarily to retail grocers and dedicated fresh food distributors throughout the United States and Canada. Village Farms currently operates distribution centres located in key markets in the United States and Canada.

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