Local Bounti Now Shipping Product to Brookshire Grocery Company

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Aug 12, 2024, 08:00 ET

Expanded distribution brings Local Bounti's full assortment of product offerings to more than 180 BGC locations

HAMILTON, Mont., Aug. 12, 2024 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, today announced that it is now shipping to Brookshire Grocery Company ("BGC") locations from its new Mount Pleasant, Texas facility. BGC is stocking Local Bounti's full line of produce products – including its Grab-and-Go Salad Kits, living lettuce and baby leaf varieties – to more than 180 Brookshire store locations across three states in the Southeast and Southwest United States.

"We are excited about the opportunity to partner with Brookshire's, as it marks another significant distribution win for Local Bounti, bringing us closer to our mission of delivering fresh, locally grown produce to more communities across the country," said Kathleen Valiasek, President and Chief Financial Officer of Local Bounti. "Our ability to develop key accounts like this is made possible by our efforts to increase capacity through both our facility expansions and relentless optimization of our operations. Our new Texas facility will play a crucial role in ensuring that a reliable supply of fresh, sustainable, and locally grown produce makes its way to consumers across the South."

For more than 95 years, BGC has been a family-owned and led company that has strived to remain true to the strong values of its founder, Wood T. Brookshire, who opened its first store in Tyler, Texas, in 1928. These include remarkable customer service, clean stores, fresh products, and strong community support. Through the years, BGC has grown to become a leading regional grocery retailer with more than 17,000 employee-partners and more than 210 store locations in four states. Stores operate under the banners of Brookshire's, Super 1 Foods, Spring Market, FRESH by Brookshire's and Reasor's.

"We are thrilled to bring Local Bounti's fresh, innovative products to our customers," said Brad Brookshire, Chairman and CEO of Brookshire Grocery Company. "Local Bounti is enabling us to offer a consistent source of locally grown, greenhouse-fresh produce and convenient salad kits that perfectly align with our commitment to quality and freshness. We're confident our shoppers will love these delicious, ready-to-eat options that make healthy eating a breeze."

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. 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 'revolutionize agriculture, ensuring accessibility to fresh, sustainable, locally grown produce and nourishing communities everywhere for generations to come,' 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," "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 expanding distribution and increasing capacity. 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; the risk that Local Bounti will not be able to close the financings contemplated by the previously announced conditional commitment letters; 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 or cure noncompliance; 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, 2023, filed with the SEC on March 28, 2024, 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.

SOURCE Local Bounti