SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company (NASDAQ:LMNR), a leading agribusiness with prime
agricultural land and operations, real estate and water rights
throughout California, announced that in a 6 to 1 vote today, the Local
Agency Formation Commission (LAFCo) approved conditions that will allow
for the annexation and incorporation of 541 acres, known as East Area 1,
into the City of Santa Paula. On June 3, 2008, Santa Paula voters had
approved the annexation and development of the land that will include
residential, commercial, recreational and community amenities.
"We are thrilled to be nearing the end of the very long and challenging
entitlement process. We will now set our sights on ground breaking,"
said Harold Edwards, Limoneira's CEO. "This project will create
tremendous value for the citizens of Santa Paula as well as for our
Company. This is a great day!"
Limoneira is known for its agricultural sustainability practices. It
recently received the first-ever Annual Excellence in Agricultural
Stewardship and Sustainability Award by the Ventura County Resource
Conservation District (RCD). The company is incorporating sustainable
and environmentally sound designs into the East Area 1 development. "By
doing the right thing socially and environmentally, we believe we will
enhance the quality of life and economic future for all those who live
in Santa Paula," says Edwards. "The development will create hundreds of
new jobs and provide economic stimulus to Santa Paula and Ventura County
At the LAFCo hearing, Edwards pledged to work hand-in-hand with the City
of Santa Paula and Ventura County to make East Area 1 a success. Says
Edwards, "This project will be one that we will all be proud of and will
stand the test of time."
About Limoneira Company
Limoneira Company, a 117-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 7,300
acres of rich agricultural lands, real estate properties and water
rights throughout California. The Company is a leading producer of
lemons, avocados, oranges, and other specialty crops that are enjoyed
throughout the world. For more about Limoneira Company, visit www.limoneira.com.
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.
John Chamberlain, Director of Marketing
Diane Rumbaugh, 805-493-2877
John Mills/Laura Miller
Source: Limoneira Company
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