- Limoneira Acquires Additional 200 Acres of Lemon Trees -
SANTA PAULA, Calif.--(BUSINESS WIRE)--
Limoneira Company ("Limoneira") (NASDAQ: LMNR) and Cadiz Inc. (NASDAQ:
CDZI) ("Cadiz") announced today that they have expanded their existing
agricultural development agreement to include an additional 200 acres.
Limoneira has acquired a total of 200 acres of lemon trees and
associated irrigation lines from Cadiz and one of its leasing tenants
for approximately $1.2 million. Limoneira has amended its lease with
Cadiz, that commenced July 2013, to include the additional 200 acres.
Under the amended lease agreement, Limoneira now has the right to plant
up to 1,480 acres of lemons over the next three years at the Cadiz Ranch
operations in the Cadiz Valley. The arrangement provides a growing,
packing, and marketing opportunity that is complementary to Limoneira's
existing production and furthers Cadiz's commitment to the sustainable
development of its Cadiz Valley property. The acquired lemon trees are
expected to be productive beginning in fiscal year 2017.
Harold Edwards, President and Chief Executive Officer, stated, "We are
excited to expand our agreement with Cadiz and increase our lemon tree
acreage in California. This acquisition complements recent investments
we have made in Chile and Arizona and is in line with our long-term
growth strategy to add productive agricultural properties to our
portfolio and leverage our core competencies."
"We are pleased that we have the opportunity to expand our relationship
with Limoneira as part of our commitment to cultivating sustainable
agriculture practices in the Cadiz Valley," said Tim Shaheen, CEO of
Cadiz Real Estate LLC, a wholly-owned subsidiary of Cadiz. "With its
longstanding history in the California market, Limoneira has tremendous
expertise in growing and marketing lemons and shares our commitment to
best agricultural practices."
About Limoneira Company
Limoneira Company, a 120-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 10,500
acres of rich agricultural lands, real estate properties and water
rights in California and Arizona. 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.
About Cadiz Inc.
Founded in 1983, Cadiz Inc. is a land and water resource development
company that owns 70 sq. miles of property and water rights in Southern
California. The Company is engaged in a combination of organic farming
and water supply and storage projects, including the Cadiz Valley Water
Conservation, Recovery & Storage Project, a public-private partnership
approved to provide a new, reliable water supply throughout Southern
California. Cadiz abides by a "Green Compact" focused on sustainable
practices to manage its land, water and agricultural resources and has
committed to implement its projects without harm to the environment. For
more information about Cadiz, visit www.cadizinc.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 and Cadiz'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.
The Companies believe 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, the Companies caution 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 crop 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; and market and pricing
risks due to concentrated ownership of stock. Other risks and
uncertainties include those that are described in the Companies' SEC
filings, which are available on the SEC's website at http://www.sec.gov.
The Companies undertake no obligation to subsequently update or
revise the forward-looking statements made in this press release, except
as required by law.
Limoneira Company:
ICR
John Mills, 646-277-1254
Partner
or
Cadiz
Inc.:
Courtney Degener, 213-271-1600
Source: Limoneira Company
News Provided by Acquire Media
