Village Farms International, Inc. has announced that it has closed its previously announced acquisition of Maxim Power (B.C.) Inc., a wholly-owned subsidiary of Maxim Power Corp., for approximately CAD $5.2 million, which includes a closing adjustment of CAD $0.7 million for working capital. The new name of the acquired company will be VF Clean Energy, Inc. The facility that Village Farms acquired as part of the acquisition will continue generating power under an existing long term power purchase agreement with BC Hydro as well as focus on improving the sustainability profile of Village Farms' greenhouse operations in Delta, B.C. The Company satisfied the purchase price with cash and is currently in the process of completing a new term loan facility for CAD $3.0 million with Bank of Montreal, which the Company expects to be completed on or before July 31, 2014.
Retirement of Corporate Director
Mr. Heinz Wehner, a director of Village Farms since 1997, has elected to retire from the Company's Board of Directors effective July 31, 2014. The Board of Directors and management of Village Farms wish to extend their thanks to Mr. Wehner for his guidance and contributions to the development and growth of Village Farms over the last 18 years and wish him all the best in his retirement.
For more information:
Stephen C. Ruffini
Village Farms International
Tel: +1 (407) 936-1190 ext 340
Email: sruffini@villagefarms.com
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Retirement of a Member of its Board of Directors
Village Farms International, Inc. completes purchase of Maxim Power
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