Village Farms sees continued success in Q3 results

Great Northern helps Village Farms to provide strong foothold in Ontario

Village Farms International announced its results on 12 November, for the quarter ended September 30, 2015.

Michael DeGiglio, Chief Executive Officer, stated "Our repositioning strategy over the last few years is positively trending with improved success as demonstrated by our third quarter results. Our transition to increased production of exclusive varieties resulted in increased penetration and price increases in key accounts."

"As we move into the final quarter of 2015, we are excited with the launch of our new marketing and distribution agreement with Great Northern Greenhouses, one of the premier growers, in Leamington, Ontario, as it will drive a significant increase in revenues in 2016. Additionally, this new relationship will provide us with a strong foothold in Ontario, Canada for future additional market penetration. We continue to receive positive feedback from our customer base on our product innovation and pipeline of new products."

Mr. DeGiglio continued "We have made significant strides over the last three years in rebuilding most of our assets damaged in the 2012 hail storm, paying down $20 million of debt, shifting our production and market focus to adjust to changing consumer trends and furthering our production technology. We have exciting marketing partnerships and operational projects in the works for 2016 that will further enhance our operating results both for the short term and long term."

Click here to view the results.

For more information:
Stephen C. Ruffini
Village Farms International
Tel: +1 (407) 936-1190 ext. 3405

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