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Local Bounti Corp. (NYSE: LOCL, LOCL WS) Breaks Ground in Mount Pleasant, Texas

Local Bounti News Coverage (click icon to view)

FOR IMMEDIATE RELEASE

Media Contact: press@localbounti.com

Local Bounti Breaks Ground at New High-Tech Controlled Environment Agriculture Facility in Texas to Support Growing Demand

Currently operating the largest national distribution footprint in the industry, future operations in Texas signal Local Bounti’s commitment to reduce food miles throughout the United States

HAMILTON, Montana, January 4, 2023 – Local Bounti Corporation (NYSE: LOCL, LOCL WS), a leading U.S. controlled environment agriculture (CEA) company committed to growing locally and distributing nationally with the largest distribution footprint in the industry, today announced construction on a new state-of-the-art indoor facility in Mount Pleasant, Texas. 

Following the groundbreaking ceremony, Local Bounti will begin construction of a six-acre, Phase 1, facility, which will leverage the Company’s proprietary Stack & Flow Technology™ to grow and sell its indoor grown line of packaged leafy greens. Varieties include spring mix, butter lettuce, romaine crisp, green leaf, and additional blends. The facility is expected to commence operations in the fourth quarter of 2023. The facility will be located on 39 acres inside the city’s Cypress Industrial Park.

“Mount Pleasant is thrilled to welcome Local Bounti to the region,” said Nathan Tafoya, Executive Director of the Mount Pleasant Economic Development Corporation.

“By merging the best aspects of vertical and greenhouse growing technologies, Local Bounti adds a much desired agri-tech ingredient to Mount Pleasant’s rich history in food production. As Local Bounti’s chosen Texas location for up to 50 new jobs, $80+ million investment, and multiple planned phases surpassing an 800,000 square foot total build-out, Mount Pleasant looks forward to growing with Local Bounti for many years to come.”

The addition of the new facility in northeast Texas is expected to fortify Local Bounti’s distribution in markets across Texas, Oklahoma, Louisiana, Mississippi, Arkansas, Kansas, and Missouri. Further, the facility is designed to provide additional capacity to meet existing demand from Local Bounti’s direct relationships with blue-chip retailers and distributors throughout the region.

“Local Bounti is excited to call Mount Pleasant home to our latest facility in a rapidly expanding national footprint. Future local operations will help us answer existing customer demand within the Lone Star State and adjacent markets,” said Craig Hurlbert, Co-Founder & Co-CEO of Local Bounti.

The construction phase of the facility will begin immediately and is expected to generate approximately 50 direct jobs in Mount Pleasant, Texas. Once the facility is operational in the fourth quarter of 2023, Local Bounti expects to generate approximately 200 direct and indirect jobs throughout Titus County.

Local Bounti is building one of the largest networks of high-tech CEA facilities in the U.S. with the ability to grow sustainable, fresh produce year-round, providing consumers with extended shelf life versus traditional farming methods.

About Local Bounti

Local Bounti Corporation (NYSE: LOCL, LOCL WS), is changing how food is grown and delivered to kitchen tables by utilizing patent-pending Stack & Flow Technology™ to locally grow a variety of fresh, delicious, and sustainable products 365 days a year and distribute nationally with the largest distribution footprint in the controlled environment agriculture industry. The company operates advanced indoor facilities with its two brands: Local Bounti® and Pete’s®, reducing the food miles required to ship to consumers across the United States. Our team is delivering on Local Bounti’s promise to increase produce shelf life, reduce waste, conserve water, address food scarcity in local communities, and lower GHG emissions. To find out more, visit localbounti.com or eatpetes.com, or follow Local Bounti on LinkedIn for the latest news and developments.

If interested in interviewing Local Bounti executives or learning about the company’s products and operations, including patent-pending Stack & Flow Technology ™, please contact press@localbounti.com. For investor news and information, please contact investors@localbounti.com.

About Mount Pleasant Economic Development Corporation

The City of Mount Pleasant, Texas Industrial Development Corporation, dba Mount Pleasant Economic Development Corporation’s (MPEDC) Mission is to promote economic development in the City of Mount Pleasant and Titus County by supporting initiatives designed to increase jobs and private investment primarily in the manufacturing sector through real property development, workforce pipeline and training development, infrastructure extensions, and identifying opportunities to address evolving business ecosystem needs.

MPEDC exists to promote Mount Pleasant as a premier location for business, targeting key industries that provide high wage jobs and future sustainability for the community. MPEDC is the primary point of contact for existing businesses and prospective businesses, site selectors, developers, and community stakeholders to obtain technical expertise and support services necessary to properly evaluate business opportunities in the city.

The organization is organized under the Texas Municipal Code as a Type A Economic Development Corporation.  The Board which governs action of the Corporation consist of five members appointed by the Mount Pleasant City Council to two-year terms.  The organization is required to comply with the Texas Open Meetings Law.  The Corporation may do business under the name Mount Pleasant Economic Development Corporation (MPEDC). The Corporation’s activities are funded by a 3/8 cent sales tax approved by the voters in a general election in 1993. The Board’s approved budget and expenditures must be approved by the City Council.

The Mount Pleasant Economic Development staff is always ready to help you expand or relocate your business here in Mount Pleasant, Texas. With years of experience in economic development, businesses will find the knowledge and support they need to succeed.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by words such as “anticipate,” “approximate,” “believe,” “commit,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “outlook,” “plan,” “project,” “potential,” “should,” “would,” “will,” and other similar words or expressions. Forward-looking statements reflect Local Bounti’s current expectations or beliefs concerning future events and actual events may differ materially from historical results or current expectations. The reader is cautioned not to place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of the Company. The forward-looking statements in this press release address a variety of subjects including, for example, plans to construct and operate the Mount Pleasant, Texas, facility, the size of the facility, the construction schedule, Local Bounti’s planned distribution network, and expected jobs relating to the facility. These risks and uncertainties include, but are not limited to, the ability to effectively integrate the operations of any businesses it may acquire; restrictions contained in debt facilities; ability to repay, refinance, restructure and/or extend its indebtedness as it comes due; unknown liabilities that may be assumed in acquisitions; ability to generate revenue; the ability to achieve or sustain profitability; the ability to obtain additional necessary capital when needed on acceptable terms, or at all; the ability to build out additional facilities; the ability to develop and maintain its brand or brands it may acquire; the ability to manage the risks of diseases and pests destroying crops; the ability to defend itself against intellectual property infringement claims; changes in consumer preferences, perception and spending habits in the food industry; seasonality; 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, 2021, filed with the SEC on March 30, 2022, as supplemented by subsequent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, and other reports and documents Local Bounti files from time to time with the SEC. 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.

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