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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.

Podcast: Rocky Christenberry, Vice President, Priefert

Priefert: This family-owned manufacturer is reinventing itself, investing millions into the local economy, & adding more than 50 jobs in 2022!

“What has happened since the beginning of that headgate to where we are today just makes everyone’s head swirl,” stated Rocky Christenberry, Vice President.

“Priefert has an incredible story of continuing through the hard times, making their people the most important part of their business, and being a staple in a community,” said Texas ED Connection founder, Dave Quinn.

If you’ve ever wanted to know how Priefert went from welding headgates in a residential metal shop to more than 1 million SF of production (and growing) space & 1,000 employees, put your headphones on and enjoy the ride!

Thank you to our friends at Priefert for taking the time to share your story!

MPEDC partnered with Day One Experts to showcase our two large manufacturing companies in Mount Pleasant, Texas. We hope you enjoy listening to and learning about them.

Listen to “Episode 14 – Rocky Christenberry, Vice President, Priefert” on Spreaker.

Podcast: Jeffrey Crabb, CEO Diamond C Trailers

Diamond C Trailers is Mount Pleasant’s fastest-growing manufacturer, growing employees 300% to a current 760 count since 2018 & more than doubling is operational acreage in the same time frame.

“Since 1985, Diamond C. Trailers has been a leader in building premium trailers, and they started right here in Mount Pleasant, Texas,” said CEO Jeffrey Crabb.

On this podcast episode, in partnership with MPEDC, Super Dave Quinn of ‘Gone to Texas’ talks with CEO Jeffrey Crabb about what it’s been like continuing his family’s legacy.

Thank you, Diamond C Trailers, for taking time out of your busy schedules to share your story with our community!

Looking to relocate or expand? Find out why Mount Pleasant is a great place to do business!

[Built for Work. Made for Play. Designed for You. – Diamond C]

MPEDC partnered with Day One Experts to showcase our two large manufacturing companies in Mount Pleasant, Texas. We hope you enjoy listening to and learning about them.

Listen to “Episode 13 – Jeffrey Crabb, CEO Diamond C. Trailers” on Spreaker.

MPEDC Sells Speculative Building

Mount Pleasant, Texas- Mount Pleasant Economic Development Corporation (MPEDC) is pleased to announce the sale of its first speculative building to RoadClippers, Inc (d.b.a. Diamond C Trailers). The 40,000 square foot, concrete tilt up shell is under finish-out construction at 450 Commerce Drive and is located on a 6.2 acre tract within the 200-acre Mount Pleasant Business Park along Interstate 30.

Diamond C Trailers has grown employment by nearly 300% since 2017, rapidly scaling from approximately 200 employees to about 720 team-members currently. The company expects to reach 900 employees by the end of 2022. Additionally, the company has made tens of millions of dollars in private investment in the community since 2018 through mergers and acquisitions and substantial facility and equipment expansions at four different sites in Mount Pleasant and one outside city limits.

“MPEDC is elated to be working with Diamond C, a family-owned, homegrown, and nationally respected firm,” said Nathan Tafoya, Executive Director of  MPEDC. “This was a win-win for the company and the community.”

Mr. Tafoya credited his predecessor, Charlie Smith, with his vision and implementation of a quality built speculative building.

“It is important to note that the speculative building did exactly what speculative buildings are supposed to do . . . reduce the time, cost, and risk to an industry firm considering relocating to, or expanding in, our community,” said Mr. Tafoya.  “In fact, a major decision factor in Diamond C’s purchase was the need to quickly locate a facility large enough to house a 2-story industrial laser being delivered from Europe, as well as locate a building that could facilitate current and future operations with adequate infrastructure already in place.” 

On December 8, 2021, the MPEDC met at a special called board meeting and approved the sale and assistance package to the company. Final approvals were made by City Council on January 4, 2022.

Diamond C purchased the speculative building for $1.8 million. In addition to more than $6 million in private investment in 2022 alone, the company will conservatively create 40 jobs at this facility within 12 months with an average wage of $20/hour. The purchased facility will house Diamond C Trailers’ Technology Advancement Center. Diamond C expects to expand the facility within the next 36 months, doubling its size to approximately 80,000 square feet.

To assist Diamond C’s hyper growth, including other multimillion dollar investments and significant job creation in the City of Mount Pleasant, MPEDC will provide $900,000 cash in the form of a forgivable loan with clawbacks. The forgivable loan is tied to a strict performance agreement.

“We are thankful for the partnership of the MPEDC and for the availability of this spec building, just in time for our laser delivery which is the beginning of a big step forward in technology for the growth and success of our team-members, customers, and community.  The team at this facility will utilize high-tech, automated metal cutting and forming machines along with robotic weld cells and automated material handling to manufacture small parts and assemblies to support our trailer manufacturing teams at other facilities with ultra-high quality parts, just in time.  We are thankful for the many incredible team-members and leaders that are making this progress possible!  It will be a positive force for good in Mt. Pleasant and beyond,” said Jeffery Crabb, CEO of Diamond C Trailers.

Diamond C was founded on the principles of #DoWork and #LoveStrong, extraordinary trailers, and extraordinary people.

For more information contact:

Nathan Tafoya, CEcD, EDP

MPEDC Executive Director

903.717.7241

nathan@mpedc.org

$25,000 Workforce Development Grant Awarded Towards CDL Training

July 6, 2021- At the July 6th City Council meeting, MPEDC received the final approvals needed to award a $25,000 Workforce Development Grant it co-developed with NTCC for its CDL training academy.

In late 2020, Northeast Texas Community College (NTCC) launched its Professional Driving Academy, an educational training program intended to funnel students towards CDL licensing.

In 2021, NTCC reached an important milestone and became a certified testing/driving site for CDL licensing. Students in the region can now drive to Mount Pleasant to take their driving tests on a physical course.

The Mount Pleasant Industrial Development Corporation (also IDC or MPEDC) staff and board have created and approved a workforce development grant. The grant will be specific to the Professional Driving Academy and will be geared towards training community members for the logistics industry. MPIDC believes the grant will benefit both constituents and regional industry in addition to promoting NTCC as a quality institution. The grant will be made to NTCC and available to the community in the form of scholarships and financial assistance. The grant will only be available to constituents of Mount Pleasant and Titus County. MPIDC has a rich history of partnering with NTCC to meet industry needs. With all of Mount Pleasant’s local industry logistic activity and a national distribution center in a neighboring county, MPIDC believes this workforce development grant is a pragmatic, relatively simple, and next logical step towards increasing the skill set of our existing workforce for both current and future industry. The grant also supports one of NTCC’s newest and industry-relevant programs. 

MPEDC Hosts Mike Grella on a 3-day Listening Tour

Mount Pleasant Economic Development Corporation Hosts Mike Grella on a 3-day Listening Tour

Mount Pleasant, TEXAS- Mount Pleasant Economic Development Corporation (MPEDC) hosted Mike Grella, former Amazon executive, on a 3-day familiarization and listening tour from July 13-16, 2021. The MPEDC partnered with Grella Partnership Strategies to help structure an economic development-specific strategic plan, provide ongoing project support, and assist with marketing efforts for Mount Pleasant.

Mr. Grella met with various community leaders and stakeholders, including elected officials, manufacturing CEOs, education leaders, the city’s department heads and development team, and the Chamber of Commerce and economic development board of directors, to better understand Mount Pleasant’ strengths, weaknesses, opportunities, and threats. Mr. Grella also toured four major manufacturing facilities in the city and attended dinners with financial institutions, real estate brokers, and community leaders.

Mr. Grella’s listening tour culminated in a community stakeholder debrief and feedback luncheon held July 16, 2021, at the Civic Center. At the debrief, Mr. Grella said he was impressed by the community’s ubiquitous support during the 3-day listening tour. Mr. Grella said, “Every time I’ve had a meeting, frankly, the bar has gotten a little bit higher.”

Mr. Grella noted Mount Pleasant’s ability to “punch above its weight class” and added that he was impressed with the city’s ~100,000 population retail trade area and positioning as a trade hub along Interstate 30. Mr. Grella said he especially loved Mount Pleasant’s strong coffee game and existing major industries presence. “Your existing industries are your biggest fans and third-party validators,” he said.

Mr. Grella emphasized how the world is changing and evolving rapidly, hence the importance of a strong partnership with the education sectors. Based on his conversations with K-12 and higher education leadership, Mr. Grella said Mount Pleasant is well-positioned to meet current and future workforce needs. Two noteworthy community assets and differentiators in Mount Pleasant were its excess water availability and electric reliability as one of the few areas in Texas connected to the Southwest Power Pool, not ERCOT, which has been the subject of significant criticism following a winter storm earlier in 2021.

With the increase in remote work, Mr. Grella noted that immediately identifiable drawbacks for the community were affordable workforce housing and better broadband service. These drawbacks, he said, were common concerns voiced across all community sectors during his tour.

Mike Grella has over 26 years of economic development experience as an attorney and advisor, helping communities and companies locate, grow, and thrive.

Mike began the first 17 years of his career serving hundreds of clients, including dozens of the world’s most recognized brands on economic development strategy and expansion transactions providing tax, legal, and financing advice.

In 2012 mike was recruited as amazon’s first global head of economic development. During his seven-year tenure with amazon and its cloud computing division amazon web services where he also served as director of infrastructure, Mr. Grella forged public/private partnerships responsible for more than $10 billion in capital investments, over 50 million of square feet of new development, and 100,000 new jobs in dozens of states and fifteen countries. Mike was also involved in amazon’s original agreement to establish operations in Texas, siting the company’s first facilities in Haslet, Coppell, and Schertz. In 2019, mike formed Grella Partnership Strategies (GPS), an economic development advisory firm helping organizations and communities become more prosperous by embracing cutting-edge technologies, resiliency, data analytics, environmental stewardship, diversity & inclusion, placemaking, and attracting talent for in-demand industries & occupations.