Added Role of President Reflects Ms.
Valiasek's Impact on Improved Operating Efficiency
HAMILTON, Mont., June 25,
2024 /PRNewswire/ -- Local Bounti Corporation
(NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S.
indoor agriculture company, announced today that its Chief
Financial Officer (CFO), Kathleen
Valiasek, has been promoted to President and Chief Financial
Officer, effective June 24.
"Since Kathy joined our leadership team over three years ago,
her contributions have been extensive, reaching far beyond that of
her role as CFO. This appointment recognizes her expanded
influence, responsibilities and unwavering commitment to scaling up
our business," commented Craig
Hurlbert, CEO of Local Bounti. "Kathy has been
instrumental in driving operational efficiencies across our network
of growing facilities, building trust with large commercial
customers, and developing key financing relationships to advance
our capacity expansion efforts. Together, we look forward to
leading our organization through our next phase of growth and
toward our near-term goal of achieving positive adjusted EBITDA* in
early 2025."
In her new role as President and CFO, Ms. Valiasek will take on
additional responsibilities including expanded oversight of the
Company's operations, innovation, commercial and marketing
activities, while retaining her existing leadership of the
financial organization, among others. She will continue to
report directly to the Chief Executive Officer (CEO), Craig Hurlbert, who will maintain his position
of leadership and continue supporting the advancement of the
Company's strategic growth plan.
Ms. Valiasek has served as Local Bounti's Chief Financial
Officer since April 2021. Previously,
Ms. Valiasek served as Chief Financial Officer from January 2017 to June
2019 and Chief Business Officer from June 2019 to March
2021 at Amyris, a science and technology leader in the
research, development and production of sustainable ingredients for
the clean health and beauty and flavors and fragrances markets.
Prior to Amyris, Ms. Valiasek served as Chief Executive Officer of
Lenox Group, Inc., a finance and strategic consulting firm she
founded in 1994, and, in this capacity, she worked closely with the
senior management teams of fast-growing companies including
start-ups, venture-backed, and Fortune 500 companies such as
Albertsons, CVS, Gap, Kaiser Permanente, and Softbank. Ms. Valiasek
holds a B.B.A. from the University of
Massachusetts at Amherst.
*Adjusted EBITDA is a non-GAAP measure defined as net loss
before the impact of interest expense, depreciation, and
amortization, and further adjusted to exclude certain other
non-core items. See our earnings release for the first quarter of
2024 for more information and GAAP reconciliations.
About Local Bounti
Local Bounti is redefining indoor farming with an innovative
method – its patented Stack & Flow Technology® – that
significantly improves crop turns, increases output and improves
unit economics. Local Bounti operates advanced indoor growing
facilities across the United
States, servicing approximately 13,000 retail doors. Local
Bounti grows healthy food utilizing a hybrid approach that
integrates the best attributes of controlled environment
agriculture with natural elements. Local Bounti's sustainable
growing methods are better for the planet, using 90% less land and
90% less water than conventional farming methods. With a mission to
'revolutionize agriculture, ensuring accessibility to fresh,
sustainable, locally grown produce and nourishing communities
everywhere for generations to come,' Local Bounti's food is
fresher, more nutritious, and lasts longer than traditional
agriculture. To find out more, visit localbounti.com or
follow Local Bounti on LinkedIn for the latest news and
developments.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify these forward-looking statements by the use of
terms such as "expect," "will," "continue," "believe," expect,"
"estimate," "project," "intend," "should," "is to be," or similar
expressions, and variations or negatives of these words, but the
absence of these words does not mean that a statement is not
forward-looking. All statements other than statements of historical
fact are statements that could be deemed forward-looking
statements, including, but not limited to, statements regarding
achieving positive adjusted EBITDA. These statements are subject to
known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance, or
achievements to differ materially from results expressed or implied
in this press release. The following factors, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: the risk that Local Bounti will
fail to obtain additional necessary capital when needed on
acceptable terms, or at all; the risk that Local Bounti will not be
able to close the financings contemplated by the previously
announced conditional commitment letters; Local Bounti's ability to
effectively integrate the acquired operations of any CEA or similar
operations which it acquires into its existing operations; the
ability of Local Bounti to retain and hire key personnel; the
Company's ability to meet the continued listing requirements of the
New York Stock Exchange or cure noncompliance; the uncertainty of
projected financial information; if and when the Company will
repurchase the stock authorized by its Board of Directors and the
impact of the share repurchase program to the Company and its
stockholders; Local Bounti's increased leverage as a result of
additional indebtedness incurred in connection with the acquisition
of Pete's or as the result of the incurrence of additional future
indebtedness; restrictions contained in Local Bounti's debt
facility agreements with Cargill; Local Bounti's ability to repay,
refinance, restructure and/or extend its indebtedness as it comes
due; Local Bounti's ability to generate revenue; the risk that
Local Bounti may never achieve or sustain profitability; the risk
that Local Bounti could fail to effectively manage its future
growth; Local Bounti's ability to build out additional facilities;
reliance on third parties for construction, delays relating to
material delivery and supply chains, and fluctuating material
prices; Local Bounti's ability to decrease its cost of goods sold
over time; potential for damage to or problems with Local Bounti's
CEA facilities; Local Bounti's ability to attract and retain
qualified employees, including management; Local Bounti's ability
to develop and maintain its brand or brands it may acquire; Local
Bounti's ability to maintain its company culture or focus on its
vision as it grows; Local Bounti's ability to execute on its growth
strategy; the risks of diseases and pests destroying crops; Local
Bounti's ability to compete successfully in the highly competitive
natural food market; Local Bounti's ability to defend itself
against intellectual property infringement claims; changes in
consumer preferences, perception and spending habits in the food
industry; seasonality; Local Bounti's ability to achieve its
sustainability goals; 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,
2023, filed with the SEC on March 28,
2024, as supplemented by other reports and documents Local
Bounti files from time to time with the SEC. Local Bounti cautions
that the foregoing list of factors is not exclusive and cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date hereof. 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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SOURCE Local Bounti