VANCOUVER, March 6, 2019 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (TSX: VFF;
NASDAQ: VFF) is providing a further update regarding the recent
halt in trading of its common shares on the Nasdaq Stock Market
("Nasdaq"). As previously reported, Nasdaq recently advised
Village Farms that its common shares were not part of the
Depository Trust Clearing Company DRS/DWAC system, which is a
mandatory requirement for listing on Nasdaq. At the time of
the Company's application to Nasdaq, the Company provided Nasdaq
with information generated from a third-party which incorrectly
confirmed that Village Farms' common shares would be included in
the DRS/DWAC system at the commencement of their trading on
Nasdaq.
Village Farms has now taken the appropriate steps to correct
this situation. An application for DTC Eligibility has been
filed on Village Farms' behalf. Upon approval, Village Farms'
shares will be DTC Eligible, and included in the DRS/DWAC
system. This will remedy the deficiency in listing
requirement. It is the Company's expectation that its shares
will resume trading on Nasdaq upon approval of its DTC Eligibility
application.
Village Farms' common shares continue to trade on the Toronto
Stock Exchange under the symbol "VFF".
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating
vertically integrated greenhouse growers in North America and the only publicly traded
greenhouse produce company in Canada. Village Farms produces and distributes
fresh, premium-quality produce with consistency 365 days a year to
national grocers in the U.S. and Canada from more than nine million square feet
of Controlled Environment Agriculture (CEA) greenhouses in
British Columbia and Texas, as well as from its partner greenhouses
in British Columbia, Ontario and Mexico. The Company is now
leveraging its 30 years of experience as a vertically integrated
grower for the rapidly emerging global cannabis opportunity through
its 50% ownership of British
Columbia-based Pure Sunfarms Corp., one of the single
largest cannabis growing operations in the world. The Company
also intends to pursue opportunities to become a vertically
integrated leader in the U.S. hemp-derived CBD market, subject to
compliance with all applicable U.S. federal and state laws, and has
established a joint venture, Village Fields, for multi-state
outdoor hemp cultivation and CBD extraction.
Cautionary Language
Certain statements contained in this press release constitute
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"), including those
related to the Nasdaq listing and trading of its common shares.
Forward-looking statements may relate to the Company's future
outlook or financial position and anticipated events or results and
may include statements regarding the financial position, business
strategy, budgets, litigation, projected production, projected
costs, capital expenditures, financial results, taxes, plans and
objectives of or involving the Company. Particularly, statements
regarding future results, performance, achievements, prospects or
opportunities for the Company, Pure Sunfarms, Village Fields, the
greenhouse vegetable industry or the cannabis and hemp industries
are forward-looking statements. In some cases, forward-looking
information can be identified by such terms as "outlook", "may",
"might", "will", "could", "should", "would", "occur", "expect",
"plan", "anticipate", "believe", "intend", "estimate", "predict",
"potential", "continue", "likely", "schedule", "objectives", or the
negative or grammatical variation thereof or other similar
expressions concerning matters that are not historical facts.
Although the forward-looking statements contained in this press
release are based upon assumptions that management believes are
reasonable based on information currently available to management,
there can be no assurance that actual results will be consistent
with these forward-looking statements. Forward-looking statements
necessarily involve known and unknown risks and uncertainties, many
of which are beyond the Company's control, that may cause the
Company's or the industry's actual results, performance,
achievements, prospects and opportunities in future periods to
differ materially from those expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, the factors contained in the Company's filings
with U.S. and Canadian securities regulators, including as detailed
in the Company's annual information form and management's
discussion and analysis for the year-ended December 31, 2017.
When relying on forward-looking statements to make decisions,
the Company cautions readers not to place undue reliance on these
statements, as forward-looking statements involve significant risks
and uncertainties and should not be read as guarantees of future
results, performance, achievements, prospects and opportunities.
The forward-looking statements made in this press release only
relate to events or information as of the date on which the
statements are made in this press release. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Village Farms International, Inc.