Kalera Announces Restructuring Process for German Subsidiary
28 11월 2022 - 11:06PM
Kalera Public Limited Company (“Kalera” or the “Company”)
(Nasdaq: KAL), a vertical farming company headquartered
in Orlando, Fla., today announced that the Company has decided
to initiate the restructuring of its German subsidiary, Kalera GmbH
(f/k/a “&ever”) through a court-supervised process.
Following Kalera PLC’s announcement on October 18, 2022 of its
intention to divest the assets of its international business, the
Company began exploring strategic alternatives in close
collaboration with financial advisors. Kalera GmbH has since
received substantial interest from external investors. While no
binding agreements to acquire or to invest in Kalera GmbH have been
signed, the Company is confident that a transaction will be
announced by the end of the year and that business operations in
Germany will continue in 2023 after the restructuring process has
concluded.
“We continue to execute on our commitment to bring Kalera to
cash flow positive,” said Jim Leighton, Kalera’s President and
Chief Executive Officer. “The divestiture of our international
business is one of the key steps in this process, and we are
confident that we will make progress on this and other key cash
flow initiatives by year-end. The opportunities for Kalera in U.S.
vertical farming are vast, and we remain focused on long-term
profitable growth.”
In an additional effort to bring Kalera to cash flow positive,
the Company continues the process of divesting its Vindara seed
genetics business and expects to close near year-end 2022. In
addition, the Company is reducing expenses at the U.S.
headquarters. In total, these divestitures and costs savings
measures are expected to reduce the amount of cash needed to
operate the business by approximately 50 percent.
“We continue to see strong demand in the market for our existing
and newly launched products. This is driving increased capacity
utilization levels across all of our U.S. facilities,” said Aric
Nissen, Kalera’s Chief Marketing Officer. “We will accomplish our
strategic imperative of becoming cash flow positive through our
successful partnership with US Foods in the foodservice channel and
continued development of strong consumer packaged goods brands in
the retail channel. We see great potential in the loose leaf
category as it has a market size approximately five to seven times
that of whole head lettuces at retail in the U.S.”
About Kalera As a leader in controlled
environment agriculture, Kalera is driven by our belief
that vertical farming can play an important role in securing access
to fresh produce for a growing world population facing climate
change and concerns about the future of traditional farming.
Through our proprietary technology, we sustainably grow local,
delicious, nutrient-rich, pesticide-free, non-GMO leafy greens
year-round. Our automated, data-driven, hydroponic vertical farms
produce higher yields and, use approximately 95% less water, and
99% less land than traditional farming. Sold under the Kalera
brand, our leafy greens are “better than organic” and priced
competitively, always with the end consumer in
mind. Kalera is headquartered in Orlando,
Florida with farms in Orlando; Atlanta,
Georgia; Houston, Texas; Denver, Colorado;
and Kuwait, with additional farms under development. More
information is available at www.kalera.com.
Forward-Looking Statements This communication
includes certain statements that are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under the applicable securities laws. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters.
These forward-looking statements include, but are not limited
to, statements regarding the planned restructuring of and
divestiture of certain businesses. These statements are based on
various assumptions and/or on the current expectations
of Kalera's management. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as and must not be relied on by any investor or other person
as, a guarantee, an assurance, a prediction or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of Kalera. These forward-looking statements are
subject to a number of risks and uncertainties, including but not
limited to general economic, financial, legal, political and
business conditions and changes in domestic and foreign markets;
changes in the assumptions
underlying Kalera's expectations regarding its future
business; the effects of competition on Kalera's future
business; and the outcome of judicial proceedings to
which Kalera is, or may become a party.
If the risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks
that Kalera presently do not know or currently believe
are immaterial that could also cause actual results to differ
materially from those contained in the forward-looking statements.
In addition, forward-looking statements reflect expectations,
assumptions, plans or forecasts of future events and views as of
the date of this communication. Kalera anticipate that
subsequent events and developments will cause these assessments to
change. However, while Kalera may elect to update these
forward-looking statements at some point in the
future, Kalera specifically disclaims any obligation to
do so, except as required by applicable law. These forward-looking
statements should not be relied upon as
representing Kalera's assessments as of any date
subsequent to the date of this written communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Contact:Financial Profiles,
Inc.KaleraIR@finprofiles.com310.622.8256
Kalera Public (NASDAQ:KALWW)
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Kalera Public (NASDAQ:KALWW)
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