Category: Uncategorized

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

Released June 25, 2024

Expected to create approximately 50 jobs in the Mount Pleasant area

Innovative CEA facility combines vertical and greenhouse technologies to grow sustainable produce year-round using less water and land

HAMILTON, Mont., May 16, 2024 /PRNewswire/ — Local Bounti Corporation (NYSE: LOCL) (“Local Bounti” or the “Company”), a breakthrough U.S. indoor agriculture company, announced today it will hold a ribbon cutting ceremony on Tuesday, June 18, 2024 from 1:00 to 4:00 pm local time to mark the official opening of its latest state-of-the-art controlled environment agriculture (CEA) facility in Mount Pleasant, Texas. Members of the Company’s management team will be joined by industry leaders, local officials, and members of the community at this invitation-only event.

“We are proud to unveil our latest cutting-edge CEA facility in Mount Pleasant, Texas,” said Craig Hurlbert, Chief Executive Officer of Local Bounti. “Powered by our innovative and patented Stack & Flow Technology®, this state-of-the-art greenhouse will bolster our rapidly expanding capacity across the U.S. to help meet customer demand in Texas and further support our distribution across the Southern United States. This facility represents another significant milestone for Local Bounti and an opportunity for the local Mount Pleasant economy through job creation. Our commitment to sustainable agriculture and community engagement remains steadfast, and we’re excited to make a positive impact in Mount Pleasant and the surrounding region.”

The facility is expected to generate approximately 50 jobs throughout the Titus County region and will focus on growing and selling Local Bounti’s living green butter lettuce in addition to its greenhouse fresh line of packaged leafy greens. Varieties include spring mix, butter lettuce, romaine crisp, green leaf, and additional blends.

“The City of Mount Pleasant is delighted to welcome Local Bounti to our community,” said Nathan Tafoya, Executive Director of the Mount Pleasant Economic Development Corp. “Local Bounti’s commitment to being an active part of the local area, generating new jobs, and operating with sustainable and environmentally-friendly practices represents a major investment in Mount Pleasant’s future prosperity. We look forward to partnering with Local Bounti as they help drive economic growth and diversification in our city through their innovative agricultural operations.”

The Texas facility spans across six acres and began shipping this month. The addition of the new facility fortifies Local Bounti’s distribution to directly service local retail distribution centers and provides additional capacity to meet existing demand from the Company’s direct relationships with blue-chip retail customers.

Local Bounti’s patented Stack & Flow Technology seamlessly blends the advantages of vertical and greenhouse cultivation, setting the stage for a new era in sustainable agriculture. With a focus on maximizing efficiency, the Texas facility boasts significantly higher yields while utilizing less water, land, and pesticides compared to traditional farming methods. This commitment to sustainability aligns with Local Bounti’s mission to revolutionize the agricultural landscape and reduce its environmental impact.

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 ‘bring our farm to your kitchen in the fewest food miles possible,’ 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 job creation, operations, and distribution at the Texas facility. 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

Released May 16, 2024

HAMILTON, Mont., May 31, 2023 – Local Bounti Corporation (NYSE: LOCL, LOCL WS) (“Local Bounti” or the “Company”), a breakthrough U.S. indoor agriculture company, announced today the expansion of its Grab & Go Salad Kit line to include premium, antibiotic-free white meat chicken in two new recipes, marking a category innovation for the controlled environment agriculture industry. Beginning in June, consumers in the Pacific Northwest will be able to find Local Bounti’s Artisanal Chicken Caesar and Memphis Style BBQ Chicken Salad Kits in the produce department of select local grocery stores.

Driven by its mission to “Nourish Humankind and Protect the Planet,” Local Bounti is leveraging its innovative indoor growing facilities and Stack & Flow Technology™ to offer fresher, high-quality, and sustainable produce year-round. Local Bounti’s Grab & Go Salad Kit line features chef-inspired salads that are ready to eat, providing consumers with a convenient, healthy, and delicious meal option.

“Our Grab & Go Salad Kit line has been well received by consumers, and we are thrilled to be expanding the line with the addition of two new varieties that feature premium, antibiotic-free white meat chicken,” said Local Bounti President, Brian Cook. “We doubled down on the incredible consumer demand for our existing Grab & Go Salad Kits by combining the same state-of-the-art growing techniques with chef-inspired flavors to offer two brand new and innovative products. We believe our Artisanal Chicken Caesar and Memphis Style BBQ Chicken Salad Kits will be a hit with consumers who are looking for fresh and convenient meal options that are also a good source of protein.”

New Artisanal Chicken Caesar Salad

Local Bounti’s Northwest, greenhouse grown Romaine salad features tender, antibiotic-free white meat chicken, parmesan cheese, and savory croutons and is topped with our creamy Romano Caesar dressing. A fresh squeeze of lemon adds the perfect amount of zest. This classic salad not only makes a quick and tasty lunch, but is also a good source of protein (19g per kit).

New Memphis Style BBQ Chicken Salad

Local Bounti’s Northwest, greenhouse grown Romaine Crisp is loaded with tasty honey hickory seasoned antibiotic-free white meat chicken, a fresh and flavorful corn and black bean salsa, tangy pickled red onions and crispy fried onions. Delicious Pepperjack cheese and Local Bounti’s own special BBQ Ranch dressing are sure to deliver a satisfying and smoky taste in every bite and are a good source of protein (15g per kit).

Local Bounti’s Artisanal Chicken Caesar and Memphis Style BBQ Chicken Salad Kits will be available at select grocery stores in the Pacific Northwest beginning in June, with plans for further expansion of the line in the coming months. For more information on Local Bounti and its products, visit localbounti.com.

About Local Bounti
Local Bounti is redefining indoor farming with an innovative method – its proprietary 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 over 10,000 retail doors with its two brands: Local Bounti® and Pete’s®. 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 ‘bring our farm to your kitchen in the fewest food miles possible,’ 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.

Media Contact
[email protected]

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,” “anticipate,” “believe,” “continue,” “estimate,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” 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 product expansion. These forward-looking 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: Local Bounti’s ability to generate significant 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; the risk that Local Bounti will fail to obtain additional necessary capital when needed on acceptable terms or at all; Local Bounti’s ability to complete the build out of its current or additional facilities in the future; Local Bounti’s reliance on third parties for construction, the risk of delays relating to material delivery and supply chains, and fluctuating material prices; Local Bounti’s ability to scale its operations and decrease its cost of goods sold over time; the potential for damage to or problems with Local Bounti’s CEA facilities; the impact that current or future acquisitions, investments or expansions of scope of existing relationships have on Local Bounti’s business, financial condition, and results of operations; unknown liabilities that may be assumed in acquisitions; restrictions contained in Local Bounti’s debt facility agreements with Cargill Financial Services International, Inc.; Local Bounti’s ability to attract and retain qualified employees; Local Bounti’s ability to develop and maintain its brand or brands; Local Bounti’s ability to achieve its sustainability goals; 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 risk 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; Local Bounti’s ability to effectively integrate the acquired operations of any CEA or similar operations which it acquires into its existing operations; changes in consumer preferences, perception, and spending habits in the food industry; the risk that seasonality may adversely impact Local Bounti’s results of operations; Local Bounti’s ability to repay, refinance, restructure, or extend its indebtedness as it comes due; Local Bounti’s ability to comply with the continued listing requirements of the New York Stock Exchange; 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, 2022, filed with the SEC on March 31, 2023, 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.

Investor Relations Contact:

Kathleen Valiasek, Chief Financial Officer

Local Bounti [email protected]

Premium lettuce wrap kit features living butter lettuce grown with innovative indoor agriculture method, offering consumers a fresh, restaurant quality meal at home in about five minutes

HAMILTON, Mont., Jan. 11, 2023 /PRNewswire/ — Local Bounti Corporation (NYSE: LOCL, LOCL WS) (“Local Bounti” or the “Company”), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, announced the launch of its chef-inspired Asian Style Chicken Lettuce Wrap Kit, a restaurant-quality meal solution that is prepared at home in about 5 minutes, at 194 Sprouts Farmers Markets (NASDAQ: SFM) locations in California and Arizona. Driven by its mission to “Nourish Humankind and Protect the Planet,” Local Bounti continues to deploy its state-of-the-art growing techniques to unlock superior products for consumers to enjoy while simultaneously doing good for the environment and achieving best-in-class sustainability metrics. 

At just 120 calories per serving, Local Bounti’s new Asian Style Chicken Lettuce Wrap Kit is landing in stores just in time for shoppers’ New Year’s resolutions, meeting consumer demand for more premium, healthy and easy-to-prepare meal kit options at home. Local Bounti’s Asian Style Chicken Lettuce Wrap Kit features its own sustainably greenhouse-grown living butter lettuce head coupled with a chef-inspired chicken and veggie blend in a tangy stir fry sauce allowing consumers to make restaurant-quality chicken lettuce wraps at home in about 5 minutes. 

According to The Food Industry Association’s (FMI) annual report, The Power of Foodservice at Retail 2022, American consumers have prioritized chicken lettuce wraps as one of a select group of prepared meal options they wished were available at their local market. 

“As we look to introduce new items in the market that meet consumers’ needs, it is critical that we work to ensure that these new offerings are also fresh, premium and delicious,” said Brian Cook, President of Local Bounti. “Not only have we developed a meal for retail that is highly sought after within the foodservice channel, but we’re also using premium ingredients such as our own sustainably grown living butter lettuce, all-white meat chicken and high quality veggies. Best of all, consumers don’t have to spend a lot of time in the kitchen preparing our lettuce wraps since they can be heated and assembled in about 5 minutes. Consumers will no longer have to compromise on flavor, freshness or quality when seeking to prepare a convenient meal solution at home.”

Local Bounti’s new Asian Style Chicken Lettuce Wrap Kit featuring fully cooked, white meat chicken, mushrooms, carrots and green onions in a tangy stir fry sauce, represents the company’s entry into the ‘Heat and Eat’ category and its second value-add product line offering in just three short months. In October 2022, Local Bounti rolled out its premium Grab & Go Salad Kit line, featuring two vegetarian-friendly offerings: Poppy Power and the Modern Greek. 

“We are pleased to bring Local Bounti’s new heat and eat Asian Style Chicken Lettuce Wrap Kit to Sprouts Farmers Market customers in California and Arizona,” said Caitlin Tierney, Senior Director of Produce for Local and Innovation at Sprouts Farmers Market. “Local Bounti shares our mission to deliver the freshest food to communities in a way that reduces waste, promotes healthy eating and living, and improves food access.”

Local Bounti’s Asian Style Chicken Lettuce Wrap Kit will be available in west coast markets beginning the week of January 16, 2023, with broader retail and variety expansion later in the year. 

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 [email protected]. For investor news and information, please contact [email protected].

About Sprouts Farmers Market

Sprouts is the place where goodness grows. True to its farm-stand heritage, Sprouts offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. The healthy grocer continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. Headquartered in Phoenix, and one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, Sprouts employs approximately 31,000 team members and operates approximately 380 stores in 23 states nationwide. This year Sprouts celebrates its 20th anniversary. To learn more about Sprouts, and the good it brings communities, visit about.sprouts.com.

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 the launch of new product offerings. 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: Local Bounti’s ability to effectively integrate the recently acquired operations of Pete’s into its existing operations; the ability of Local Bounti to retain and hire key personnel; the uncertainty of projected financial information; Local Bounti’s increased leverage as a result of additional indebtedness incurred in connection with the recent acquisition of Pete’s; 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; and unknown liabilities that may be assumed in the transaction; 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; the risk that Local Bounti will fail to obtain additional necessary capital when needed on acceptable terms, or at all; 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; 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, 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 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.

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 is set to begin today on a new state-of-the-art indoor facility in Mount Pleasant, Texas. To kickoff construction, Local Bounti will be joined by state and local leaders for a groundbreaking ceremony at the facility scheduled for 9:15 AM CT on Wednesday, January 4, 2023.

Following the groundbreaking, the Company will begin construction of a six-acre facility, which will leverage Local Bounti’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.

“Mount Pleasant is thrilled to welcome Local Bounti to the region,” said Nathan Tafoya, Executive Director of the Mount Pleasant Economic Development Corporation. “With its innovative and proprietary controlled-environment agriculture (CEA) approach, Local Bounti adds a much-desired agri-tech ingredient to Mount Pleasant’s rich history in food production. We’ve already begun integrating workforce training and partnership conversations with our college’s Ag program. As Local Bounti’s chosen Texas location for an investment, and multiple planned phases, 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 [email protected]. For investor news and information, please contact [email protected].

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.