fbpx

01-11-2023

Local Bounti Introduces Asian Style Chicken Lettuce Wrap Kit Featuring Greenhouse-Grown Living Butter Lettuce

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.

01-04-2023

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 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.

01-05-2022

Local Bounti Issues Inaugural Corporate Sustainability Report

HAMILTON, Mont., Jan. 5, 2022 /PRNewswire/ — Local Bounti Corporation (NYSE: LOCL)(Local Bounti), a breakthrough U.S. indoor agriculture company, today announced the issuance of its inaugural Corporate Sustainability Report.  The report, which follows the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards and aligns with the United Nations Sustainability Development Goals (UN SDG), contains firm environmental, social and governance (ESG) commitments — a first for the controlled environment agriculture (CEA) industry — including:

Local Bounti Logo (PRNewsfoto/Local Bounti)
  • Investing in and supporting Local Bounti employees by paying a Living Wage while providing full time, non-seasonal jobs with full benefits
  • Producing greenhouse gas (GHG)-neutral leafy greens by 2030
  • Investing in underserved communities by committing to spend over $50 million in facilities located in Federal Opportunity Zones
  • Reporting transparently, using GRI and SASB international frameworks, including full Scope 1 and 2 GHG values and actual water usage

In September 2021, Local Bounti became one of the first U.S.-based CEA companies to participate in the United Nations Global Compact Initiative, demonstrating its commitment to sustainability, with a mission-based business model and strategy that supports multiple UN goals and principles for a responsible business.

“As a leader in disruptive AgTech we have established a number of firsts for the Company in 2021 following our UN participation, including a leadership role for corporate sustainability in our industry,” said Craig Hurlbert, Co-CEO of Local Bounti. “Sustainability is deeply entrenched in our corporate culture and overall ESG goals, and I’m proud that our team is committed to Turn a New Leaf™ in agriculture, establishing our reputation for corporate responsibility early in Local Bounti’s history.”

Leading the industry in transparent sustainability means using worldwide standards, which is why Local Bounti is reporting in accordance with the GRI standards starting with 2021, Hurlbert explained.

Review the Local Bounti Inaugural Sustainability Report here.

Review Local Bounti’s Sustainability Website here.

About Local Bounti

Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90% less land and 90% less water than conventional outdoor farming methods. With a mission to ‘bring our farm to your kitchen in the fewest food miles possible,’ Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To find out more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.

Forward Looking Statements

This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: 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 ability to develop and maintain its brand; 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; demand for lettuce, cilantro, basil and other greens and herbs is subject to seasonal fluctuations; 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 Current Report on Form 8-K filed with the Securities and Exchange Commission (the SEC) on November 24, 2021, as supplemented by 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 they are made. 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.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/local-bounti-issues-inaugural-corporate-sustainability-report-301454317.html

SOURCE Local Bounti

Released January 5, 2022

11-30-2021

Local Bounti to Ring Opening Bell on the New York Stock Exchange on December 3rd

Disruptive AgTech Company Celebrates Closing of its Business Combination and Listing on the New York Stock Exchange

HAMILTON, Mont., November 30, 2021 – Local Bounti Corporation (NYSE: LOCL)(Local Bounti), a breakthrough U.S. indoor agriculture company, today announced that company executives will ring the Opening Bell of the New York Stock Exchange (NYSE) on Friday, December 3, 2021, to commemorate the company’s recent trading debut on the NYSE. The ceremonial event will be led by Co-Chief Executive Officers, Craig Hurlbert and Travis Joyner and Chief Financial Officer Kathleen Valiasek.

“We are honored to participate in such a well-established tradition as we celebrate the closing of our business combination and recent listing on the NYSE,” said Craig Hurlbert, Co-CEO of Local Bounti. “This noteworthy milestone is a testament to our mission of providing sustainably grown food that has a fraction of the land and water footprints of traditional agriculture. From our humble beginnings in 2018, I am incredibly proud of our team’s success and look forward to continuing to deliver on our plans to become a leader in the AgTech space as a NYSE-traded company.”

About Local Bounti

Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90% less land and 90% less water than conventional outdoor farming methods. With a mission to ‘bring our farm to your kitchen in the fewest food miles possible,’ Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To find out more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.

Forward Looking Statements

This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: 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 ability to develop and maintain its brand; 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; demand for lettuce, cilantro, basil and other greens and herbs is subject to seasonal fluctuations; and other risks and uncertainties indicated from time to time, including those under “Risk Factors” and “Forward-Looking Statements” in Local Bounti’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the SEC) on November 24, 2021, as supplemented by 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 they are made. 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.

Contact:
Kathleen Valiasek, Chief Financial Officer
Local Bounti
[email protected]

11-22-2021

Local Bounti, Disruptive AgTech Company, Closes Business Combination with Leo Holdings III Corp to List on NYSE Under the Ticker “LOCL”

– Creates a Leading Publicly Traded Sustainable AgTech Company Delivering Fresher and Better Tasting Nutritious Produce

Local Bounti’s Common Stock to Begin Trading on the NYSE under the Ticker Symbol “LOCL” Today

HAMILTON, Mont., November 22, 2021 — Breakthrough U.S. indoor agriculture company Local Bounti Corporation (“Local Bounti”), today announced the successful closing of its approximately $1.1 billion business combination with Leo Holdings III Corp (NYSE:LIII) (“Leo”), a publicly traded special purpose acquisition company, on November 19, 2021. As a result of the closing of the business combination, Leo was renamed Local Bounti Corporation. The common stock and public warrants of Local Bounti will begin trading on the New York Stock Exchange today, November 22, 2021, under the ticker symbols “LOCL” and “LOCL WS,” respectively.

“We are incredibly fortunate to have found and to partner with a leading AgTech business like Local Bounti, which is pioneering the field of sustainably grown produce,” said Edward C. Forst, Chairman of Leo. “Local Bounti’s top tier management team and differentiated business model make it well-positioned to enter the public market and launch into this next chapter. We are truly excited to support the company’s future growth as it continues to disrupt the agriculture industry and drives to maximize shareholder returns.”

“This is a truly exciting moment in Local Bounti’s history and a testament to the support of our employees, our customers, Leo, and our shareholders,” said Craig Hurlbert, Co-CEO of Local Bounti. “We are thankful for all of their support and look forward to ramping our growth with the right people and capital structure in place as a public company to make our name known as a leading provider of sustainable produce to retail customers and consumers who seek a better, fresher product from a company doing right by them and our planet’s resources.”

About Local Bounti

Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90% less land and 90% less water than conventional outdoor farming methods. With a mission to ‘bring our farm to your kitchen in the fewest food miles possible,’ Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To find out more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.

Advisors

Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Nomura Securities International, Inc. served as placement agents on the PIPE and Debevoise & Plimpton LLP served as legal advisor to the placement agents. Kirkland & Ellis LLP served as legal advisor to Leo. Deutsche Bank Securities Inc. served as sole underwriter for Leo’s initial public offering.Morgan Stanley & Co. LLC and Nomura Greentech served as financial advisors to Local Bounti and Orrick Herrington & Sutcliffe LLP served as legal advisor to Local Bounti.

Forward Looking Statements

This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: 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, which may force Local Bounti to delay, limit, reduce or terminate its operations and future growth; Local Bounti’s ability to build out additional facilities, which will require significant expenditures for capital improvements and operating expenses and may be subject to delays in construction and unexpected costs due to governmental approvals and permitting requirements, 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, which is dependent on its ability to scale its operations and Local Bounti may not be able to achieve such decreases due to factors outside of its control such as inflation or global supply chain interruptions; potential for damage to or problems with Local Bounti’s CEA facilities; Local Bounti’s ability to attract and retain qualified employees; Local Bounti ability to develop and maintain its brand; 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; demand for lettuce, cilantro, basil and other greens and herbs is subject to seasonal fluctuations; and other risks and uncertainties indicated from time to time, including those under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Leo’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021, and which are set forth in the Registration Statement on Form S-4 (as amended or supplemented through the date hereof, the “Registration Statement”), which includes a joint proxy statement/prospectus filed by Leo on July 19, 2021 and in Leo’s historical filings with the SEC and Local Bounti’s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. Local Bounti cautions that the foregoing list of factors is not exclusive. Local Bounti cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date they are made. 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.

Contact:

Kathleen Valiasek, Chief Financial Officer

Local Bounti

[email protected]

11-17-2021

Leo Holdings III Corp and Disruptive AgTech Company Local Bounti Corporation Announce Approval of all Proposals to Consummate ~$1.1 Billion Business Combination

– Business Combination Expected to Close Early the Week of November 22, 2021 and Leo Holdings III Corp Ticker Anticipated to Transition to “LOCL” and Start Trading on the NYSE Following Closing.

NEW PROVIDENCE, THE BAHAMAS – November 17, 2021 – Leo Holdings III Corp (NYSE:LIII) (“Leo”), a publicly traded special purpose acquisition company, today announced the passing of the business combination proposal and other proposals at its extraordinary general meeting of Leo’s shareholders held at 9:00 a.m. New York City Time on Tuesday, November 16, 2021 (the “Extraordinary General Meeting”), in connection with its ~$1.1 billion business combination with Local Bounti Corporation (“Local Bounti”), a disruptive AgTech company. Leo also announced the passing of the proposal to amend certain provisions of its warrants at its special meeting of warrant holders held at 9:30 a.m. New York City Time on the same date.

Approximately 98% of the votes cast on the business combination proposal at the Extraordinary General Meeting were in favor of approving the business combination.

Subject to the satisfaction or waiver of the other closing customary closing conditions, the business combination (the “Business Combination”) is expected to close early the week of November 22, 2021. Upon closing, Leo will change its name to Local Bounti Corporation and the common stock and warrants of the combined company are expected to begin trading following closing on the New York Stock Exchange under the ticker symbols “LOCL” and “LOCL WS,” respectively.

“We are excited to be on this journey with Local Bounti and humbled to partner with their leadership team as a public company,” said Edward C. Forst, Chairman of Leo. “This is a transformative next step for Local Bounti as it continues to disrupt the agriculture industry and revolutionize the consumer relationship with fresh, local, and sustainable produce. The company’s differentiated business model enables products to be grown 365 days a year with 90% less water and a vastly lower environmental impact than traditional agriculture. As a public company, consumers will not only benefit from Local Bounti’s expanded reach and product offering but will also have the opportunity to support and invest in the company as public shareholders. We have complete confidence in the Local Bounti management team to deliver on their planned expansion and realization of best-in-class unit economics, and we are excited to support the team in this next stage of growth.”

“Local Bounti is already delivering on our mission to provide sustainably grown food through our proprietary methods and technology,” said Craig Hurlbert, Co-CEO of Local Bounti. “As a public company, we will have the capital flexibility and the platform to do even more in becoming a leader in AgTech, sow the seeds of change in how food is grown with less resources, and grow our business toward market leadership. It’s time to turn a new leaf and start a new chapter in agriculture!”

About Local Bounti

Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90% less land and 90% less water than conventional outdoor farming methods. With a mission to ‘bring our farm to your kitchen in the fewest food miles possible,’ Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To find out more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.

Forward Looking Statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Leo’s and Local Bounti’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Leo’s and Local Bounti’s expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Leo’s and Local Bounti’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated as of June 17, 2021 (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Leo, Longleaf Merger Sub, Inc., Longleaf Merger Sub II, LLC and Local Bounti; (2) the outcome of any legal proceedings that may be instituted against Leo and Local Bounti following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the proposed Business Combination, including due to failure to obtain approval of the shareholders of Leo or other conditions to closing in the Merger Agreement; (4) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the Business Combination to fail to close; (5) the amount of redemption requests made by Leo’s shareholders; (6) the inability to obtain or maintain the listing of the post-business combination company’s common stock on the New York Stock Exchange following the proposed Business Combination; (7) the risk that the proposed Business Combination disrupts current plans and operations as a result of the announcement and consummation of the proposed Business Combination; (8) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the proposed Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that Local Bounti or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties indicated from time to time, including those under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Leo’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2021, and which are set forth in the Registration Statement on Form S-4 (as amended or supplemented through the date hereof, the “Registration Statement”), which includes a joint proxy statement/prospectus filed by Leo on July 19, 2021 and in Leo’s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. Leo cautions that the foregoing list of factors is not exclusive. Leo cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date they are made. Leo 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.

Contact:
Kathleen Valiasek, Chief Financial Officer
Local Bounti
[email protected]

11-15-2021

Leo Holdings III Corp Announces Quorum to Pass ~$1.1 Billion Business Combination with Disruptive AgTech Company Local Bounti and Achievement of all Transaction Requirements Inclusive of Minimum Cash Requirement Following Redemption Deadline

– Leo Holdings III Corp also Confirms Deadline for Shareholders to Update Redemption Elections

– Post Consummation of Business Combination, Leo Holdings III Corp ticker to Transition to “LOCL” and is Expected to Start Trading on the NYSE Following Closing

NEW PROVIDENCE, THE BAHAMAS– November 15, 2021 – Leo Holdings III Corp (NYSE:LIII) (“Leo”), a publicly traded special purpose acquisition company, today announced that it had achieved a quorum for the extraordinary general meeting of Leo’s shareholders to be held at 9:00 a.m. New York City Time on Tuesday, November 16, 2021 (the “Extraordinary General Meeting”), in connection with its ~$1.1 billion business combination with Local Bounti Corporation (“Local Bounti”), a disruptive AgTech company. Leo’s shareholders who have submitted proxies to date on the proposals included in Leo’s proxy statement for the Extraordinary General Meeting have overwhelmingly voted in support of the business combination and all other proposals to be voted on at the Extraordinary General Meeting. Accordingly, it is anticipated that the business combination and the other proposals will be approved at the Extraordinary General Meeting and the valuation of the post-combination entity will be finalized. However, shareholders may change or revoke their proxies before or at the Extraordinary General Meeting.

Proxies received to date indicate overwhelming support for all proposals and the business combination is expected to close with all transaction related requirements having been met. Leo reminds shareholders that it and Local Bounti announced on November 5, 2021, the upsizing of its original private placement entered into in connection with the business combination (the “PIPE”) by $25 million on the same terms as the initial PIPE financing of $125 million previously raised. With the upsizing completed, the two parties reported that total expected proceeds from the PIPE will meet the minimum cash requirement for the business combination to close.

Leo also announced that the deadline for shareholders to withdraw any election to have their shares redeemed in connection with the business combination will be prior to the Extraordinary General Meeting on Tuesday, November 16, 2021. Shareholders who wish to withdraw a redemption request should contact Leo’s transfer agent, Continental Stock Transfer & Trust Company, by email at [email protected]

The business combination, if approved by Leo shareholders, is expected to close in the fourth quarter of 2021. Upon closing, Leo Holdings III will change its name to Local Bounti Corporation and common stock and warrants of the combined company are expected to begin trading following closing on the NYSE under the ticker symbols “LOCL” and “LOCL WS,” respectively.

“We are thankful for the support of shareholders and are excited to see a leading AgTech company like Local Bounti positioned to go public in order to further accelerate the company’s growth trajectory,” said Ed Forst, Chairman of Leo.

“Local Bounti is uniquely positioned to disrupt the traditional agriculture industry with an optimized business model, competitive advantage and the capitalization to invest in growth,” said Craig Hurlbert, Co-CEO of Local Bounti. “We look forward to the opportunity to take our company public and expansively grow our well capitalized business while sustainably providing healthy and fresh products to more and more consumers over time.”

Leo Shareholder Vote

Shareholders who own shares of Leo as of October 15, 2021 should submit their vote promptly and no later than 11:59 p.m. Eastern Time on November 15, 2021. Leo shareholders who need assistance in completing the proxy card, need additional copies of the proxy materials, or have questions regarding the Extraordinary General Meeting or the Special Meeting of Leo’s warrant holders (the “Special Meeting”) may contact Leo’s proxy solicitor, Morrow Sodali LLC, by telephone toll-free at (800) 662-5200 (individuals) or (203) 658-9400 (banks and brokers) or by email at [email protected]

The proxy statement/prospectus is also available online at www.sec.gov/Archives/edgar/data/0001840780/000119312521303161/d192826d424b3.htm. Leo shareholders are encouraged to read the definitive proxy statement/prospectus as it contains important information about the proposed transaction and the proposals to be voted on at the Extraordinary General Meeting and the Special Meeting. The proposed business combination is expected to close in the fourth quarter of 2021, subject to receipt of Leo shareholder approval and satisfaction of other customary closing conditions identified in the business combination agreement.

About Local Bounti

Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. Local Bounti operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. Local Bounti’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90% less land and 90% less water than conventional outdoor farming methods. With a mission to ‘bring our farm to your kitchen in the fewest food miles possible,’ Local Bounti is disrupting the cultivation and delivery of produce. Local Bounti is also committed to making meaningful connections and giving back to each of the communities it serves. To find out more, visit localbounti.com or follow the company on LinkedIn for the latest news and developments.

Additional Information

In connection with the Business Combination, Leo filed with the Securities and Exchange Commission (the “SEC”), on July 19, 2021, a Registration Statement on Form S-4 (as amended or supplemented through the date hereof, the “Registration Statement”), which includes a joint proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”). The Registration Statement has been declared effective by the SEC and is being mailed to Leo’s shareholders and public warrant holders. Shareholders and public warrant holders will also be able to obtain copies of the Proxy Statement/Prospectus at the SEC’s website at www.sec.gov or by directing a request to: Leo Holdings III Corp, 21 Grosvenor Pl, London SW1X 7HF, United Kingdom. Leo shareholders and public warrant holders are encouraged to read the Joint Proxy Statement/Prospectus, including, among other things, the reasons for Leo’s Board of Directors’ unanimous recommendation that shareholders vote “FOR” the Business Combination and the other shareholder and warrant holder proposals set forth therein as well as the background of the process that led to the pending Business Combination with Local Bounti.

Participants in the Solicitation

Leo and its directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Leo’s shareholders in connection with the Business Combination and public warrant holders in connection with the proposed amendment to the warrant agreement that governs all of Leo’s outstanding warrants (the “Warrant Amendment”). Investors and security holders may obtain more detailed information regarding the names of Leo’s directors and executive officers and a description of their interests in Leo in Leo’s filings with the SEC, including the Joint Proxy Statement/Prospectus. Shareholders and public warrant holders will also be able to obtain copies of the Joint Proxy Statement/Prospectus at the SEC’s website at www.sec.gov or by directing a request to: Leo Holdings III Corp, 21 Grosvenor Pl, London SW1X 7HF, United Kingdom.

Local Bounti and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Leo in connection with the Business Combination and the public warrant holders of Leo in connection with the proposed Warrant Amendment. A list of the names of such directors and executive officers and information regarding their interests in the Business Combination is included in the Joint Proxy Statement/Prospectus for the Business Combination.

Forward Looking Statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Leo’s and Local Bounti’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Leo’s and Local Bounti’s expectations with respect to future performance and anticipated financial impacts of the proposed Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Leo’s and Local Bounti’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated as of June 17, 2021 (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Leo, Longleaf Merger Sub, Inc., Longleaf Merger Sub II, LLC and Local Bounti, (2) the outcome of any legal proceedings that may be instituted against Leo and Local Bounti following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the proposed Business Combination, including due to failure to obtain approval of the shareholders of Leo or other conditions to closing in the Merger Agreement; (4) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the Business Combination to fail to close; (5) the amount of redemption requests made by Leo’s shareholders; (6) the inability to obtain or maintain the listing of the post-business combination company’s common stock on the New York Stock Exchange following the proposed Business Combination; (7) the risk that the proposed Business Combination disrupts current plans and operations as a result of the announcement and consummation of the proposed Business Combination; (8) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the proposed Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that Local Bounti or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties indicated from time to time in the Joint Proxy Statement/Prospectus relating to the Business Combination, including those under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Leo’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2021, and which are set forth in the Registration Statement filed by Leo and in Leo’s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. Leo cautions that the foregoing list of factors is not exclusive. Leo cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date they are made. Leo 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.
No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law.

Contact:
Kathleen Valiasek, Chief Financial Officer
Local Bounti
[email protected]