Vegalab Fruit Processing and Packing Capacity to Increase to Over $150 Million
Vegalab, Inc. ("the Company"), (OTCQB: VEGL), today announced the acquisition, subject to a lease option agreement that runs through November 1, 2019, of a major fruit packing facility in Lindsay, California. Situated on 9.4 acres in California’s San Joaquin Valley, the facility consists of over 260,000 square feet of working space, including three packing lines, approximately 32,000 square feet of cold storage, 12 degreening rooms, and a 6 bay shipping area. The facility will dramatically increase the Company’s current capacity to process and pack fruit, and Vegalab’s management team believes the acquisition will increase the Company’s overall fruit processing capacity to over US $150 million annually. Current capacity at the facility is approximately 200 bins per hour.
David Selakovic, CEO of Vegalab, said, “With the current capacity at our existing Vegalab Produce facility unable to meet the demand from our domestic and international buyers for premium quality, and premium priced citrus, management has been systematically evaluating packing facilities to add to our portfolio. The Lindsay, California facility is major acquisition in an ideal location. Being in California’s San Joaquin Valley citrus belt, where Vegalab recently acquired the Tuttle Cross Dock and Warehouse, the property is centrally positioned in one of the best fruit growing ecosystems in the United States. While touring the plant, we recognized how well-designed it is to seamlessly combine highly efficient fruit processing with the ability to rapidly ship product to our domestic and international customers. We intend to continue to build out our infrastructure and integrate our properties while efficiently increasing the Company’s annual sales.”
About Vegalab, Inc.
Vegalab, Inc. is the exclusive distributor in North and South America of a line of all-natural, biologically derived pesticides, fertilizers, and specialty agricultural products. Vegalab’s pesticides are highly effective against targeted organisms, non-toxic to beneficial organisms, and safe for the environment. Vegalab’s products support a healthy soil biome and are cost competitive with synthetic chemicals that do just the opposite. The Company operates in two segments of the food industry. The Agronomy Business involves the manufacture and distribution of all-natural crop protection, crop health, and soil enhancement products; the Packing Business involves the operation of citrus packing facilities.
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