Business
Limoneira Closes Sale of its Sevilla Property for $2.6 Million
Transaction In-Line with Company’s Asset-Light Strategic Plan to Increase Shareholder Value through Selective Monetization of Certain Assets SANTA PAULA,
About this update from Limoneira Co
[{"type":"text","content":"\nTransaction In-Line with Company’s Asset-Light Strategic Plan to Increase Shareholder Value through Selective Monetization of Certain Assets\n\n SANTA PAULA, Calif.--(BUSINESS WIRE)--\nLimoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced the sale of its real estate development property referred to as “Sevilla” located in Santa Maria in Santa Barbara County, CA. The transaction closed on November 30, 2022 and the Company received approximately $2.6 million in cash proceeds and recorded an immaterial loss in the fiscal first quarter of 2023.\n\nHarold Edwards, President and Chief Executive Officer, stated, \"We are very pleased to have delivered on our goal to close the sale of our Sevilla property in calendar year 2022 and to deliver against our strategy of selectively selling off non-core assets as we move toward an asset-light model. We will use the cash generated by this sale to continue reducing our debt and enhance shareholder value.”\n\nAbout Limoneira Company \nLimoneira Company, a 129-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 15,400 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements, including guidance for fiscal years 2022 and beyond, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.\n\nLimoneira believes the expectations reflected in the forward-lookin...