Local Bounti Announces Leadership Transition and Provides Business Update

Board of Directors Re-Appoints Co-Founder Craig Hurlbert as Chief Executive Officer Georgia Facility Doubled Run-rate Production in December Provides Update to Full Year 2023 Sales Expectation

Local Bounti Corporation (NYSE: LOCL) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company, today announced a leadership transition and a business update.


Craig Hurlbert, the Company's Co-Founder and Chairman of the Board, is reprising the role of Chief Executive Officer, effective immediately. Mr. Hurlbert previously served as Local Bounti's co-CEO from November 2021 to June 2023 and as Senior Vice President of Strategy from June 2023 to December 2023. Mr. Hurlbert succeeds Anna Fabrega, who is leaving the Company as part of a broader restructuring to optimize the Company's organizational structure. The Company expects to save approximately $3.2 million on an annualized basis as a result of these actions.

Craig Hurlbert, CEO of Local Bounti, stated, "We have an amazing team at Local Bounti that I believe possesses the unique capabilities to cement our place as a leader in our industry. As we continue to scale this business, we are working diligently to achieve breakeven cashflow. Our primary objective is to drive greater efficiency at every level of the business through optimization of our cost structure and further flattening of our organization to enable faster decision making and enhance strategic initiatives. I believe our mandate is simple - to foster an environment of excellence and ensure that we have the right people in the right places to maximize value for both our customers and shareholders. I'm pleased to say that we are definitely on the right track, and I look forward to leading our team to new heights. I would like to thank Anna for her contribution to our success over the past six months."

2023 has been a pivotal year for Local Bounti, complete with expanded production capacity brought about by the final integration of the Company's Stack & Flow Technology™ at its Georgia facility in October 2023. As a result of the additional capacity, the Company has doubled its run-rate production out of the Georgia facility in December in support of its off-take agreement with a large club customer.

Construction of the Company's Washington facility remains on track with seeding expected to commence in early January. Although its Texas facility is also nearly complete, unexpected delivery delays on select equipment has pushed seeding back and operations are now expected to commence in late January following the start-up of the Washington facility.

As a result of the phasing of shipments in the fourth quarter, the Company now expects full year 2023 sales to be approximately $28 million, implying growth of approximately 44% compared to full year 2022.

Craig Hurlbert Biography

Craig Hurlbert co-founded Local Bounti's predecessor company in August 2018. Mr. Hurlbert served as Chairman of the Board of Directors from November 2021 to June 2023 and since October 2023, co-Chief Executive Officer from November 2021 to June 2023, and Senior Vice President of Strategy since June 2023.

Prior to leading Local Bounti, Mr. Hurlbert co-founded BrightMark Partners, LLC, a growth equity and management firm providing capital and resources to venture, growth phase and middle-market businesses, and served as a Managing Partner from January 2014 to March 2021. Previously, Mr. Hurlbert held various leadership roles at TAS Energy, a leading provider of high efficiency and modular cooling and energy systems for the data center, commercial, industrial, and power generation markets, including President, Chief Executive Officer, and Chairman of the Board. Mr. Hurlbert also held leadership roles at General Electric Company and North American Energy Services.

About Local Bounti

Local Bounti is redefining indoor farming with an innovative method - its 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 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.

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