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Village Farms reviews ’09 performance


March 11, 2010
By Dave Harrison

March 11, 2010, Vancouver – Village
Farms International, Inc.
(the “Company”) (TSX: VFF) announced today results for the year ended
and
quarter ended Dec. 31, 2009.



March 11, 2010, Vancouver – Village Farms International, Inc.
(the “Company”) (TSX: VFF) announced today results for the year ended and
quarter ended Dec. 31, 2009.

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Full year 2009 operating results summary:

• Revenues of $130.5 million (all figures U.S.) versus 2008
revenues of $133.1 million.

• Earnings per share of $0.17 per share versus $0.12 per share
in 2008.

• Net income after tax of $6.7 million versus $4.5 million in
2008.

• EBITDA of $9.1 million versus $21.2 million in 2008.

• On Dec. 31, 2009, the company completed the conversion from
an income trust structure to a corporation.

“While the recession year of 2009 proved to be a challenging
year for pricing, we saw improved pricing over 2008 levels throughout the
fourth quarter of 2009,” said CEO Michael DeGiglio. “We have also experienced a
return to normal first quarter pricing through the first two months of 2010,
which is well above 2009 pricing and we believe that the market challenge of
decreased consumer consumption of fresh produce is behind us.”

He added that while the poor weather in Florida has helped
tomato pricing, “we predominately sell to retailers who prefer hydroponic
produce. As such, we believe the primary driver of improved pricing is
increased consumption rather than poor weather conditions for field growers.”

DeGiglio added that the company expects the 2010 financial
performance to be stronger than 2009 as a result of improved production from
its Texas facilities during the first quarter of 2010 and better overall
pricing for most of our products.

“Additionally, we are experiencing increased interest in our
new greenhouse technology (GATES) and are working towards announcing some new
business developments in this growth area later in 2010.”


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