Cadiz Expands Citrus Operation; Vista Verde Ranch Added to Company's Portfolio.SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif.--(BUSINESS WIRE)--Aug. 26, 1998--In a move that expands its portfolio of agricultural landholdings, Cadiz Land Company Inc. (Nasdaq:CLCI CLCI Dichlorodimethyl Ether ) Wednesday announced it has purchased Vista Verde Ranch, a 1,300 acre citrus ranch located in the San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes of Central California Central California can refer to one of several divisions or regions of the U.S state of California:
Cadiz, with its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Sun World International Inc., currently owns and operates more than 57,000 acres throughout Central and Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , of which approximately 20,000 acres is devoted to developed agriculture. The purchase of Vista Verde Ranch reflects Cadiz' business strategy of expanding its agricultural operations, particularly citrus, in the San Joaquin Valley. "By combining Sun World's current operations in the San Joaquin and Coachella valleys with the Vista Verde property, Cadiz is now developing a comprehensive citrus program," stated Keith Brackpool, president and chief executive officer for Cadiz Land Co. "As a complement to our table grape and stonefruit production,the citrus operation substantially builds upon our contra-seasonal business." During the past year, Cadiz has invested heavily in bolstering Sun World's San Joaquin operations, specifically focusing on the expansion of contra-seasonal business and third-party packing. Such efforts have included the revamping of Sun World's Bakersfield packing facility to accommodate citrus, planting new permanent crops, revitalizing Sun World's flagship research and development operation, and entering grower partnerships that allow the company to extend its marketing season. Located in Tulare County, the Vista Verde orchards are planted with Navel and Valencia oranges and lemons
Founded in 1983, Cadiz Land Co. is a publicly held agricultural and water development firm. With its subsidiary, Sun World International Inc., Cadiz is one of the largest vertically integrated agricultural companies in California. The company owns significant landholdings throughout California with substantial water resources.
CONTACT: Cadiz Land Co. Inc., Santa Monica
Fiona Hutton, 310/899-4700
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