Harold Edwards: Yeah. So it really is just a redeployment of the existing acreage. So the really simple way to think about it is in Ventura County, we farm about 3,000 acres that historically have been 2,000 acres of lemons and 1,000 acres of avocados. It’s not quite exactly that way, but it’s close to that. And what you’ll see over the next five years is the pivot away from about 1,000 acres of avocados going to 2,000 acres of avocados and 1,000 acres — or sorry, 2,000 acres of lemons going to 1,000 acres of lemons.
Benjamin Klieve: Got it. Okay. Thank you. [Multiple Speakers]
Mark Palamountain: Ben, just one more thing on that. So as we look at it and the pivot out of the Chilean packinghouse, which was part of our Investor Day and our growth model to get us to $25 million. Just to sort of tee it up, getting to 2,000 acres of avocados and down to 1,000 in lemons, quantifying that, today’s economics and pricing gets us to about $40 million to $50 million of EBITDA full bearing. So we just wanted to make sure that, that was communicated in the pivot, that the operating profit per acre is about 3 times to 4 times what it is in lemons today. And so that’s really the reason behind the pivot. Plus Ventura County is really the only place you can grow avocados in California significantly anymore due to the challenges further south in San Diego and etc.
Benjamin Klieve: Got it. That’s helpful context. Thanks, Mark. There is more to talk about, that’s probably a good place to leave it. I’ll jump back in queue.
Operator: [Operator Instructions] Our next question comes from Raj Sharma with B. Riley Securities. Please proceed with your question.
Rajiv Sharma: Hi. Thank you for taking my questions. I wanted to understand in the grand scheme of things of the strategic review that’s ongoing, what does that really entail? Is there a mandate to sell the company or figure out what parts of the company you want to sell? But also just related to what we just heard, the 2,000 acres of lemons going to 1,000 and avocados going to 2,000. So did I hear that your five year operating profit, it could be significantly higher?
Harold Edwards: You did hear correctly, yes. We believe that, that will significantly enhance the growth of EBITDA just given the per acre profitability of avocados versus lemons currently. And as we look into our crystal balls at the future, we believe that, that will be very beneficial as well. But maybe to take a step back on the first part of your question, Raj, which was where are we with the process of exploration of strategic alternatives. So the process initially has begun with a robust, very deep dive into valuations into the assets of the company, so our land assets and our water assets, and really understanding sort of from the highest and best use and a fair market value of the existing assets that the company has, giving ourselves and our directors a better understanding of directionally what the asset value of the company might look like.
And we’re nearing completion of that. All that while, we’ve been very pleased to have been receiving significant levels of inbound interest from various types of groups that would be interested in some or all of the assets. You’ve had strategic interest. You’ve had financial interest, you’ve had interest from sovereign wealth, pension funds, insurance companies, but also large multinational citrus interest and as well as avocado interest and even real estate development and water interest. So there’s been a whole spectrum of interest, and it’s all been inbound. So now the next phase in the process will be to take inventory of these valuations and then look around the room and the Board will agree to take action, to decide to move forward with the next part of the process, which would be the outbound exploration, where we’d be working closely with our legal advisers and our bankers to reach out to potentially interested parties, some of which may have expressed interest on an inbound basis but many of which haven’t expressed any interest, but we think there might be part of our story that they might be interested in.
