VANCOUVER, B.C., May 17, 2021 – CubicFarm® Systems Corp. (TSXV:CUB) (“CubicFarms” or the “Company”), a local chain agricultural technology company, announced today that 12 HydroGreen Grow System modules have been purchased by wholesale distributor Dihl Gros International (“DGI”) for his beef cattle customers who require on farm fresh livestock feed for their herds. HydroGreen is a wholly-owned subsidiary of CubicFarms.
This sale of 12 HydroGreen Grow System modules represents equipment sales of approximately C$2 million by the Company. HydroGreen modules are sold through multiple distributors in different industries. Wholesale distributor DGI is focused on family farms in the beef market in the United States (U.S.), with an active customer pipeline to purchase the HydroGreen Grow System modules.
“This just saved our farm,” said Michael Rigby, owner of Rigby Cattle Co. in Utah. “The severe drought had us worried we wouldn’t be able to feed our herd. The HydroGreen technology allows us to grow our own on farm fresh livestock feed. Our family has been in the cattle industry for generations, and we were considering getting out of the business entirely if we couldn’t get high quality, nutritious feed for our cattle. Having a consistent, predictable feed supply no matter what the weather is essential for our family farm.”
DGI is led by the innovative farmer Dihl Gros, who first developed the automated indoor HydroGreen Grow System technologies to supplement the feed of his cattle with an independent supply of nutritious fresh livestock feed in areas impacted by minimal precipitation and severe drought.
The U.S. Drought Monitor¹ saw a deterioration in drought-related conditions this week across areas of the western United States. DGI has active customers in the pipeline to purchase HydroGreen’s automated indoor growing technologies because the modules use less water, land, energy, and labour than traditional farming and can be operated year-round in any climate.
“Through our HydroGreen certified channel partners, we’re able to equip farmers with technology to become more independent and sustainable. Our distributor DGI is focused on helping family farms stay competitive in the beef market, feed their herds, get through the ongoing drought, and keep the family farms in family hands,” said Dan Schmidt, President, HydroGreen. “For larger operations, Total Dairy Solutions is our wholesale distributor and is currently recommending our HydroGreen Vertical Pastures™ as a solution for commercial scale dairy farms that need sustainable fresh livestock feed, like the recently announced Burnett deal in Wyoming.”
“This deal is evidence of the pressing need for HydroGreen solutions for the beef market in the U.S.,” said Dave Dinesen, CEO, CubicFarms. “Having our indoor growing technologies available through distributors helps accelerate their deployment to meet the urgent needs of farmers facing severe drought. We want to empower farmers by giving them control and on farm access to high quality fresh livestock feed.”
¹According to the U.S. Drought Monitor summary for the week of May 11, 2021, available at https://droughtmonitor.unl.edu/.
CubicFarms is a local chain, agricultural technology company developing and deploying technology to feed a changing world. Its proprietary ag-tech solutions enable growers to produce high quality, predictable produce and fresh livestock feed with HydroGreen Nutrition Technology, a division of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops onsite, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.
CubicFarms’ HydroGreen system for growing nutritious livestock feed. This system utilizes a unique process to sprout grains, such as barley and wheat, in a controlled environment with minimal use of land, labour and water. The HydroGreen system is fully automated and performs all growing functions including seeding, watering, lighting, harvesting, and re-seeding – all with the push of a button – to deliver nutritious livestock feed without the typical investment in fertilizer, chemicals, fuel, field equipment and transportation. The HydroGreen system not only provides superior nutritious feed to benefit the animal, but also enables significant environmental benefits to the farm.
For more information, please visit www.cubicfarms.com.
On behalf of the Board of Directors
Dave Dinesen, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements in this release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to the Company’s expected revenue recognition, and the completion of the sale and installation of the modules by the customer. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.