CubicFarm Systems Corp. announces late filing of financial statements
Vancouver, BC – (AccessWire – October 29, 2019) – CubicFarm® Systems Corp. (TSXV: CUB) (“CubicFarms” or the “Company”) announces that it will not file its annual financial statements for the fiscal year ended June 30, 2019, the related management’s discussion and analysis (the “Required Records”) on or before October 28, 2019, as required under applicable securities. The Company made an application to the provincial securities commissions under National Policy 12-203 Cease Trade Orders and has received a Management Cease Trade Order (the “MCTO”) in respect of the late filing. During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares, however, the Company’s Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade the Company’s shares.
CubicFarms has been slightly delayed in finalizing the Required Records due to the recent passing of one of its founders and former Chairman Dean Drysdale, who was responsible for financial reporting and corporate governance prior to the Company going public.
CubicFarms expects to file its audited financial statements for the fiscal year ended June 30, 2019 and the related management’s discussion and analysis by November 22, 2019. Until then, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release. The Company also confirms that, at the date hereof, there are no insolvency proceedings against it and no other material information concerning the affairs of the Company that has not been generally disclosed.
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.
About CubicFarm® Systems Corp.
CubicFarm® Systems Corp. (“CubicFarms”) is an ag-tech company commercializing large scale, vertical farming solutions for global industrial markets. Founded in 2015, the Company’s mission is to provide industries around the world with efficient growing systems capable of producing predictable crop yields. CubicFarms offers turnkey, commercial scale, hydroponic, automated vertical farm growing systems that can grow predictably and sustainably for 12 months of the year virtually anywhere on earth. CubicFarms enables its customers in the fresh produce, animal feed, nutraceutical, and hemp/cannabis industries to grow locally and to provide their markets with safe, sustainable, secure and fresh ingredients that are consistent in colour, size, taste, nutrition and allows for a longer shelf life. Further support and value is provided to customers through the Company’s patent-pending germination technology and proprietary auto harvesting and processing methods.
Using its unique, undulating growing system, the Company addresses the main challenges within the indoor farming industry by significantly reducing the need for physical labour and energy, and maximizing yield per cubic foot. The Company has sold and installed systems in Canada and the US, and is currently negotiating with a global pipeline of prospective customers. It also operates one wholly owned facility in Pitt Meadows, British Columbia, and sells its produce in the province to retail and wholesale customers under the brand name Thriiv Local Garden™.
Cautionary statement on forward-looking information
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including, without limitation, statements with respect to the filing of the Required Records and the anticipated timing thereof. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of CubicFarm Systems Corp., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict”, and other similar terminology, or state that certain actions, events, or results “may”, “could”, “would”, “might”, or “will” be taken, occur, or be achieved.
These statements reflect the company’s current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the company, the company undertakes no obligation to update these forward-looking statements if the company’s expectations regarding future events, performance, or results change.