CubicFarm® Systems Corp. announces MOU with PaiGE Growth Technologies Inc. to study effectiveness of combining technologies from both companies
Vancouver, BC – (AccessWire – October 24, 2019) – CubicFarm® Systems Corp. (TSXV: CUB) (“CubicFarms” or the “Company”) announces that it has entered into a Memorandum of Understanding (“MOU”) with PaiGE Growth Technologies Inc. (“PaiGE”), a subsidiary of Pond Technologies Holdings Inc. (“Pond“), to study the effectiveness of combining CubicFarms vertical farming systems with PaiGE technology. If successful, the partners expect to provide an improved, efficient, modular and readily deployable system to grow vegetables or terrestrial plants using the latest advances in precision agriculture and vertical farming.
CubicFarms is commercializing industrial-scale vertical farming systems for multiple industries worldwide. The CubicFarms platform consists of an automated, environment-controlled system where trays of high-value crops like leafy vegetables and herbs follow a patented, undulating path that ensures ideal growing conditions.
Pond has developed a growth platform for algae and terrestrial plants using proprietary lighting, controls and artificial intelligence. Pond has granted PaiGE an exclusive license for the application and further advancement of this technology for terrestrial plants.
As part of the MOU, CubicFarms and PaiGE envisage a multi-phase study to test the improvements from retrofitting the CubicFarms system with PaiGE technology. Each phase shall compare plant growth and resource input in a PaiGE-equipped growth cube against a standard unit – first incorporating proprietary lighting, then sensors, and finally a precision nutrient and water dosing system. In each phase, PaiGE shall provide the engineering design, coordinate equipment manufacturing and installation, and run and assess trials. If the trials prove successful and CubicFarms decides to incorporate PaiGE technology into its growth cubes, CubicFarms agrees to pay PaiGE licensing fees for its technology. PaiGE shall retain intellectual property developed by it throughout the joint project.
CubicFarms CEO Dave Dinesen commented: “Our commercial-scale modular CubicFarm growing machines allow our partner farmers to increase local production of nutritious vegetables, herbs, and many other crops, helping to address both food security and the environmental footprint associated with transportation. We’re excited to incorporate PaiGE precision technology with the goal of improving resource efficiency and crop yields.”
PaiGE CEO Steve Martin stated: “The partnership with CubicFarms allows us to demonstrate Pond’s growth technology in the terrestrial environment, potentially opening the door to a whole new category of applications. CubicFarms is the ideal partner for us to evolve the PaiGE technology as their growth cubes provide a fully controlled environment – similar to Pond algae bioreactors. As a technology provider to CubicFarms, we are excited to support their mission of advancing sustainable precision agriculture and vertical farming.”
About CubicFarm Systems Corp.
CubicFarm® Systems Corp. (“CubicFarms”) is an agtech company commercializing large scale, vertical farming solutions for multiple markets worldwide. Founded in 2015, the company’s mission is to provide industries around the world with efficient growing systems capable of producing predictable crop yields. Using its unique, patented undulating growing system, CubicFarms solves the two main challenges within the indoor farming industry: high electricity and labour costs. Currently, CubicFarms cultivates living lettuce, living basil and microgreens at its own facility in Pitt Meadows, British Columbia and is partnering with other companies to establish facilities around the world. For more information, visit www.cubicfarms.com.
About Pond Technologies Inc. and PaiGE Growth Technologies Inc.
PaiGE Growth Technologies Inc. (“PaiGE”) is an affiliate of Pond Technologies Inc. (“Pond”) (TSX.V: POND), which has developed lighting, controls and growth platform technology (“Pond Technology”) for the growth of algae and cyanobacteria in enclosed bio-reactors. Pond has granted PaiGE an exclusive license for the application and further development of the Pond Technology for growing terrestrial plants. Pond provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond’s proprietary growth platform enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information, visit www.pondtech.com/.
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.
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 providing an improved, efficient, modular and readily deployable system to grow vegetables or terrestrial plants incorporating CubicFarms and PaiGE technologies; and the completion of a multi-phase study to test the improvements from retrofitting the CubicFarms system with PaiGE technology. 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.