VANCOUVER, B.C., December 14, 2020 – CubicFarm® Systems Corp. (TSXV:CUB) (“CubicFarms” or the “Company”), a local chain agricultural technology company, today announced a signed agreement and deposit with 1241876 B.C. Ltd., doing business as FutureLife Produce (“FutureLife”), for the sale of 10 CubicFarm machines for $1.7 million. FutureLife is constructing CubicFarms’ largest vertical farming system installation to date with a 100-machine project currently planned to operate in Surrey, B.C., and wishes to install an additional 10 machines at a strategic location in Richmond, B.C. in order to service the local food services market directly and seamlessly.
CubicFarms CEO Dave Dinesen commented, “CubicFarms’ technology was selected by FutureLife because of its superior produce quality, and its ability to deploy its novel automated, controlled-environment growing technology at strategic onsite locations. The deployment of our technology will dramatically shorten supply chains, ensuring only the freshest produce is shipped to its customers. Not only will this help reduce the overall environmental footprint of shipped produce, we believe it will also help to eliminate the impact of lettuce recalls which has so challenged food services industry of late.”
Mr. Dinesen continued, “This is the third sale of our systems in as many weeks, totaling nearly $9 million, and underscores the increasing demand for localized food production.”
“We are thrilled that FutureLife is moving forward with additional machines from CubicFarms in metropolitan Vancouver while our Surrey B.C. site is being prepared for its planned development. This will enable the local market in the food services sector to immediately begin consuming only the freshest locally grown produce,” said FutureLife Founder & CEO Rose Yang.
CubicFarms is a local chain, agricultural technology company developing and deploying technology to feed a changing world. Its proprietary technologies enable growers around the world to produce high quality, predictable crop yields. CubicFarms has two distinct technologies that address two distinct markets. The first technology is its CubicFarms™ system, which contains patented technology for growing leafy greens and other crops indoors, all year round. Using its unique, undulating-path 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. CubicFarms leverages its patented technology by operating its own R&D facility in Pitt Meadows, British Columbia, selling the system to growers, licensing its technology and providing vertical farming expertise to its customers.
The second technology is 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
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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 CubicFarms’ expected revenue recognition, and the completion of the sale and installation of the machines by the customer. 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 including the Company obtaining the approval of the Offering from the TSX Venture Exchange. 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.