CubicFarm Systems Corp. issues third quarter financial results
Vancouver, BC – (AccessWire – May 29, 2020) – CubicFarm® Systems Corp. (TSXV:CUB) (“CubicFarms” or the “Company”) today reported its financial and operating results for the three months ended March 31, 2020.
CubicFarms CEO Dave Dinesen commented: “We had an eventful quarter highlighted by the landmark strategic investment by top ag-tech investor Ospraie Ag Science, who saw CubicFarms’ potential to help address the need for locally produced, safe, reliable, environmentally-friendly and affordable food and livestock feed, that has been amplified by the COVID-19 pandemic.
“We’ve had good sales momentum since closing the acquisition of HydroGreen Inc. – the manufacturer of the HydroGreen livestock feed system – in January, and have secured large sales orders for both the fresh produce and livestock feed sides of the business, including our largest 100-machine sale to date. We expect our technology to localize food production to continue receiving increasing interest worldwide.
“The pandemic may have introduced a slight delay to some delivery timelines for machine installation, but it has caused a significant increase in the number of inquiries we are receiving from around the world. We are also using this time to further strengthen the company by rounding out our management team and completing a variety of projects that in the past were a challenge to get to. Our team is focused on executing critical projects in the next quarter and beyond, that will add value to the company and our stakeholders – including the successful delivery of machines to our customers, streamlining and building out our after-sales support programs, continuing to innovate on R&D for machines and crop varieties, and pursuing partnerships and business opportunities strategically.”
CubicFarms’ third quarter financial statements and management’s discussion and analysis will be issued and filed on SEDAR at www.sedar.com on May 29, 2020 and will be available on the same day on CubicFarms’ website at https://cubicfarms.com/investors/.
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 a technology company that is 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 patented CubicFarm™ System, which contains patented technology for growing leafy greens and other crops. 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.
Cautionary statement on forward-looking information
This news release contains certain “forward-looking information” as such term is defined under applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the anticipated growth and development of the Company’s business) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, related to the development of its business and demand for its products). Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Reference is also made to the risk factors disclosed under the heading “Risk factors” in the Company’s Annual Information Form for the year ended June 30, 2019 which has been filed on SEDAR and is available under the Company’s profile at www.sedar.com.
There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.