VANCOUVER, British Columbia, March 7, 2022 – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX:CUB), a leading local chain agricultural technology company, today announced the sale of 27 CubicFarm System modules in Winnipeg, Manitoba, at a sale price of CAD$5.13 million.
Experienced greenhouse farmers Sheldon and Carrie Enns operate the Green Valley Garden Centre, supplying high-quality vegetables and ornamental plants in Southeastern Manitoba for the past 12 years. The growing season in Manitoba is impacted by climate change, with farmers experiencing significant drought, stormy weather, and cold winters. The Enns will use the CubicFarm Systems automated indoor growing technology to grow commercial scale amounts of leafy greens, herbs, and microgreens in the Winnipeg area for the surrounding communities.
“We’re farmers first and care about the environment and feeding our community. With the addition of the CubicFarms technology, we’re growing our business in a sustainable and responsible way. This allows us to maximize production of fresh, more reliable, locally grown food,” said Sheldon Enns.
In addition to the purchase of 27 modules, the Enns will work with CubicFarms Garden, the Company’s produce brokerage team, and use the award-winning ALLWays Local produce brand. “CubicFarms is the best local chain ag-tech solution we’ve found,” said Enns. “We aren’t just purchasing equipment; we’re starting a long-term relationship and joining a network of seasoned Cubic farmers. The brokerage team, ongoing research and development, promotional support, and a program to purchase inputs and packaging were significant in our decision. It’s important for us to be a part of CubicFarms mission and commitment to improve food security.”
“Sheldon and Carrie Enns are leading our expansion into central Canada with a large CubicFarms installation,” said Dave Dinesen, Chief Executive Officer, CubicFarms. “Manitoban consumers, stores, and restaurants will enjoy even more delicious, high-quality produce grown locally year-round with significantly less waste and harmful climate-changing emissions from long supply chains. We’re thrilled to support the Enns’ goals of providing local jobs growing for their local community, inspiring others to choose more sustainable farming practices, and growing their family farming operation for generations to come.”
CubicFarms is a leading 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.
For more information, please visit www.cubicfarms.com.
On behalf of the Board of Directors
Dave Dinesen, Chief Executive Officer
This release may contain certain “forward-looking statements” or “forward-looking information” under applicable securities laws. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “target,” “believe,” “plan,” “outlook,” “estimate,” or “expect” and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain key expectations and assumptions made by the Company including but not limited to statements with respect to CubicFarms’ expected revenue recognition and the completion of the sale and installation of the modules by the customer. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.