VANCOUVER, B.C., June 18, 2021 – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSXV:CUB), a local chain, agricultural technology company, today announced the voting results from its Annual General Meeting of shareholders (the “Meeting”), which was held virtually on June 17, 2021.
Election of Directors
Shareholders approved the setting of the number of Directors at seven. The seven candidates nominated for election to CubicFarms’ Board of Directors (the “Board”) and listed in the Company’s Management Information Circular dated May 17, 2021 (the “Circular”), were elected by a majority of the votes cast at the Meeting. Shareholders elected David Dinesen, Leo Benne, Janet Wood, Michael McCarthy, Daniel Burns, Jeffrey D. Booth, and Christopher Papouras. Approximately 99% of the votes cast were in favour of the election of the Directors.
Shareholder Approval of Other Matters
In addition, at the Meeting, shareholders approved the appointment of KPMG LLP, Chartered Accountants, as the auditor of the Company for the ensuing financial year with their remuneration to be fixed by the Board. Approximately 100% of the votes cast were in favour of the appointment.
Shareholders also approved an amendment to the Company’s stock option plan to increase the fixed number of shares that may be issued upon the exercise of all options granted under the plan, as more particularly described in the Circular. Approximately 92% of the votes cast were in favour of the amendment.
“It was a pleasure to host today’s AGM,” said Jeffrey Booth, Chair, CubicFarms. “We appreciate the strong support and participation of our shareholders in the meeting as well as the opportunity to reflect on the Company’s milestones and growth over the last year.”
About CubicFarms
CubicFarms is a 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”
Dave Dinesen, Chief Executive Officer
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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
Media Contact:
Andrea Magee
T: 236.885.7608
E: andrea.magee@cubicfarms-web.azurewebsites.net
Investor Contact:
Tom Liston
T: 416.721.9531
E: tom.liston@cubicfarms-web.azurewebsites.net
“Our family is dedicated to protecting the prairie. We strive to work smarter on our ranch by applying our business and consulting expertise and focusing on ranch innovation and sustainability. With climate change, technology advances and decreasing natural resources, we know we must operate our ranch differently. With the HydroGreen system, we can now produce better, faster, and stronger for ourselves and the planet.”
“My family is originally from Holland, I grew up on a dairy farm, and I’ve been in the industry all my life. Talking with my parent’s friends who are immersed in the veggie industry, they recommended Iinvestigateoptions to produce lettuce in a sustainable way. I looked into the greenhouse and indoor vertical warehouse systems, but they could not meet my needs. I needed to minimize my risk, space and lower my labor costs.
“After a significant drought and taking over my family ranch, I was looking for a more cost-effective way to produce our fodder. I knew there were better producer options out there, but most of the systems had too much manual labour and seed obligations that were not cost-effective. The HydroGreen system’s value proposition was compelling. The fodder’s nutritive value is exceptional for our herd and the system is time-efficient. I run one piece of machinery for 35 mins a day when in the past, it would have taken me a few hours a day and three machines using traditional equipment. In our neck of the woods, one six-rack HydroGreen system is the equivalent to 320 acres of South Dakota prairie sitting inside a 60 x 40 building. It is essentially drought resistant ‘Land on a Stand’ which produces grass every day, in any weather, in less than an hour.”