CubicFarms Announces Results of Annual Meeting of Shareholders

Oct 4, 2023 | Press Releases

VANCOUVER, B.C., October 4, 2023 – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX:CUB), a leading local chain agricultural technology company, today announced the voting results from its Annual General and Special Meeting of shareholders (the “Meeting”), which was held virtually on September 28, 2023.

Election of Directors
The shareholders voted by way of ballot, and the following nominees were elected as directors to serve until the next annual meeting of shareholders of the Company or until their successors are duly elected or appointed:

Directors Votes For Votes Withheld
Janet Wood 88,675,117 99.19% 719,790 0.81%
Michael McCarthy 75,032,693 83.93% 14,362,214 16.07%
Daniel Burns 89,029,900 99.60% 365,007 0.41%
George David Cole 88,652,147 99.17% 742,760 0.83%

Appointment of Auditors
A resolution authorizing the Board of Directors to appoint an auditor was approved by ballot. Votes were received as follows:

For the Motion:           89,298,935 (99.88%)
Withheld:                     104,972 (0.12%)

Alteration to Articles
A resolution approving an amendment to the Company’s Articles to permit the Board of Directors to approve the consolidation or subdivision of all or any of the Company’s unissued, or fully paid issued, shares, was approved by a show of hands. Votes were received as follows:

For the Motion:           81,574,205 (91.48%)
Against:                       7,599,002 (8.52%)

For additional information, please see the Company’s notice of meeting and information circular dated August 24, 2023, and filed on SEDAR in connection with the Meeting

Forward looking and other cautionary statements
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. 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.

About HydroGreen
HydroGreen produces Automated Vertical Pastures™, a type of smart farming equipment that uses a unique process to sprout grains such as wheat and barley, in a controlled growing environment to efficiently produce a high-performance feed ingredient for livestock 365 days a year. HydroGreen’s equipment is simple and easy to operate and performs all growing functions automatically, including seeding, watering, lighting, harvesting, and re-seeding, which allows livestock businesses to feed consistent nutrition every day with minimal labour. When balanced correctly in the ration, HydroGreen sprouted grain modifies animal digestion which enhances productivity and reduces the amount of enteric methane emitted in ruminant livestock. The result also enables environmental benefits to the farm while helping to meet increasing demand for valuable farm-based inset and offset carbon credits.

About CubicFarms
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 subsidiary of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops on-site, indoors, all year round. CubicFarms provides an efficient, localized food supply solution that benefits our people, planet, and economy.