CubicFarms Announces Results of Annual Meeting of Shareholders
VANCOUVER, B.C., December 16, 2020 – CubicFarm® Systems Corp. (TSXV:CUB) (“CubicFarms” or the “Company”), a local chain, agricultural technology company, today announced the voting results from its Annual General Meeting of shareholders, which was held virtually on December 16, 2020 (the “Meeting”).
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 November 12, 2020 (the “Circular”), were elected by a majority of the votes cast at the Meeting. The voting results, representing approximately 28% of the Company’s issued and outstanding voting shares, elected David Dinesen, Leo Benne, John De Jong, Michael McCarthy, Daniel Burns, Jeffrey D. Booth and Christopher Papouras. Approximately 98% 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 MNP 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 100% of the votes cast were in favour of the amendment.
Chairman of the Board Jeffrey Booth commented, “It was a pleasure to host today’s meeting. There was excellent dialogue between shareholders and management about the Company’s growth in 2020, and I look forward to Cubic’s continued success in 2021.”
Closing of Previously Announced Private Placement
The Company announced today that it closed its previously announced non-brokered private placement for gross proceeds of C$175,500 (the “Offering”). The Company intends to use the proceeds of the Offering for general working capital purposes.
For more information about the Offering, please see the Company’s press release dated November 25, 2020, which is available under the Company’s profile on SEDAR at www.sedar.com.
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 system 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.