CubicFarms Announces the Sale of 10 GLS 808 Units HydroGreen’s Commercial-Scale Equipment to BoomA Food Group in Australia in Addition to an Exclusivity Partnership with BoomA Food Group for Australia and New Zealand

Mar 20, 2024 | Press Releases

Vancouver, British Columbia–(Newsfile Corp. – March 20, 2024) – CubicFarm® Systems Corp. (TSXV: CUB) (“CubicFarms” or the “Company”), a leading agricultural technology company, announced that its ruminant livestock feed subsidiary company, HydroGreen Inc. (“HydroGreen“), has closed a sale with deposit with BoomA Food Group, Australia, a prestigious, technologically-advanced Food producer in the heart of the Hunter Valley, New South Wales, Australia.

In this deal, 10 HydroGreen GLS 808 machines (one GLS “system”) and 2 DGS – 66 Units will be sold to BoomA Food Group, HydroGreen’s new exclusivity Partner for the Australian and New Zealand markets. “We are honoured to have BoomA Foods as our strategic partner in Australia and New Zealand. They continue to pave the road for a gold standard in sustainable food and feed production”, says HydroGreen President, John DeJonge. The 10 GLS Machines will produce over 30 tonne of feed per day, which BoomA plans to supply to their operations and clients in the Hunter Valley region and beyond.

This sale in Australia punctuates HydroGreen’s continued strategic shift toward integrating its innovative technology into progressive beef and dairy markets. “We are so excited about this landmark sale of our large-scale equipment to this excellent operator in Australia. I have traveled across Australia for many years partnering to build dairy farms and I have seen the need for Hydrogreen feed across the country on so many occasions. The HydroGreen solution can significantly increase the production of milk and beef, and reduce the environmental footprint of production agriculture; it’s like a panacea of solutions for Dairy and Beef farms, making it especially beneficial for Australia and New Zealand where there are numerous government initiatives supporting modern Agri-Tech and sustainability measures readily available”, says HydroGreen President, John de Jonge.

“This landmark sale by HydroGreen is the culmination of months of negotiations and is another example of the new corporate strategy at HydroGreen to focus on international market sales with top tier qualified partners while focusing on our Feed as a Service (“FaaS“) model in the domestic US market. We see BoomA Food Group as an ideal exclusivity partner given their recognition of the FaaS model and its huge potential in Australia and New Zealand,” said HydroGreen CFO, Michael Kyne.

“BoomA Food Group has care and sustainability at the core of our operations” say’s Cory Robertson, CEO of BoomA Food Group. “The Growing eco-systems of CubicFarms and Hydrogreen allows us to take the “farm to the barn” for better productivity, reliability, profitability, and sustainability. We can serve our industry, community, and clients with better certainty, creating precious rural jobs and taking the “pressure off mother nature” by using fewer natural resources and enabling faster growth and yields of our products without herbicides and pesticides. We’re thrilled to announce this exclusive partnership agreement, which marks a pivotal moment for our team! With this strategic move, we’re poised to work closely with our customers, partners and supply chain throughout Australia and New Zealand. We will champion HydroGreen to enable Agri-Tech innovation, sustainability and walking the talk on ESG (Environmental Social Governance). Our unwavering dedication to our industry, network and the HydroGreen® technology has empowered us to embrace this exclusivity agreement with enthusiasm, secure in the knowledge that it will deliver top-quality feed solutions, enhancing beef and milk quality for our target network of customers. This is just the beginning of an exciting journey ahead!”

Forward looking and other cautionary statements

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: the estimated harvesting capabilities of the machines, nutritional benefits of feed produced by the machines and quality of the feed in general. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such statements can be identified by the use of words such as “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict”, and other similar terminology, or state that certain actions, events, or results “may”, “can”, “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.