VANCOUVER, British Columbia, March 10, 2022 – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX:CUB), a leading local chain agricultural technology company, has appointed Daniel Burns, a member of the Company’s Board of Directors, as interim Chief Financial Officer (“CFO”). He will step down as Chair of the Company’s Audit Committee to serve as interim CFO, effective April 1, 2022.
Daniel Burns became the first certified director in British Columbia with an ICD.D designation granted by the Institute of Corporate Directors, and one of the first in Canada. He is Audit Committee Certified (“A.C.C.”) from the Director’s College. Burns is a member of the Law Society of British Columbia and the Certified Professional Accountants of Ontario. He holds a Master of Business Administration (“MBA”) from the University of Toronto and a Global Executive MBA from the University of St Gallen, Switzerland. He is well-versed in public markets and has served as chair of significant audit committees in both Canada and the United States, as well as formerly serving as CFO of a publicly listed issuer.
Tim Fernback will step down from his role serving as the Company’s CFO but will continue as a Company advisor while overseeing several strategic projects over the next several months during this transition period. In addition, Fernback will continue serving as an active member of the Company’s Scientific Advisory Board (“SAB”).
“I’m grateful for my time as CFO at CubicFarms and proud of my contributions to the Company’s significant growth over the past two years, including overseeing $70 million in new financings and graduating to Toronto Stock Exchange,” said Fernback. “I’m a strong believer in the Company’s mission to help feed our changing world and improve food security by localizing food production and excited about the next phase of Company growth.”
Fernback was appointed CFO in March 2020, shortly after the Company acquired HydroGreen, a technology company focused on growing fresh livestock feed. He successfully integrated HydroGreen as a division of CubicFarms, initiated sustainability programs at the Company, and led the creation of the CubicFarms SAB. He also co-authored Hydroponic fodder and greenhouse gas emissions: a potential avenue for climate mitigation strategy and policy development, which was published by Canadian Science Publishing in FACETS, the official journal of the Royal Society of Canada’s Academy of Science.
“Tim Fernback has been a tremendous leader and a voice of sound advice and counsel to our leadership team and Scientific Advisory Board,” said Dave Dinesen, Chief Executive Officer, CubicFarms. “He’s helped strengthen our balance sheet and increased analyst coverage, while initiating important sustainability and internal programs, like our widely-adopted Grow Together employee share purchase program to allow employees to become shareholders of CubicFarms. He will stay on as an advisor to oversee strategic projects for the Company and to ensure a smooth transition. I’d like to wish him well and thank him for his years of service to the Company.”
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. 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.