VANCOUVER, British Columbia, January 12, 2022 – CubicFarm® Systems Corp. (“CubicFarms” or the “Company”) (TSX:CUB), a leading local chain agricultural technology company, announced today that G. David Cole, a high-profile banking executive, has been appointed to the Company’s Board of Directors.
G. David Cole, MBA, is recognized internationally as an accomplished senior financial executive with nearly 40 years of corporate experience in building teams and businesses in a broad range of global markets and economies.
As Vice Chairman of the Enterprise Strategic Client Group at Royal Bank of Canada, Cole has extensive expertise in strategic business growth, capital markets, financial products and client-centric sales and marketing. Known for his strong client focus, high energy level, creativity, demonstrated adaptability, and leadership skills, Cole is a highly respected senior executive, a member of the Institute of Corporate Directors, and a member of multiple boards.
“From the moment I first saw the CubicFarms technologies, I knew I wanted to help this Canadian Ag-Tech company to achieve global market dominance,” said Cole. “They are leading a crucially important emerging industry that addresses both food supply chain and climate change issues. I wholeheartedly believe in their purpose to help farmers and communities to grow more with less, locally and sustainably. I connected immediately with the energy, focus, and drive of the CubicFarms leadership team and the vast opportunity in front of us.”
An active and experienced board member who gives back to the community, Cole has also been a Board Member of the University of Western Ontario’s International Advisory Council since 2017, offering international perspectives to the university’s President and Chancellor, and a Board Member of Outward Bound Canada since 2017, a registered charity committed to helping Canadian youth through experiential adventures in the outdoors.
“We’re thrilled to welcome David Cole to the CubicFarms Board of Directors and as a member of our Audit Committee,” said Dave Dinesen, Chief Executive Officer, CubicFarms. “As in all parts of our business, I pursue opportunities to work with the best and the brightest. David’s professionalism and track record of success, coupled with the understanding and view that comes from being Vice Chair at one of the world’s largest banks, will be invaluable to CubicFarms as we enter this next stage of growth and expansion. David is an exceptional leader, and we will benefit tremendously from his insights by tapping into his lifetime of experience.”
Cole will replace outgoing director Chris Papouras who has served on the Company’s board for nearly two years. “We would like to sincerely thank Chris Papouras for his years of service and contributions to the company, especially helping CubicFarms navigate through the uncertain times caused by the COVID-19 global pandemic,” said Dinesen.
The Company also announced today that its Board of Directors has approved the grant of 275,000 stock options (the “Options”) to certain directors of the Company pursuant to the Company’s stock option plan, subject to regulatory approval. The Options have an exercise price of $1.10 per share, vest as to one-third (1/3) on each of 12, 24, and 36 months from the date of grant, and expire five years after having fully vested.
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 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
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 including but not limited to statements with respect to CubicFarms’ expected revenue recognition and the completion of the sale and installation of the modules by the customer. 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.
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.”