ACCESS Newswire
25 Feb 2020, 05:19 GMT+10
VANCOUVER, BC / ACCESSWIRE / February 24, 2020 / CubicFarm® Systems Corp. (TSXV:CUB) ('CubicFarms' or the 'Company') today reported its financial and operating results for the three months ended December 31, 2019. All figures are in Canadian dollars unless otherwise stated.
Key financial highlights in fiscal Q2 2020
Operational highlights in fiscal 2020
CubicFarms CEO Dave Dinesen commented: 'The events of the previous quarter will serve to set up CubicFarms for continued growth. We closed our acquisition of HydroGreen Inc. and integration is well underway as we work diligently with our reseller Artex Feed Solutions to boost sales of our nutritious livestock feed systems.
'We have made strides in expanding the market for our fresh produce systems by commercializing our systems' propagation capabilities through a standalone propagation machine and high-density crop machine, that can be marketed and sold to farmers, greenhouse growers, nurseries and the flower industry. Each propagation machine can germinate approximately 100,000 plants, taking them from seed to seeding at a nearly 100% success rate, with several other high-value features. Our high-density broadcast seeding crop machine is configured with nearly double the number of trays to accommodate high-value, low-light, broadcast seeded crops such as microgreens, arugula, cilantro and radish. We expect that customer satisfaction from these relatively affordable machines will lead to sales of our larger systems.'
CubicFarms' second quarter financial statements and management's discussion and analysis will be issued and filed on SEDAR at www.sedar.com on February 24, 2020 and will be available on the same day on CubicFarms' website at https://cubicfarms.com/investors/.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About CubicFarm® Systems Corp.
CubicFarm Systems Corp. ('CubicFarms') is a technology company that is developing and deploying technology to feed a changing world. Its proprietary technologies enable farmers around the world to grow high-quality, predictable crop yields. CubicFarms has two distinct technologies that address two distinct markets. The first technology is its patented CubicFarm™ System, which contains patented technology for growing leafy greens and other crops. 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 farmers, licensing its technology and providing industry-leading 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.
Information contact
Kimberly Lim
[email protected]
Phone: +1-236-858-6491
www.cubicfarms.com
Cautionary statement on forward-looking information
This news release contains certain 'forward-looking information' as such term is defined under applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the anticipated growth and development of the Company's business) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, related to the development of its business and demand for its products). Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Reference is also made to the risk factors disclosed under the heading 'Risk factors' in the Company's Annual Information Form for the year ended June 30, 2019 which has been filed on SEDAR and is available under the Company's profile at www.sedar.com.
There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: CubicFarm Systems Corp
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