VANCOUVER, BC, Dec. 14, 2020 /CNW/ - CubicFarm® Systems
Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a local
chain agricultural technology company, today announced a signed
agreement and deposit with 1241876
B.C. Ltd., doing business as FutureLife Produce
("FutureLife"), for the sale of 10 CubicFarm machines for
$1.7 million. FutureLife is
constructing CubicFarms' largest vertical farming system
installation to date with a 100-machine project currently planned
to operate in Surrey, B.C., and
wishes to install an additional 10 machines at a strategic location
in Richmond, B.C. in order to
service the local food services market directly and seamlessly.
CubicFarms CEO Dave Dinesen
commented, "CubicFarms' technology was selected by FutureLife
because of its superior produce quality, and its ability to deploy
its novel automated, controlled-environment growing technology at
strategic onsite locations. The deployment of our technology will
dramatically shorten supply chains, ensuring only the freshest
produce is shipped to its customers. Not only will this help reduce
the overall environmental footprint of shipped produce, we believe
it will also help to eliminate the impact of lettuce recalls which
has so challenged food services industry of late."
Mr. Dinesen continued, "This is the third sale of our systems in
as many weeks, totaling nearly $9
million, and underscores the increasing demand for localized
food production."
"We are thrilled that FutureLife is moving forward with
additional machines from CubicFarms in metropolitan Vancouver while our Surrey B.C. site is being prepared for its
planned development. This will enable the local market in the food
services sector to immediately begin consuming only the freshest
locally grown produce," said FutureLife Founder & CEO
Rose Yang.
About CubicFarms
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
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
machines 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.
SOURCE CubicFarm Systems Corp.