CubicFarms announces sale of 16-machine commercial-scale system in Armstrong, BC
VANCOUVER, BC, July 10, 2020 /CNW/ - CubicFarm® Systems Corp. (TSXV: CUB) ("CubicFarms" or the "Company") is pleased to announce that its automated, controlled-environment system has been selected by a new customer to grow commercial quantities of leafy greens for retail markets in the Okanagan region in British Columbia, Canada.
The Company has finalized an agreement for the sale of 16 CubicFarms machines, and received a deposit from a British Columbia-based agriculture industry expert specialized in equipment sales in Western Canada.
CubicFarms CEO Dave Dinesen commented: "We are excited to be working with our new customer who plans to supply commercial-scale greens in the Okanagan region. While the Okanagan Valley is a great location for growing fresh produce, the weather can affect growing seasons. CubicFarms allows our customer to eliminate the weather variable and grow locally, all year round.
"We invite growers to contact us for a visit to our facility in Pitt Meadows, BC to get a first-hand view of our technology and learn how we can help them scale up their business. Interested parties can also opt for tours via live video calls, or receive the same in-person tour experience through our virtual tour available on our website. We look forward to continue serving our customers and sales leads to help them supply their markets with fresh produce and nutritious livestock feed."
The system includes 14 growing machines, two propagation machines and an irrigation system, representing a total of US$2,145,000 (excluding installation and shipping) in anticipated sales revenues to the Company. The system is expected to be installed by the end of the year in Armstrong, BC.
The Company has a current backlog of approximately US$20 million representing 161 machines under deposit and awaiting installation – demonstrating continued sales momentum due in part to growing demand for its systems. The current backlog is anticipated to be recognized in revenue in late-2020 to mid-2022.
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 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 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 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.
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 the customer's ability to supply leafy greens to the Okanagan region, CubicFarms' expected revenue recognition, and installation of the system by the end of the year. Such statements involve known and unknown risks, uncertainties, and other factors including evolving market conditions, 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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2020/10/c9695.html
Kimberly Lim, kimberly@cubicfarms.com, Phone: +1-236-858-6491, www.cubicfarms.comCopyright CNW Group 2020