Edmonton, Alberta--(Newsfile Corp. - September 12, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") is pleased to announce that its wholly owned subsidiary, Alberta Food Security Inc. ("AFSI"), received a signed purchase order dated September 11, 2024, for $5 million with an arm's length customer to build multiple indoor vertical farms in Ontario, Canada.
Pursuant to the purchase order, the Company and the customer will coordinate to establish a delivery schedule. The terms of the agreement require a fifty (50%) percent deposit to be paid prior to delivery, with the remaining balance due within thirty (30) days of delivery. TrustBIX anticipates a gross margin of approximately fifteen (15%) percent on the order. Additionally, once the indoor farm is fully operational, an annual fee equal to approximately five (5%) percent of the purchase price will be applied for automation and monitoring services powered by artificial intelligence and machine learning systems. Revenue from the order will be recognized upon product delivery.
TrustBIX CEO Hubert Lau stated, "This purchase order illustrates our continued progress in the controlled indoor agriculture sector and builds on the momentum from the initial orders announced on April 15, 2024. We believe this substantial purchase order demonstrates the value of our technologies in addressing food security and advancing sustainable agricultural practices."
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.
www.TrustBIX.com
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