VANCOUVER, BC / ACCESSWIRE / October 8, 2019 / CubicFarm® Systems Corp. (TSXV:CUB) ("CubicFarms" or the "Company") announces that on October 7, 2019, the Company finalized an agreement for the sale of a large scale commercial CubicFarm system in Montana, USA and received the initial deposit from the customer.
CubicFarms is pleased to announce the sale of its second commercial-scale farm in the US, in the State of Montana. The system's plan includes 18 CubicFarms patented growing machines, 2 patented germination machines, along with Cubic's proprietary supporting irrigation system. At approximately $3 million USD, this represents the second-largest sale to date.* The customers purpose-built facility is designed and constructed to accommodate the possibility of doubling future production quickly and efficiently.
"We are very excited to be installing a large CubicFarm System in Montana," said Dave Dinesen, CEO of CubicFarm Systems Corp. "The location of this installation is quite strategic and will allow our customers to access several markets and leverage logistic resources to further enhance their commercial-scale growing operation. As our customer is already in the farming and produce space, they will be able to expand and diversify quickly and leverage their current infrastructure. CubicFarms will also be installing its latest generation of machine, which provides greater capacity and flexibility to grow more varieties and increase yield".
*The largest system sale to date was Calgary, Alberta for 23 growing machines, announced on July 11, 2019.
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About CubicFarm® Systems Corp.
CubicFarm® Systems Corp. is an Ag-Tech and Vertical Farming company that utilizes patented technology to cultivate high-quality produce. The Company believes that it can provide a benefit to the world by significantly reducing the physical footprint of farming, shipping costs, and associated greenhouse gasses, while significantly decreasing the use of freshwater and eliminating the need for harmful pesticides.
Founded in 2015, the Company's mission is to provide farmers around the world with an efficient growing system capable of producing predictable yields with superior taste. Using its unique, undulating growing system, the Company addresses the main challenges within the indoor farming industry by significantly reducing the need for physical labour, by reducing energy, and by maximizing yield per cubic foot. The Company has sold and installed systems in Canada and the US and is currently negotiating with a global pipeline of prospective customers. It also operates one wholly-owned facility in Pitt Meadows BC and sells its produce in British Columbia to retail customers under the brand name Thriiv Local Garden™ and to wholesale customers as well.
CubicFarm® Systems Corp's. patented growing system provides customers with a turnkey, commercial scale, hydroponic, automated vertical farm growing systems that can grow predictably and sustainably for 12 months of the year virtually anywhere on earth. CubicFarm® enables its customers to grow locally and to provide their markets with produce that is consistent in colour, size, taste, nutrition and allows for a longer shelf life. CubicFarms is focused on providing its technology to farmers to grow safe, sustainable, secure, fresh produce, nutraceutical ingredients, and animal feed. Further support and value is provided to our clients through our patent-pending germination technology and proprietary auto harvesting and processing methods.
CubicFarm® Systems Corp.
For further information contact:
Ross Rayment, VP - Corporate Development
[email protected] work: 1-403-616-0312
Cautionary Notice Concerning Forward-Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, anticipated sale of this CubicFarm system to this customer. Forward looking statements are necessarily based upon a number of estimates, and assumptions (including the receipt of regulatory approvals) that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward looking statements. There can be no assurance that the sale of this CubicFarm system will be completed as currently planned or at all. Accordingly readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: CubicFarm® Systems Corp.