CubicFarms has received a $10.0m equity investment, purchase order, and deposit from a strategic investor, increased the deposit at one of its locations, and announces the addition of 12 machines to its total operating network.
VANCOUVER, Feb. 7, 2019 /CNW/ - CubicFarm® Systems Corp. ("CubicFarms") is pleased to announce the following updates regarding the business.
12 Machines Brought Online in Edmonton, Alberta
CubicFarms is glad to announce that the installation of 12 machines at Swiss Leaf Farms in Edmonton, Alberta has begun operation and is currently selling produce. CubicFarms has a 50% equity interest in this operation. This addition results in 23 total CubicFarms machines in operation.
Received $10.0m Investment, Purchase Order, and Deposit from a Strategic Investor
CubicFarms is excited to announce that it has received a $10.0m investment from a strategy venture. As a component of the investment agreement, CubicFarms and the strategic investor will pursue a joint venture to take the CubicFarms Systems technology to China. The strategic investor has also submitted an order for seven CubicFarms machines, one irrigation system, and one 1/8th scale demonstration machine, and has made a deposit in addition to their $10.0m investment.
Increase in Deposit for Richmond, British Columbia CubicFarms System
CubicFarms is pleased to announce that our third-party partner in Richmond, British Columbia has increased their deposit, resulting in an increase in the certainty of shipment. This will be the fifth CubicFarms facility in Canada, adding 12 machines to the operating network once in production. It is expected to be installed in the second calendar quarter.
"The investment of $10.0m from our strategic investor has further energized all of us at CubicFarms and we are excited and eager for the future," said Dave Dinesen, Chief Executive Officer of CubicFarms. "This additional capital combined with a strong pipeline of deposits for system installations shows that the future is bright for our technology to bring fresh, local, sustainably grown product to market and for CubicFarms to continue to be a leader in the controlled environment agriculture space."
The previously announced reverse-take over of Bevo Agro Inc. ("Bevo") by Sun Pharm Investments Ltd. and the distribution of shares of CubicFarms to Bevo shareholders by way of plan of arrangement successfully closed on January 8th, 2019.
CubicFarm® Systems Corp. is an Agriculture Tech and Vertical Farming technology company that utilizes revolutionary, patented technology to cultivate high-quality produce. Founded in 2015, the company's mission is to provide farmers around the world with efficient growing systems capable of producing predictable crop yields. Using its unique undulating growing system, CubicFarms® solves the two main challenges within the indoor farming industry: high electricity and labour costs. Currently, CubicFarms® cultivates living lettuce, living basil and microgreens at its own facility in Pitt Meadows, British Columbia and is partnering with other farmers to establish facilities around the world.
SOURCE CubicFarm Systems Corp.
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