Bevo Agro Inc. files circular with respect to the transaction concerning a reverse takeover involving Bevo Agro and Sun Pharm to create Zenabis Global - along with the distribution of shares of Cubic Farms shares to current Bevo shareholders
VANCOUVER, Nov. 27, 2018 /CNW/ - CubicFarm Systems Corp. ("CubicFarms") is pleased to announce today that Bevo has filed its management information circular and related voting materials (collectively, the "Meeting Materials" under its profile on SEDAR at www.sedar.com including the spin out and listing of CubicFarms. The Meeting Materials will be mailed to Bevo shareholders (the "Shareholders") in connection with the annual and special meeting of Shareholders to be held on December 27, 2018 (the "Meeting"). See the Bevo Agro Inc. (Bevo) press release issued today on www.sedar.com for more details about the transaction.
CubicFarms is an agriculture technology and vertical farming company that develops and employs patented technology to provide high-quality, predictable crop yields for farms around the world. CubicFarms' technology, the CubicFarm System (the "System"), is a unique modular growing system that is the product of eight years of research by Jack and Leo Benne, the majority shareholders of Bevo, one of the largest plant propagation businesses in North America.
The System addresses the two most difficult challenges in the vertical farming industry, high electricity and labour costs, using unique undulating path technology. CubicFarms leverages its technology by operating its own facility in Pitt Meadows, British Columbia and creating joint ventures with other farms ("Partner Farms"). In its joint ventures, CubicFarms sells the System and provides industry-leading vertical farming expertise. CubicFarms also sells the System directly to other farms where it does not have a joint venture.
The CubicFarm System is a low-cost solution that enables Partner Farms to grow high value crops, year-round, in close proximity to consumers, even in areas with limited access to water and arable land. The System uses less water, labour and land than traditional farming and alternative technologies. CubicFarms believes that the System grows better crops with higher yields at lower cost, delivering better profit margins and profits for Partner Farms. Through this proprietary technology, CubicFarms will help Partner Farms develop a sustainable local competitive advantage while providing consumers with fresh locally-grown vegetables.
"Cubicfarms is excited to have applied to list on the TSX Venture Exchange," said Dave Dinesen, CEO of CubicFarm Systems Corp. "This is a logical next step as we move to facilitate our rapid growth. Helping all countries grow food in a safe, sustainable, and self-sufficient manner is a worthy and much needed mission".
As previously announced on October 4, 2018, Bevo and Sun Pharm have entered into an arrangement agreement with respect to a reverse take-over of Bevo the distribution of shares of Cubicfarm Systems Corp. ("CubicFarms") to Bevo shareholders by way of a plan of arrangement (collectively, the "Transaction").
CubicFarms® 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.
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of CubicFarms, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the completion of the Transaction. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond CubicFarms control. These risks, uncertainties and assumptions include, but are not limited to, those described CubicFarms Management's Discussion & Analysis for the fiscal year ended June 30, 2018, as well as the risks, uncertainties and assumptions set out in CubicFarms management information circular, in particular with respect to Zenbis' production capacity could cause actual events or results to differ materially from those projected in any forward-looking statements. A copy of such MD&A is available on SEDAR at www.sedar.com under Bevo Agro Inc. (TSXV:BVO) filings. CubicFarms does not intend, nor does CubicFarms undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
For more information, visit: https://www.zenabis.com.
SOURCE CubicFarm Systems Corp.
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