Pond Technologies subsidiary, PaiGE Growth Technologies Inc., signs MOU with vertical farmer CubicFarm Systems Corp.
CALGARY, Oct. 21, 2019 /CNW/ - Pond Technologies Holdings Inc. ("Pond"), (TSX.V: POND) is pleased to announce that on October 18, 2019 its subsidiary PaiGE Growth Technologies Inc. ("PaiGE") entered into a Memorandum of Understanding ("MOU") with CubicFarm Systems Corp. ("CubicFarms") to study the effectiveness of combining CubicFarms vertical farming systems with PaiGE technology. If successful, the partners expect to provide an improved, efficient, modular and readily deployable system to grow vegetables or terrestrial plants using the latest advances in precision agriculture and vertical farming.
CubicFarms is commercializing industrial-scale vertical farming systems for multiple industries worldwide. The CubicFarms platform consists of a containerized, automated and environment-controlled system where trays of high-value crops like leafy vegetables and herbs follow a patented, undulating path that ensures ideal growing conditions.
Pond has developed a growth platform for algae and terrestrial plants using proprietary lighting, controls and artificial intelligence. Pond has granted PaiGE an exclusive license for the application and further advancement of this technology for terrestrial plants.
As part of the MOU, PaiGE and CubicFarms envisage a multi-phase study to test the improvements from retrofitting the CubicFarms system with PaiGE technology. Each phase shall compare plant growth and resource input in a PaiGE-equipped growth cube against a standard unit – first incorporating proprietary lighting, then sensors, and finally a precision nutrient and water dosing system. In each phase, PaiGE shall provide the engineering design, coordinate equipment manufacturing and installation, and run and assess trials. If the trials prove successful and CubicFarms decides to incorporate PaiGE technology into its growth cubes, CubicFarms agrees to pay PaiGE licensing fees for its technology. PaiGE shall retain intellectual property developed by it throughout the joint project.
Dave Dinesen, CubicFarm's CEO commented: "Our commercial-scale modular CubicFarm growing machines allow our partner farmers to increase local production of nutritious vegetables, herbs, and many other crops, helping to address both food security and the environmental footprint associated with transportation. We're excited to incorporate PaiGE precision technology with the goal of improving resource efficiency and crop yields."
Steve Martin, PaiGE CEO stated: "The partnership with CubicFarms allows us to demonstrate Pond's growth technology in the terrestrial environment, potentially opening the door to a whole new category of applications. CubicFarms is the ideal partner for us to evolve the PaiGE technology as their growth cubes provide a fully controlled environment – similar to Pond algae bioreactors. As a technology provider to CubicFarms, we are excited to support their mission of advancing sustainable precision agriculture and vertical farming."
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding Pond and its subsidiaries and expected results from its subsidiary PaiGE growth environment management systems. Such forward-looking statements are based on certain key expectations and assumptions made by Pond. Although Pond believes that the expectations and assumptions on which these forward-looking statements are based are reasonable, readers should not place undue reliance on these statements and Pond can give no assurance that they will prove to be correct. Pond does not undertake any obligation to update this forward-looking information except as required by law. For more information visit https://www.pondtech.com/paige and review our most recent Managements Discussion & Analysis filed on sedar.com.
About CubicFarm Systems Corp.
CubicFarm® Systems Corp. ("CubicFarms") is an agtech company commercializing large scale, vertical farming solutions for multiple markets worldwide. Founded in 2015, the company's mission is to provide industries around the world with efficient growing systems capable of producing predictable crop yields. Using its unique, patented 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 companies to establish facilities around the world. For more information, visit www.cubicfarms.com.
About Pond Technologies Inc. and PaiGE Growth Technologies Inc:
PaiGE Growth Technologies Inc. ("PaiGE") is an affiliate of Pond Technologies Inc. ("Pond") which has developed lighting, controls and growth platform technology ("Pond Technology") for the growth of algae and cyanobacteria in enclosed bio-reactors. Pond has granted PaiGE an exclusive license for the application and further development of the Pond Technology for growing terrestrial plants. Pond provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
SOURCE Pond Technologies Holdings Inc.
Steve Martin, Chief Executive Officer, at [email protected], 416-287-3835 ext. 201; Chris Cory at [email protected], 416‐287‐3835 ext. 215
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