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Cubicfarm Systems Corp
Symbol CUB
Shares Issued 84,179,714
Close 2019-10-23 C$ 0.44
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Cubicfarm, PaiGE sign MOU to study tech combination

2019-10-24 08:41 ET - News Release

Mr. Dave Dinesen reports

CUBICFARM(R) SYSTEMS CORP. ANNOUNCES MOU WITH PAIGE GROWTH TECHNOLOGIES INC. TO STUDY EFFECTIVENESS OF COMBINING TECHNOLOGIES FROM BOTH COMPANIES

Cubicfarm Systems Corp. has entered into a memorandum of understanding (MOU) with PaiGE Growth Technologies Inc., a subsidiary of Pond Technologies Holdings Inc., to study the effectiveness of combining Cubicfarm's 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.

Cubicfarm is commercializing industrial-scale vertical farming systems for multiple industries worldwide. The Cubicfarm platform consists of an automated, 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 licence for the application and further advancement of this technology for terrestrial plants.

As part of the MOU, Cubicfarm and PaiGE envisage a multiphase study to test the improvements from retrofitting the Cubicfarm 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, co-ordinate equipment manufacturing and installation, and run and assess trials. If the trials prove successful and Cubicfarm decides to incorporate PaiGE technology into its growth cubes, Cubicfarm agrees to pay PaiGE licensing fees for its technology. PaiGE shall retain intellectual property developed by it throughout the joint project.

Cubicfarm chief executive officer Dave Dinesen 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."

PaiGE chief executive officer Steve Martin 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."

About Cubicfarm Systems Corp.

Cubicfarm is an agriculture technology 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.

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