Ms. Kimberly Lim reports
CUBICFARM SYSTEMS CORP. ANNOUNCES LATE FILING OF FINANCIAL STATEMENTS
Cubicfarm Systems Corp. will not file its annual financial statements for the fiscal year ended June 30, 2019, and the related management's discussion and analysis on or before Oct. 28, 2019, as required under applicable securities. The company made an application to the provincial securities commissions under National Policy 12-203 (Cease Trade Orders) and has received a management cease trade order (MCT) in respect of the late filing. During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares; however, the company's chief executive officer, chief financial officer, and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade the company's shares.
Cubicfarms has been slightly delayed in finalizing the required records due to the recent passing of one of its founders and former chairman Dean Drysdale, who was responsible for financial reporting and corporate governance prior to the company going public.
Cubicfarms expects to file its audited financial statements for the fiscal year ended June 30, 2019, and the related management's discussion and analysis by Nov. 22, 2019. Until then, the company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 for as long as it remains in default, including the issuance of biweekly default status reports, each of which will be issued in the form of a news release. The company also confirms that, at the date hereof, there are no insolvency proceedings against it and no other material information concerning the affairs of the company that has not been generally disclosed.
About Cubicfarm Systems Corp.
Cubicfarm Systems Corp. is an ag-tech company, commercializing large-scale, vertical farming solutions for global industrial markets. Founded in 2015, the company has a mission to provide industries around the world with efficient growing systems capable of producing predictable crop yields. Cubicfarms offers 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. Cubicfarms enables its customers in the fresh produce, animal feed, nutraceutical and hemp/cannabis industries to grow locally and to provide their markets with safe, sustainable, secure and fresh ingredients that are consistent in colour, size, taste and nutrition, and allow for a longer shelf life.
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