Mr. Dave Dinesen reports
CUBICFARM SYSTEMS ANNOUNCES GLOBAL RESELLER AGREEMENT WITH GROVIV WITH MINIMUM SALES THRESHOLD OF 200 MACHINES
Cubicfarm Systems Corp. has entered into a global reseller agreement with Groviv, a leader in the science and technology of controlled-environment agriculture (CEA). Groviv, a division of Nu Skin Enterprises -- a minority investor in Cubicfarm -- will lead global sales for Cubicfarm and has appointed Joe Huston, its vice-president of business development, to direct the effort. Mr. Huston has extensive retail sales and distribution experience, working with brands such as Walmart, Kroger and Costco.
The authorized reseller agreement, while global in nature, will be focused initially on the sales of vegetable-growing machines in key territories such as China, the Middle East and other strategic areas. The agreement complements Cubicfarm's own sales and marketing efforts for its machines. Cubicfarm is also focused on growing machine sales in its other verticals -- animal feed, hemp/cannabis and nutraceutical ingredients -- through its own sales pipeline or in partnership with other resellers.
In January, 2019, Cubicfarm signed a binding term sheet with Nu Skin to work together in the long term to market and sell Cubicfarm systems in China. This reseller agreement expands upon Cubicfarm's relationship with Nu Skin to allow its Groviv division to act as an exclusive, authorized reseller globally, with the provision that Groviv fulfills a minimum semi-annual sales threshold of 60 and 140 Cubicfarm growing machines by June 30, 2020, and Dec. 31, 2020, respectively.
"The expansion of the China binding term sheet to this global reseller agreement is a testament to Nu Skin and Groviv's confidence in Cubicfarm's patented technology. We are excited to work with Joe and his team to bring the best automated vertical farming technology to China, the Middle East and other strategic areas where population growth, water, soil and farmland challenges present a huge need for high-value leafy vegetables, herbs and other crops," said Dave Dinesen, chief executive officer of Cubicfarm.
"Joe and the rest of the Groviv team have already established relationships with key growers, customers and partners worldwide, resulting in a significant sales pipeline. Joe's leadership experience in building businesses and driving revenue, coupled with his deep experience operating in China, are an enormous boon to our partnership."
Steve Lindsley, president of Groviv, stated: "We are excited to combine both our sales and marketing expertise with Cubicfarm. Together we have the science, technology and experience to provide sustainable solutions that will grow safe, clean and nutritious fresh produce around the world."
About Cubicfarm Systems Corp.
Cubicfarm Systems is an agricultural technology company commercializing large-scale, vertical farming solutions for global industrial markets. Founded in 2015, the company's mission is to provide industries around the world with efficient growing systems capable of producing predictable crop yields. Cubicfarm 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.
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