Ms. Kimberly Lim reports
CUBICFARM SYSTEMS CORP. PROVIDES BI-WEEKLY STATUS REPORT ON FILING OF ANNUAL FINANCIAL STATEMENTS
Cubicfarm Systems Corp. is providing this biweekly default status report in accordance with National Policy 12-203 (Management Cease Trade Orders). In its news release dated Oct. 29, 2019 (the default notice), the company announced the delay in the filing of its annual financial statements for the fiscal year ended June 30, 2019, and the related management's discussion and analysis (the required records) by the filing deadline of Oct. 28, 2019.
On Oct. 29, 2019, the B.C. Securities Commission, as principal regulator, granted a temporary management cease trade order (the MCTO). As announced in the default notice, the company requires additional time to file the required records due to the recent passing of one of the company's founders and former chairman Dean Drysdale, who was responsible for financial reporting and corporate governance prior to the company going public. Cubicfarm is continuing to work diligently and expeditiously with its auditor to complete and file the required records. The company currently anticipates that it will be in a position to file imminently and will issue another release shortly upon filing.
Pursuant to NP 12-203, the company must file biweekly default status reports in the form of further news releases during the period of the MCTO. The company reports that since the default notice: (i) there have been no material changes regarding the information contained in the default notice; (ii) there have been no failures by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203; (iii) there has not been, nor is there anticipated to be, any specified default subsequent to the default announced in the default notice; and (iv) there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date of this news release.
About Cubicfarm Systems Corp.
Cubicfarm Systems is an ag-tech 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. 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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