Mr. Dave Dinesen reports
CUBICFARM SYSTEMS CORP. ISSUES THIRD QUARTER FINANCIAL RESULTS
Cubicfarm Systems Corp. has released its financial and operating results for the three months ended March 31, 2020.
Cubicfarm chief executive officer Dave Dinesen commented: "We had an eventful quarter highlighted by the landmark strategic investment by top ag-tech investor Ospraie Ag Science, who saw Cubicfarm's potential to help address the need for locally produced, safe, reliable, environmentally friendly and affordable food and livestock feed, that has been amplified by the COVID-19 pandemic.
"We've had good sales momentum since closing the acquisition of HydroGreen Inc. -- the manufacturer of the HydroGreen livestock feed system -- in January, and have secured large sales orders for both the fresh produce and livestock feed sides of the business, including our largest 100-machine sale to date. We expect our technology to localize food production to continue receiving increasing interest worldwide.
"The pandemic may have introduced a slight delay to some delivery timelines for machine installation, but it has caused a significant increase in the number of inquiries we are receiving from around the world. We are also using this time to further strengthen the company by rounding out our management team and completing a variety of projects that in the past were a challenge to get to. Our team is focused on executing critical projects in the next quarter and beyond, that will add value to the company and our stakeholders -- including the successful delivery of machines to our customers, streamlining and building out our after-sales support programs, continuing to innovate on R&D [research and development] for machines and crop varieties, and pursuing partnerships and business opportunities strategically."
Cubicfarm's third quarter financial statements and related management's discussion and analysis will be issued and filed on SEDAR on May 29, 2020, and will be available on the same day on Cubicfarm's website.
About Cubicfarm Systems Corp.
Cubicfarm, a technology company that is developing and deploying technology to feed a changing world, has proprietary technologies that enable growers around the world to produce high-quality, predictable crop yields. Cubicfarm has two distinct technologies that address two distinct markets. The first technology is its patented Cubicfarm system, which contains patented technology for growing leafy greens and other crops. The second technology is Cubicfarm's HydroGreen system for growing nutritious livestock feed.
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