13:35:46 EDT Sat 19 Jun 2021
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Cubicfarm Systems Corp
Symbol CUB
Shares Issued 84,179,714
Close 2020-07-09 C$ 0.66
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Cubicfarm sells 16 systems to Okanagan customer

2020-07-10 09:04 ET - News Release

Mr. Dave Dinesen reports


Cubicfarm Systems Corp.'s automated, controlled-environment system has been selected by a new customer to grow commercial quantities of leafy greens for retail markets in the Okanagan region in British Columbia, Canada.

The company has finalized an agreement for the sale of 16 CubicFarms machines, and received a deposit from a British Columbia-based agriculture industry expert specialized in equipment sales in Western Canada.

Cubicfarm chief executive officer Dave Dinesen commented: "We are excited to be working with our new customer who plans to supply commercial-scale greens in the Okanagan region. While the Okanagan Valley is a great location for growing fresh produce, the weather can affect growing seasons. Cubicfarms allows our customer to eliminate the weather variable and grow locally, all year round.

"We invite growers to contact us for a visit to our facility in Pitt Meadows, B.C., to get a first-hand view of our technology and learn how we can help them scale up their business. Interested parties can also opt for tours via live video calls, or receive the same in-person tour experience through our virtual tour available on our website. We look forward to continue serving our customers and sales leads to help them supply their markets with fresh produce and nutritious livestock feed."

The system includes 14 growing machines, two propagation machines and an irrigation system, representing a total of $2,145,000 (U.S.) (excluding installation and shipping) in anticipated sales revenues to the company. The system is expected to be installed by the end of the year in Armstrong, B.C.

The company has a current backlog of approximately $20-million (U.S.), representing 161 machines under deposit and awaiting installation -- demonstrating continued sales momentum due in part to growing demand for its systems. The current backlog is anticipated to be recognized in revenue in late 2020 to mid-2022.

About Cubicfarm Systems Corp.

Cubicfarm is a technology company that is developing and deploying technology to feed a changing world. Its proprietary technologies enable growers around the world to produce high-quality, predictable crop yields.

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