VANCOUVER, BC, Dec. 16, 2020 /CNW/ - CubicFarm® Systems
Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a local
chain, agricultural technology company, today announced the voting
results from its Annual General Meeting of shareholders, which was
held virtually on December 16, 2020
(the "Meeting").
Election of Directors
Shareholders approved the setting of the number of Directors at
seven. The seven candidates nominated for election to CubicFarms'
Board of Directors (the "Board") and listed in the Company's
Management Information Circular dated November 12, 2020 (the "Circular"), were elected
by a majority of the votes cast at the Meeting. The voting results,
representing approximately 28% of the Company's issued and
outstanding voting shares, elected David Dinesen, Leo Benne, John De
Jong, Michael McCarthy,
Daniel Burns, Jeffrey D. Booth and Christopher Papouras. Approximately 98% of the
votes cast were in favour of the election of the Directors.
Shareholder Approval of Other Matters
In addition, at the Meeting, shareholders approved the
appointment of MNP LLP, Chartered Accountants, as the auditor of
the Company for the ensuing financial year with their remuneration
to be fixed by the Board. Approximately 100% of the votes cast were
in favour of the appointment.
Shareholders also approved an amendment to the Company's stock
option plan to increase the fixed number of shares that may be
issued upon the exercise of all options granted under the plan, as
more particularly described in the Circular. Approximately 100% of
the votes cast were in favour of the amendment.
Chairman of the Board Jeffrey Booth commented, "It was a
pleasure to host today's meeting. There was excellent dialogue
between shareholders and management about the Company's growth in
2020, and I look forward to Cubic's continued success in
2021."
Closing of Previously Announced Private Placement
The Company announced today that it closed its previously
announced non-brokered private placement for gross proceeds of
C$175,500 (the "Offering"). The
Company intends to use the proceeds of the Offering for general
working capital purposes.
For more information about the Offering, please see the
Company's press release dated November 25,
2020, which is available under the Company's profile on
SEDAR at www.sedar.com.
About CubicFarms
CubicFarms is a local chain, agricultural technology company
developing and deploying technology to feed a changing world. Its
proprietary technologies enable growers around the world to produce
high quality, predictable crop yields. CubicFarms has two distinct
technologies that address two distinct markets. The first
technology is its CubicFarms™ system, which contains patented
technology for growing leafy greens and other crops indoors, all
year round. Using its unique, undulating-path growing system, the
Company addresses the main challenges within the indoor farming
industry by significantly reducing the need for physical labour and
energy, and maximizing yield per cubic foot. CubicFarms leverages
its patented technology by operating its own R&D facility in
Pitt Meadows, British Columbia,
selling the system to growers, licensing its technology and
providing vertical farming expertise to its customers.
The second technology is CubicFarms' HydroGreen system for
growing nutritious livestock feed. This system utilizes a unique
process to sprout grains, such as barley and wheat, in a controlled
environment with minimal use of land, labour and water. The
HydroGreen system is fully automated and performs all growing
functions including seeding, watering, lighting, harvesting, and
re-seeding – all with the push of a button – to deliver nutritious
livestock feed without the typical investment in fertilizer,
chemicals, fuel, field equipment and transportation. The HydroGreen
system not only provides superior nutritious feed to benefit the
animal, but also enables significant environmental benefits to the
farm.
For more information, please visit www.cubicfarms.com
Cautionary Statement on Forward-looking Information
Certain statements in this release constitute "forward-looking
statements" or "forward-looking information" within the meaning of
applicable securities laws, including, without limitation,
statements with respect to CubicFarms' expected revenue
recognition, and the completion of the sale and installation of the
system by the customer. Such statements involve known and unknown
risks, uncertainties, and other factors which may cause the actual
results, performance, or achievements of CubicFarm Systems Corp.,
or industry results, to be materially different from any future
results, performance, or achievements expressed or implied by such
forward-looking statements or information including the Company
obtaining the approval of the Offering from the TSX Venture
Exchange. Such statements can be identified by the use of words
such as "may", "would", "could", "will", "intend", "expect",
"believe", "plan", "anticipate", "estimate", "scheduled",
"forecast", "predict", and other similar terminology, or state that
certain actions, events, or results "may", "could", "would",
"might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations
regarding future events, performance, and results and speak only as
of the date of this news release. Consequently, there can be no
assurances that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Except as required by securities
disclosure laws and regulations applicable to the Company, the
Company undertakes no obligation to update these forward-looking
statements if the Company's expectations regarding future events,
performance, or results change.
SOURCE CubicFarm Systems Corp.