VANCOUVER, BC , March 10,
2022 /CNW/ - CubicFarm® Systems Corp.
("CubicFarms" or the "Company") (TSX: CUB), a leading
local chain agricultural technology company, has appointed
Daniel Burns, a member of the
Company's Board of Directors, as interim Chief Financial Officer
("CFO"). He will step down as Chair of the Company's Audit
Committee to serve as interim CFO, effective April 1, 2022.
Daniel Burns became the first
certified director in British
Columbia with an ICD.D designation granted by the Institute
of Corporate Directors, and one of the first in Canada. He is Audit Committee Certified
("A.C.C.") from the Director's College. Burns is a member of the
Law Society of British Columbia
and the Certified Professional Accountants of Ontario. He holds a Master of Business
Administration ("MBA") from the University of
Toronto and a Global Executive MBA from the University of St
Gallen, Switzerland. He is
well-versed in public markets and has served as chair of
significant audit committees in both Canada and the
United States, as well as formerly serving as CFO of a
publicly listed issuer.
Tim Fernback will step down from
his role serving as the Company's CFO but will continue as a
Company advisor while overseeing several strategic projects over
the next several months during this transition period. In addition,
Fernback will continue serving as an active member of the Company's
Scientific Advisory Board ("SAB").
"I'm grateful for my time as CFO at CubicFarms and proud of my
contributions to the Company's significant growth over the past two
years, including overseeing $70
million in new financings and graduating to Toronto Stock
Exchange," said Fernback. "I'm a strong believer in the Company's
mission to help feed our changing world and improve food security
by localizing food production and excited about the next phase of
Company growth."
Fernback was appointed CFO in March
2020, shortly after the Company acquired HydroGreen, a
technology company focused on growing fresh livestock feed. He
successfully integrated HydroGreen as a division of CubicFarms,
initiated sustainability programs at the Company, and led the
creation of the CubicFarms SAB. He also co-authored Hydroponic
fodder and greenhouse gas emissions: a potential avenue for climate
mitigation strategy and policy development, which was
published by Canadian Science Publishing in FACETS, the
official journal of the Royal Society of Canada's Academy of Science.
"Tim Fernback has been a
tremendous leader and a voice of sound advice and counsel to our
leadership team and Scientific Advisory Board," said Dave Dinesen,
Chief Executive Officer, CubicFarms. "He's helped strengthen our
balance sheet and increased analyst coverage, while initiating
important sustainability and internal programs, like our
widely-adopted Grow Together employee share purchase program to
allow employees to become shareholders of CubicFarms. He will stay
on as an advisor to oversee strategic projects for the Company and
to ensure a smooth transition. I'd like to wish him well and thank
him for his years of service to the Company."
About CubicFarms
CubicFarms is a leading local chain agricultural technology
company developing and deploying technology to feed a changing
world. Its proprietary ag-tech solutions enable growers to produce
high quality, predictable produce and fresh livestock feed with
HydroGreen Nutrition Technology, a division of CubicFarm Systems
Corp. The CubicFarms™ system contains patented technology for
growing leafy greens and other crops onsite, indoors, all year
round. CubicFarms provides an efficient, localized food supply
solution that benefits our people, planet, and economy.
For more information, please visit www.cubicfarms.com.
On behalf of the Board of Directors
"Dave Dinesen"
Dave Dinesen, Chief Executive Officer
This release may contain certain "forward-looking statements" or
"forward-looking information" under applicable securities laws.
Forward-looking terms such as "may," "will," "could," "should,"
"would," "plan," "potential," "intend," "anticipate," "project,"
"target," "believe," "plan," "outlook," "estimate," or "expect" and
other words, terms and phrases of similar nature are often intended
to identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
Forward-looking statements are based on certain key expectations
and assumptions made by the Company. Although management of the
Company believes that the expectations and assumptions on which
such forward-looking statements are based are reasonable, undue
reliance should not be placed on the forward-looking statements
because the Company can give no assurance that they will prove to
be correct.
SOURCE CubicFarm Systems Corp.