VANCOUVER, BC, Sept. 9,
2022 /CNW/ - CubicFarm® Systems Corp.
("CubicFarms" or the "Company") (TSX: CUB), a leading local
chain agricultural technology company, today announced significant
changes to management, the appointment of a Special Committee of
the Board of Directors (the "Special Committee") to determine and
evaluate strategic alternatives and direction, and an update on a
FreshHub project.
Highlights
- Edoardo De Martin has been
appointed Interim Chief Executive Officer to lead CubicFarms
through the strategic transition following the retirement of Dave
Dinesen (the "Management Transition")
- A Special Committee has been appointed to determine and enact
the highest value strategic and tactical opportunities for the
Company on a go-forward basis
- Dave Dinesen and Jeff Booth have
resigned from the Board of Directors, and Daniel Burns has been appointed Chair of the
Board
Management Transition
Edoardo De Martin has been
appointed the Interim Chief Executive Officer following the
retirement and resignation of co-founder and prior Chief Executive
Officer, Dave Dinesen.
"I'm grateful for the opportunity to lead CubicFarms through
this transition period as we reorient the business toward more
profitable opportunities," said De Martin.
Daniel Burns, Chair of the Board
of Directors, added, "My heartfelt thanks for the contributions
from Dave Dinesen and Jeff Booth
after years of serving the Company and positioning CubicFarms for
its next phase. Edoardo De Martin is
well situated as former President to ensure a stable and successful
transition for the Company."
"We all thank Dave for his incredible commitment since the
inception of the company and service over the last six years. It
would not have been possible to get to this point without his
contributions," said Leo Benne,
co-founder, and a member of the Board of Directors.
Special Committee and Changes to
the Board of Directors
The Company has appointed a Special Committee of the Board
comprising directors David Cole,
Janet Wood, and Daniel Burns to review, consider, and evaluate
any potential transactions and any strategic alternatives available
to the Company, including significant changes in the direction of
the Company, its reorganization, and restructuring.
The Special Committee mandate includes negotiating or
supervising the negotiations with respect to any potential
strategic transactions.
Daniel Burns has taken the
position of Chair of the Board of Directors and Chair of the
Special Committee. Burns has previously served as chair of the
Special Committee of three Toronto Stock Exchange ("TSX")-listed
issuers. Burns has led a number of businesses through strategic
transitions, including chairing the Special Committee at TSX-listed
Zenabis Global Inc. through its successful restructuring,
refinancing, and sale in June 2021,
as well as serving as lead director of TSX-listed Battle North Gold
Corporation through its successful restructuring, refinancing, and
sale in May 2021.
FreshHub Update
On September 1, 2021, the Company
announced a CAD$1,200,000 deposit
held in trust from a private investor group for the purchase and
installation of a 96-module FreshHub installation in the Lower
Mainland area of Vancouver, British
Columbia. This private investor group has made the decision
not to proceed and the deposit will be refunded.
The Company continues to explore achieving commercial validation
of its FreshHub configuration using the CubicFarm System
technology.
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
Daniel Burns, Chair of the Board
of Directors
Forward looking and other cautionary statements
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: the Special
Committee's role to review, consider and evaluate potential
transactions and strategic alternatives available to the Company,
the Special Committee's mandate including negotiating or
supervising the negotiations with respect to any potential
strategic transactions, and the Company's ability to achieve
commercial validation of the FreshHub. Such statements involve
known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements to be
materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such statements can be identified by the use of words
such as "intend", "expect", "believe", "plan", "anticipate",
"estimate", "scheduled", "forecast", "predict", and other similar
terminology, or state that certain actions, events, or results
"may", "can", "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.