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CubicFarm Systems Announces 'Significant Management and Strategic Transitions'
Monday, September 12, 2022Company Profile | Follow Company
Langley, BC, September 12, 2022--(T-Net)--CubicFarm Systems Corp. (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, to determine and evaluate strategic alternatives and direction, and an update on a FreshHub project.
Highlights
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.
Edoardo De Martin, Interim Chief Executive Officer, and Chief Technology Officer, CubicFrm Systems
"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 $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 says it 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.
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. [ MORE ] |
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