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AgTech Company CubicFarms Provides Update on HydroGreen's Feed Center in California and Strategic Expansion Into Oklahoma
Thursday, February 8, 2024Company Profile | Follow Company
Langley, BC, February 7, 2024--(T-Net)--CubicFarm Systems Corp. (TSX-V:CUB), a leading agricultural technology company, announced that its ruminant livestock feed subsidiary company, HydroGreen Inc., has agreed to enter into a partnership agreement with Hansen Industries to construct two Feed Centers in Visalia, California, each equipped with 20 GLS 808 machines.
This agreement is designed to fulfill the previously announced, pre-existing demand for 120 tons of fodder per day of fresh sprouted grains as part of a Feed as a Service ("FaaS") offering.
"We are excited to partner with HydroGreen to build Feed Centers and provide an industry-changing feed additive," says Shane Hansen, Founder and CEO of Hansen Industries.
"The Feed Centers will be developed and built in Visalia, CA to supply sprouted grains to our existing signed customer base to add to their daily feed ration. As observed in research trials, the positive impact of this high-performance feed additive is evident in the herd within days. We are only beginning to understand the long-term health benefits that HydroGreen provides to the animal, and the value that it brings back to the producer. Any dairyman will tell you, 'You have to feed it to believe it!' This partnership will allow us to do just that." Hansen Industries is renowned for delivering high-quality dairy industry products and services with a focus on building long-term relationships with customers.
In addition to the progress in Visalia, California, HydroGreen announced plans for an additional Regional Feed Center in Tulsa, Oklahoma with Precision Capital Ventures. In this agreement, HydroGreen will be the exclusive FaaS supplier of fresh fodder to Precision Capital Ventures, with HydroGreen building and operating the Regional Feed Centers on behalf of the customer.
Gabe Orr, Founder and Partner of Precision Capital Ventures said, "Precision Capital Ventures looks to rely on HydroGreen's service to scale and build our future in grass-fed beef operations, together we can produce verifiably healthier beef cattle for our consumers. Our initial plans will require one HydroGreen Feed Center to be added each year for the next four years." Precision Capital Ventures is a private equity firm founded by 4th generation beef ranchers, specializing in innovative technologies in the agriculture and beef industries.
John De Jonge, President, CubicFarm Systems Corp.
"This expansion of HydroGreen's operations showcase HydroGreen's capacity to meet large-scale needs for the evolving agricultural sector through practical, efficient solutions," said John de Jonge, President and CEO of HydroGreen. "Our goal is to bring continuous value to producers while diversifying HydroGreen's geographical footprint throughout the US."
"HydroGreen's recent agreements are pivotal in the execution of our FaaS model, showcasing our ability to innovate both independently and in collaboration with key agricultural partners. Our strategy for 2024 and beyond is centered on expanding Feed Center operations in crucial US markets. This expansion is not just about growth; it's about solidifying a sustainable source of recurring revenue for the company." said Michael Kyne, CFO of CubicFarms and HydroGreen.
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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