VANCOUVER, BC / ACCESSWIRE / November 13, 2019 / CubicFarm® Systems Corp. (TSXV:CUB) ('CubicFarms' or the 'Company') is providing this bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders ('NP 12-203'). In its news release dated October 29, 2019 (the 'Default Notice'), the Company announced the delay in the filing of its annual financial statements for the fiscal year ended June 30, 2019 and the related management's discussion and analysis (the 'Required Records') by the filing deadline of October 28, 2019.
On October 29, 2019, the British Columbia Securities Commision, as principal regulator, granted a temporary management cease trade order (the 'MCTO'). As announced in the Default Notice, the Company requires additional time to file the Required Records due to the recent passing of one of the Company's founders and former Chairman Dean Drysdale, who was responsible for financial reporting and corporate governance prior to the Company going public. CubicFarms is continuing to work diligently and expeditiously with its auditors to complete and file the Required Records. The Company currently anticipates that it will be in a position to file imminently and will issue another release shortly upon filing.
Pursuant to NP 12-203, the Company must file bi-weekly default status reports in the form of further news releases during the period of the MCTO. The Company reports that since the Default Notice: (i) there have been no material changes regarding the information contained in the Default Notice; (ii) there have been no failures by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines under NP 12-203; (iii) there has not been, nor is there anticipated to be, any specified default subsequent to the default announced in the Default Notice; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About CubicFarm® Systems Corp.
CubicFarm® Systems Corp. ('CubicFarms') is an ag-tech company commercializing large scale, vertical farming solutions for global industrial markets. Founded in 2015, the Company's mission is to provide industries around the world with efficient growing systems capable of producing predictable crop yields. CubicFarms offers turnkey, commercial scale, hydroponic, automated vertical farm growing systems that can grow predictably and sustainably for 12 months of the year virtually anywhere on earth. CubicFarms enables its customers in the fresh produce, animal feed, nutraceutical, and hemp/cannabis industries to grow locally and to provide their markets with safe, sustainable, secure and fresh ingredients that are consistent in colour, size, taste, nutrition and allows for a longer shelf life. Further support and value is provided to customers through the Company's patent-pending germination technology and proprietary auto harvesting and processing methods.
Using its unique, undulating 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. The Company has sold and installed systems in Canada and the US, and is currently negotiating with a global pipeline of prospective customers. It also operates one wholly owned facility in Pitt Meadows, British Columbia, and sells its produce in the province to retail and wholesale customers under the brand name Thriiv Local Garden™.
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 the filing of the Required Records and the anticipated timing thereof. 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. 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.
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