New HydroGreen Vertical Pastures™ Address Lack of
Natural Resources
VANCOUVER, BC, April 6, 2021 /CNW/ - CubicFarm® Systems
Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a local
chain agricultural technology company, today announced an agreement
with Burnett Land & Livestock Ltd., LLLP ("Burnett") for 12
HydroGreen Grow System beta modules, daily feed production supply,
and includes collaboration on a research program and feed analysis
with HydroGreen, Inc. ("HydroGreen"), a wholly-owned subsidiary of
CubicFarms.
As part of the agreement, HydroGreen and Burnett will
collaborate on the collection of data and research to quantify the
livestock feed nutrition benefits, dry matter yield percentage
gain, performance of the herd, with special interest in fertility,
milk production, and the overall wellbeing of the animals.
This pioneering collaboration between Burnett and HydroGreen was
initiated by Total Dairy Solutions U.S.A., a global leader in dairy farm
solutions, when they evaluated the need for sustainable, commercial
scale solutions for livestock feed. The agreement includes 12
HydroGreen GLS808 modules to be installed on Burnett's large
U.S.-based beef cattle ranch and dairy farm in Carpenter, Wyoming. Burnett's operations
include over 17,000 cattle located on 35,000 acres across the
Midwestern and Western United
States. As a trusted source of innovation and ag-tech, Total
Dairy Solutions U.S.A. is a global
reseller of the HydroGreen Grow System with over 200 employees
servicing more than 400 dairies.
This beta project, called HydroGreen Vertical Pastures™, will
include the first installation of the commercial scale HydroGreen
GLS808 modules on a large-scale farm. The 12 HydroGreen GLS808
modules, once installed, can produce 80% more fresh livestock feed
than HydroGreen's legacy systems, providing Burnett with up to
72,000lbs of feed daily. As part of the feed ration, that's enough
to feed 2,000 animals daily. Burnett will purchase all the daily
feed production supply with the option to purchase the modules and
expand to accommodate Burnett's full operational needs.
"When evaluating Burnett's scaling opportunities, we strongly
recommended HydroGreen's unique solution for its sustainable and
scalable technology," said Kevin
Fiske, CEO, Total Dairy Solutions U.S.A. "HydroGreen's fresh livestock feed
technology has many benefits, including using less land and
92%1 less water than traditional pasture grazing."
"Burnett's ranch size required a significant increase in
livestock feed production capacity and our new HydroGreen Vertical
Pastures™ can handle their commercial scale production needs," said
Dan Schmidt, President, HydroGreen.
"As a technology company founded by farmers, we're thrilled to
collaborate with Burnett, an innovative, forward-thinking dairy and
beef cattle ranch. Our research will enable us to apply our
significant plant science knowledge to improve animal health and
nutrition for our farmer partners."
Jay Burnett, co-founder and
operator of Burnett, said, "Water availability is an increasing
concern in our industry and this technology is part of the
solution. Our innovative agreement with HydroGreen allows us to
collaborate on the technologies that will positively impact our
growing production and expansion plans."
Closing of Burnett Private Placement
The Company also announced today that it closed its previously
announced non-brokered private placement with Burnett for gross
proceeds of USD$1,500,000 (the
"Private Placement"). The purchase price of CAD$1.29 per common share is the last closing
price of the Company's common shares before the parties executed a
subscription agreement for the Private Placement on March 30, 2021.
The Company intends to use the proceeds of the Private Placement
for advancing the research and development for HydroGreen and for
general working capital purposes.
The Private Placement remains subject to final acceptance of the
TSX Venture Exchange.
For more information about the Private Placement, please see the
Company's press release dated April 5,
2021, which is available under the Company's profile on
SEDAR at www.sedar.com.
1 Based on Company estimates.
About CubicFarms
CubicFarms is a 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.
About HydroGreen
CubicFarms' HydroGreen system for growing nutritious livestock
feed. This system utilizes a unique process to sprout grains, such
as barley and wheat, in a controlled environment with minimal use
of land, labour and water. The HydroGreen system is fully automated
and performs all growing functions including seeding, watering,
lighting, harvesting, and re-seeding – all with the push of a
button – to deliver nutritious livestock feed without the typical
investment in fertilizer, chemicals, fuel, field equipment and
transportation. The HydroGreen system not only provides superior
nutritious feed to benefit the animal, but also enables significant
environmental benefits to the farm.
For more information, please visit www.cubicfarms.com.
On behalf of the Board of Directors
"Dave Dinesen"
Dave Dinesen, Chief Executive Officer
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. Certain statements in this release
may constitute "forward-looking statements" or "forward-looking
information" within the meaning of applicable securities laws
including, but not limited to, statements with respect to the beta
project, the Private Placement and anticipated use of proceeds, and
other information concerning future events or the intentions, plans
and future action of the Company that may be described herein.
Forward-looking statements are not guarantees of future
performance and actual results may vary materially from those
statements. General business conditions are factors that could
cause actual results to vary materially from forward-looking
statements.
SOURCE CubicFarm Systems Corp.
