CubicFarms Announces Lifting of Cease Trade Order and Completion of Key Sales Agreements in Fourth Quarter
CubicFarm Systems Corp. (TSXV: CUB) announced the lifting of its cease trade order and resumption of trading on the TSX Venture Exchange on January 31, 2025. This follows the completion of their 2023 audit and filing of unaudited Q1, Q2, and Q3 financial statements, bringing the company back into regulatory compliance.
The company's subsidiary, HydroGreen Inc., reported completing three sales agreements in Q4 with Agrotopia Ireland, Golden Rule Dairy of Arizona, and Advanced Dairy Systems of Arizona, totaling $629,242.82 USD (approximately $906,109.66 CAD). Revenue recognition occurs upon transfer of equipment control to customers, while installation service revenue is recognized upon completion and customer sign-off.
CubicFarm Systems Corp. (TSXV: CUB) ha annunciato la revoca del proprio ordine di cessazione delle operazioni e la ripresa delle negoziazioni sulla TSX Venture Exchange a partire dal 31 gennaio 2025. Ciò avviene dopo il completamento della loro revisione del 2023 e la presentazione dei bilanci non revisionati del primo, secondo e terzo trimestre, riportando così l'azienda in conformità con le normative.
La controllata dell'azienda, HydroGreen Inc., ha riferito di aver concluso tre contratti di vendita nel quarto trimestre con Agrotopia Ireland, Golden Rule Dairy dell'Arizona e Advanced Dairy Systems dell'Arizona, per un totale di $629.242,82 USD (circa $906.109,66 CAD). Il riconoscimento dei ricavi avviene al momento del trasferimento del controllo dell'equipaggiamento ai clienti, mentre il ricavo per il servizio di installazione è riconosciuto al termine e con l'approvazione del cliente.
CubicFarm Systems Corp. (TSXV: CUB) anunció el levantamiento de su orden de cese de operaciones y la reanudación de la negociación en la TSX Venture Exchange a partir del 31 de enero de 2025. Esto sigue a la finalización de su auditoría de 2023 y la presentación de los estados financieros no auditados del primer, segundo y tercer trimestre, lo que devuelve a la empresa a la conformidad regulatoria.
La filial de la empresa, HydroGreen Inc., reportó haber completado tres acuerdos de venta en el cuarto trimestre con Agrotopia Ireland, Golden Rule Dairy de Arizona y Advanced Dairy Systems de Arizona, totalizando $629,242.82 USD (aproximadamente $906,109.66 CAD). El reconocimiento de ingresos ocurre tras la transferencia del control del equipo a los clientes, mientras que los ingresos por servicios de instalación se reconocen al completarse y tras la firma del cliente.
CubicFarm Systems Corp. (TSXV: CUB)는 2025년 1월 31일자로 TSX Venture Exchange에서의 거래 재개와 함께 거래 중지 명령이 해제되었음을 발표했습니다. 이는 2023년 감사 완료와 함께 1분기, 2분기, 3분기 재무제표를 감사받지 않고 제출한 결과로, 회사가 규제 준수 상태로 복귀하게 되었습니다.
회사의 자회사인 HydroGreen Inc.는 아일랜드의 Agrotopia, 애리조나의 Golden Rule Dairy, 애리조나의 Advanced Dairy Systems와 4분기에 세 건의 판매 계약을 체결했다고 보고했으며, 총 금액은 $629,242.82 USD (약 $906,109.66 CAD)입니다. 수익 인식은 장비의 통제권이 고객에게 이전될 때 발생하며, 설치 서비스 수익은 완료 및 고객 서명 시 인식됩니다.
CubicFarm Systems Corp. (TSXV: CUB) a annoncé la levée de son ordre de cessation de négociation et la reprise des échanges sur la TSX Venture Exchange à compter du 31 janvier 2025. Cela fait suite à l'achèvement de leur audit 2023 et à la soumission des états financiers non audités des premier, deuxième et troisième trimestres, permettant à l'entreprise de revenir en conformité réglementaire.
La filiale de l'entreprise, HydroGreen Inc., a déclaré avoir conclu trois contrats de vente au quatrième trimestre avec Agrotopia Ireland, Golden Rule Dairy de l'Arizona, et Advanced Dairy Systems de l'Arizona, totalisant $629,242.82 USD (environ $906,109.66 CAD). La reconnaissance des revenus se produit lors du transfert du contrôle de l'équipement aux clients, tandis que les revenus des services d'installation sont reconnus à l'achèvement et à la validation par le client.
CubicFarm Systems Corp. (TSXV: CUB) gab bekannt, dass die Aufhebung der Handelsstopps und die Wiederaufnahme des Handels an der TSX Venture Exchange zum 31. Januar 2025 stattfinden werden. Dies folgte der Fertigstellung ihrer Prüfung für 2023 und der Einreichung der nicht geprüften Finanzberichte für das erste, zweite und dritte Quartal, wodurch das Unternehmen wieder in Übereinstimmung mit den Vorschriften gebracht wurde.
Die Tochtergesellschaft des Unternehmens, HydroGreen Inc., berichtete, dass im vierten Quartal drei Verkaufsvereinbarungen mit Agrotopia Ireland, Golden Rule Dairy aus Arizona und Advanced Dairy Systems aus Arizona abgeschlossen wurden, die insgesamt $629.242,82 USD (ungefähr $906.109,66 CAD) betragen. Der Umsatz wird erfasst, sobald die Kontrolle über die Geräte an die Kunden übertragen wird, während die Einnahmen aus Installationsdiensten nach Abschluss und Bestätigung durch den Kunden erfasst werden.
- Lifting of cease trade order and resumption of trading on TSX Venture Exchange
- Completion of 2023 audit and filing of Q1-Q3 financial statements
- Secured sales agreements worth $629,242.82 USD in Q4
- Previous failure to meet regulatory filing deadlines leading to trading suspension
Vancouver, British Columbia--(Newsfile Corp. - January 31, 2025) - CubicFarm® Systems Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a leading agricultural technology company, is pleased to announce the lifting of the cease trade order issued by regulatory authorities and the reinstatement of trading on the TSX Venture Exchange effective today January 31, 2025. The Cease Trade and relisting was lifted following the successful completion of the Company's 2023 audit and the filing of unaudited Q1, Q2, and Q3 financial statements. The completion of these filings ensures compliance with all regulatory requirements and demonstrates CubicFarms' commitment to maintaining transparency and accountability in its operations.
"We appreciate the patience of our investors and stakeholders as we worked diligently to meet our regulatory filing obligations," said Michael Kyne, CFO of CubicFarms Systems Corp. "With these filings now complete and the return to trading for our shareholders we want to reiterate our commitment to timely and accurate filings, and we do not anticipate any further delays in meeting filing deadlines in the future."
In addition, CubicFarms' wholly owned subsidiary HydroGreen Inc. is pleased to report to our investors the successful completion of three previously announced sales agreements during the fourth fiscal quarter. The completed sales to Agrotopia Ireland, Golden Rule Dairy of Arizona, and Advanced Dairy Systems of Arizona total
The Company recognizes revenue from the sale of equipment when it transfers the risks and control to the customer, which generally occurs upon delivery or transfer of title. Revenue generated from installation services is recognized when the related service is provided, and proper completion sign off is obtained from the customer.
CubicFarms remains committed to providing regular updates and transparency as we continue to execute on our business objectives. We look forward to updating our investors on corporate activities and strategic developments in the coming days and weeks.
Contact info@cubicfarms.com for media or investors@cubicfarms.com for investor inquiries. Contact HGInfo@hydrogreenglobal.com to reach HydroGreen's Producer Education Team.
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 trading of the Company's common shares on the Exchange, and delays in meeting filing deadlines. Such statements involve known and unknown risks, uncertainties, and other factors and assumptions 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 including, without limitation, the risk of the Company not being reinstated with the TSXV and the other factors disclosed under "Risk Factors" in the Company's annual information form for the year ended December 31, 2022, and those risks described in other documents incorporated or deemed to be incorporated by reference in the prospectus. 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.
About HydroGreen
HydroGreen's Automated Vertical Pastures™ technology utilizes a unique process to sprout grains, such as barley and wheat, in a controlled environment with minimal use of land, labour and water. HydroGreen's fully automated indoor growing technology performs all growing functions including seeding, watering, lighting, harvesting, and re-seeding-all with the push of a button-to deliver nutritious fresh forage for livestock without the typical investment in fertilizer, chemicals, fuel, field equipment, and transportation. Automated Vertical Pastures™ not only provide superior nutritious feed to benefit the animal but also enable significant environmental benefits to the farm. For more information, please visit www.hydrogreenglobal.com.
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. For more information, please visit www.cubicfarms.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239057
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