CubicFarms Announces Sale of 2 DGS-66 Production Systems to Upgrowth Ag in Utah
CubicFarm Systems, trading under
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The remaining 50% payment is contingent on shipment confirmation, posing a risk of delayed or canceled revenue.
The press release does not disclose the total sale amount, making financial impact assessments difficult.
Potential market expansion relies heavily on Upgrowth Ag's success in Asia, which carries inherent risks.
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2024) - CubicFarm® Systems Corp. (TSXV: CUB) ("CubicFarms" or the "Company"), a leading agricultural technology company, announces a sale through its ruminant livestock feed subsidiary company, HydroGreen Inc. ("HydroGreen"). The transaction involves the sale of 2 of its innovative DGS-66 Production Systems to Upgrowth Ag. Under the payment terms, Upgrowth Ag has paid
Upgrowth Ag is a Utah-based company committed to enhancing sustainable livestock feed options for the international market. This strategic move aims to transform agricultural practices and expand scalability in the United States and Asia. Founded by a unique East-West partnership, Upgrowth Ag blends traditional farming insights with modern agricultural technology effort to integrate vertical fodder growth systems and bring them to Korea, Japan, Mongolia, and eventually all of Asia.
John de Jonge, President of HydroGreen, stated, "The DGS-66 systems are ideally tailored to the needs of innovative farms like those operated by Upgrowth Ag, which are both traditional and forward-looking. These systems enable farmers to significantly enhance both the capacity and sustainability of their operations. Our technology offers the ability to produce high-energy, nutritious fresh forage 365 days a year, underpinning a revolution in how farmers approach animal agriculture. This is not only about elevating efficiency; it's about integrating resilience into the foundation of agricultural practices."
The DGS-66 Production System by HydroGreen is designed to excel in controlled environments, ensuring the daily production of fresh forage regardless of external weather conditions. This cutting-edge technology guarantees consistent, year-round feed quality, critical for the health and productivity of livestock.
With this partnership, HydroGreen reaffirms its commitment to advancing sustainable agricultural solutions globally. By equipping Upgrowth Ag with HydroGreen's DGS-66 Production Systems, we are enhancing their capability to boost productivity and provide superior, consistent livestock feed on a commercial scale, serving both local and international markets.
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 estimated harvesting capabilities of the machines, nutritional benefits of feed produced by the machines and quality of the feed in general. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. 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 Upgrowth Ag
Upgrowth Ag was founded by the pairing of East and West. Utah based farmers Nate and Colt Sargent recognized the struggles their international friends and associates faced supporting livestock, especially as much of the alfalfa surrounding them was being shipped to Asia at high cost. That's when they partnered with close friends Jake and Vivian Kim, North Korean defectors with a determination to assist their people in South Korea with sustainability in agriculture, and a bond was made.
With their combined backgrounds, the team at Upgrowth Ag is driven to finding the best sustainable livestock feed options and delivering them to the international market, particularly Asia. They represent a mix of the old and the new, and a willingness to sift to find the best products, solutions, and services in the livestock feed industry.
About HydroGreen
HydroGreen produces Automated Vertical Pastures™, a type of smart farming equipment that uses a unique process to sprout grains such as wheat and barley, in a controlled growing environment to efficiently produce a high-performance feed ingredient for livestock 365 days a year. HydroGreen's equipment is simple and easy to operate and performs all growing functions automatically, including seeding, watering, lighting, harvesting, and re-seeding, which allows livestock businesses to feed consistent nutrition every day with minimal labour. When balanced correctly in the ration, HydroGreen sprouted grain modifies animal digestion which enhances productivity and reduces the amount of enteric methane emitted in ruminant livestock. The result also enables environmental benefits to the farm while helping to meet increasing demand for valuable farm-based inset and offset carbon credits. For more information, please visit www.hydrogreenglobal.com.
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 subsidiary of CubicFarm Systems Corp. The CubicFarms™ system contains patented technology for growing leafy greens and other crops on-site, 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/209085
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