TrustBIX Inc. Announces a $5 Million Purchase Order for Indoor Farming Technology

Rhea-AI Summary

TrustBIX Inc. (TSXV: TBIX) has announced a significant development in its indoor farming technology business. The company's subsidiary, Alberta Food Security Inc. (AFSI), has received a $5 million purchase order from an arm's length customer to construct multiple indoor vertical farms in Ontario, Canada.

Key details of the order include:

• 50% deposit required before delivery
• Remaining balance due within 30 days of delivery
• Expected gross margin of approximately 15%
• Annual fee of about 5% of the purchase price for AI-powered automation and monitoring services

This order follows initial orders announced in April 2024 and demonstrates the growing demand for TrustBIX's technologies in addressing food security and promoting sustainable agriculture.

Positive

• Secured a $5 million purchase order for indoor vertical farming technology
• Expected gross margin of approximately 15% on the order
• Additional annual revenue stream of 5% of purchase price for ongoing services
• Expansion into Ontario market with multiple indoor vertical farms
• Demonstrates growing demand for TrustBIX's sustainable agriculture solutions

Negative

• None.

News Market Reaction

+890.00%

1 alert

+890.00% News Effect

On the day this news was published, TBIXF gained 890.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Edmonton, Alberta--(Newsfile Corp. - September 12, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") is pleased to announce that its wholly owned subsidiary, Alberta Food Security Inc. ("AFSI"), received a signed purchase order dated September 11, 2024, for $5 million with an arm's length customer to build multiple indoor vertical farms in Ontario, Canada.

Pursuant to the purchase order, the Company and the customer will coordinate to establish a delivery schedule. The terms of the agreement require a fifty (50%) percent deposit to be paid prior to delivery, with the remaining balance due within thirty (30) days of delivery. TrustBIX anticipates a gross margin of approximately fifteen (15%) percent on the order. Additionally, once the indoor farm is fully operational, an annual fee equal to approximately five (5%) percent of the purchase price will be applied for automation and monitoring services powered by artificial intelligence and machine learning systems. Revenue from the order will be recognized upon product delivery.

TrustBIX CEO Hubert Lau stated, "This purchase order illustrates our continued progress in the controlled indoor agriculture sector and builds on the momentum from the initial orders announced on April 15, 2024. We believe this substantial purchase order demonstrates the value of our technologies in addressing food security and advancing sustainable agricultural practices."

About TrustBIX (TSXV: TBIX)

TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.

www.TrustBIX.com

FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com

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 of accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223067

FAQ

What is the value of the purchase order received by TrustBIX (TBIXF) for indoor farming technology?

TrustBIX (TBIXF) received a $5 million purchase order for indoor farming technology to build multiple vertical farms in Ontario, Canada.

When did TrustBIX (TBIXF) announce the $5 million purchase order for indoor farming technology?

TrustBIX (TBIXF) announced the $5 million purchase order for indoor farming technology on September 12, 2024.

What is the expected gross margin for TrustBIX (TBIXF) on the $5 million indoor farming technology order?

TrustBIX (TBIXF) anticipates a gross margin of approximately 15% on the $5 million indoor farming technology order.

What additional revenue stream will TrustBIX (TBIXF) receive from the indoor farming project?

TrustBIX (TBIXF) will receive an annual fee of approximately 5% of the purchase price for automation and monitoring services powered by AI and machine learning systems.