TrustBIX Inc. Announces First Orders for Indoor Farming Technology

Rhea-AI Summary

TrustBIX Inc. announces first orders for indoor farming technology, totaling $650,000 with a 25% gross margin. Annual fees of 5% of purchase price expected for automation and monitoring. Revenue recognition upon product delivery.

Positive

• TrustBIX Inc. secures first orders for indoor farming technology, amounting to approximately $650,000.
• The company anticipates earning a gross margin of around 25% from these sales.
• Annual fees of about 5% of the purchase price will be charged for automation and monitoring services.
• Revenue will be recognized upon the delivery of products to customers, enhancing the company's financial performance.
• The initial orders mark a significant milestone for TrustBIX Inc., paving the way for potential future orders and business growth.

Negative

• None.

Edmonton, Alberta--(Newsfile Corp. - April 15, 2024) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") is pleased to announce it has signed its first orders, through it wholly owned subsidiary Alberta Food Security Inc. ("AFS"), and between January and March 2024 received the initial deposits, for sales of indoor farming technology totaling approximately $650,000 of which it expects to earn a gross margin of approximately 25%. Once each indoor farm is fully operational, there will also be an annual fee equal to approximately 5% of the purchase price for automation and monitoring, using artificial intelligence and machine learning systems. The Company will recognize the revenue on these sales on delivery of the products to its customers.

"These initial orders represent a very important first step to securing potential future orders. We are excited about the Agriplay technology and committed to delivering sustainable solutions," stated Hubert Lau, CEO of TrustBIX.

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

Forward-Looking Information

This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.

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/205432

FAQ

What is the total sales amount for TrustBIX Inc.'s indoor farming technology orders?

TrustBIX Inc. received orders totaling approximately $650,000 for indoor farming technology.

What is the expected gross margin for TrustBIX Inc. from these sales?

TrustBIX Inc. anticipates earning a gross margin of approximately 25% from the indoor farming technology orders.

How will TrustBIX Inc. charge for automation and monitoring services related to indoor farming technology?

TrustBIX Inc. will charge an annual fee equal to about 5% of the purchase price for automation and monitoring services.

When will TrustBIX Inc. recognize revenue from these sales?

TrustBIX Inc. will recognize revenue upon the delivery of products to its customers.

What do the initial orders signify for TrustBIX Inc.?

The initial orders mark an important first step towards securing potential future orders and business growth for TrustBIX Inc.