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CubicFarm Systems Reports Sharply Higher Net Loss of $60 Million For Fiscal 2022, Announces Resignation of CFO
Wednesday, May 10, 2023Company Profile | Follow Company
Langley, BC, May 10, 2023--(T-Net)--CubicFarm Systems Corp. (TSX:CUB), a leading local chain agricultural technology company, reports its financial results for the three months and year ended December 31, 2022.
Fourth Quarter and Fiscal Year End Financial Results
"As we move forward, CubicFarms is committed to operating as a lean, efficient business focused on disciplined growth," said Interim CEO of CubicFarms and President of HydroGreen, John de Jonge.
"Our ongoing restructuring efforts have focused on strengthening the future financial viability of the company. We continue to explore all options and remain optimistic about future prospects. With HydroGreen, we are well-positioned to serve the dairy and cattle industries, which have a strong demand for our technology and feed solution. The world continues to face challenges such as climate change, drought, and land scarcity, and so we remain dedicated to providing innovative indoor growing solutions that conserve agricultural resources and provide superior nutritious feed to benefit dairy and beef animals."
Carlos Yam, Chief Financial Officer, CubicFarm Systems
CubicFarm Systems also announced the resignation of Carlos Yam, Chief Financial Officer.
Chair of the Board, Dan Burns stated, "We are grateful for Carlos' service to the company, particularly for his leadership in implementing cost reduction measures since he joined CubicFarms in June 2022. On behalf of staff and the Board, we appreciate his leadership, dedication, and hard work and wish him all the best in his future endeavors."
"It has been an honour and a privilege to serve as CFO at CubicFarms. I am grateful for the hard work and dedication of the talented team who have helped position the company for future success. I wish them all the best as they continue to drive HydroGreen and CubicFarms forward," said Mr. Yam.
Michael Brendan Kyne, CFA, joins the Company as Interim CFO to ensure a smooth transition of responsibilities during the interim period. With over 20 years of experience in investment management and business leadership, Kyne brings a wealth of expertise to the role.
As a former founder and Chief Investment Officer of Leeward Hedge Funds, and Vice President and Portfolio Manager at Driehaus Capital Management, Kyne has raised over a billion dollars in assets for the funds and firms under his management.
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.
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 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.
The Company's fourth quarter financial statements and management's discussion and analysis were issued and filed on SEDAR at www.sedar.com on May 2, 2023, and are available here.
This release may contain certain "forward-looking statements" or "forward-looking information" under applicable securities laws. Forward-looking terms such as "may," "will," "could," "should," "would," "plan," "potential," "intend," "anticipate," "project," "target," "believe," "plan," "outlook," "estimate," or "expect" and other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on certain key expectations and assumptions made by the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. [ MORE ] |
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