CubicFarms Announces Lifting of Cease Trade Order and Completion of Key Sales Agreements in Fourth Quarter
Rhea-AI Summary
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.
Positive
- 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
Negative
- Previous failure to meet regulatory filing deadlines leading to trading suspension
News Market Reaction – CUBXF
In the trading session that priced this news, CUBXF declined 22.22%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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