TrustBIX Inc. reports developments tied to its agricultural technology business, including Gate to Plate® solutions used by agri-food organizations. Company updates cover product and asset activity such as the Indoor Farm Management System, a production-ready platform with modules for farm operations, IoT device management, AI-driven plant recognition, traceability, CRM, operator training, order management, and resource tracking.
Recurring news also includes material agreements, support-service transitions involving ViewTrak Technologies Inc., private placements, common-share and warrant structures, TSX Venture Exchange acceptance matters, governance updates, and operating and financial results.
TrustBIX Inc. (TSXV: TBIX) and Métis Settlements Development (MSDC) have announced their commitment to create a strategic partnership, effective September 19, 2024. The collaboration aims to assess opportunities for fostering food security in rural and remote communities. Key objectives include:
- Ensuring year-round access to fresh produce
- Making better use of underutilized spaces
- Creating entrepreneurship and employment opportunities
Barbara McKenzie, CEO of MSDC, expressed excitement about working with TrustBIX, highlighting their Métis-owned and developed indoor farm technology. MSDC is building a portfolio focused on agriculture and agtech investments. Hubert Lau, CEO of TrustBIX, emphasized that this partnership is the first step in leveraging their technology to improve food security across Canada.
TrustBIX Inc. (TSXV: TBIX) has appointed Jason Pincock to its advisory board. Pincock, a Certified Professional Accountant and Queens Executive Program graduate, brings extensive experience as a former CEO and executive leader in Alberta. Currently serving as the Chief Operating Officer of Logican, he has a background in healthcare organizations, technology, and biotech. Pincock is known for his transparent leadership style, innovation, and strategic thinking.
Hubert Lau, CEO of TrustBIX, expressed enthusiasm about Pincock's appointment, highlighting his proven track record in scaling companies, manufacturing expertise, and knowledge of non-dilutive financing. The company aims to leverage Pincock's experience to drive growth.
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.
TrustBIX Inc. (TSXV: TBIX) has announced its financial results for the third quarter ended June 30, 2024. The company reported its first quarter of positive cash flow from operating activities, attributed to a focus on ViewTrak and Alberta Food Security (AFSI). Key highlights include:
- Q3 revenue of $547,769, up 26.5% year-over-year
- Operating expenses decreased by 44.7% to $526,432
- Net loss reduced to $9,773 from $548,243 in 2023
- Positive cash flow from operating activities of $54,443
For the nine-month period, revenue decreased by 22.5% to $1,185,729, while operating expenses were down 55.3%. The company has signed new customers, converted existing ones to Auction Master Pro, and received an initial deposit for AFSI's indoor farming technology.
TrustBIX (TSXV: TBIX) released its Q2 financial results for the period ending March 31, 2024. The company reported a significant reduction in operating expenses by 61% and an improvement in operating cash flow by 98%, with cash used in operations decreasing by $582,571 to $13,046. However, revenue dropped by 49.4% to $343,406 for the quarter. For the six months ending March 31, 2024, revenue fell by 41.9% to $637,960, while operating expenses decreased by 59.3% to $1,039,235. Non-cash operating expenses related to stock-based compensation and amortization also saw a significant reduction. The company is focusing on converting customers to Auction Master Pro and has signed initial orders for indoor farming technology under Alberta Food Security.
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