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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CubicFarm Systems Corp | TSX:CUB | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.015 | 0.015 | 0.02 | 0 | 01:00:00 |
VANCOUVER, BC, May 15, 2023 /CNW/ - CubicFarm® Systems Corp. ("CubicFarms" or the "Company") (TSX: CUB), reports its quarterly financial and operating results for three months ended March 31, 2023. All amounts are in Canadian dollars, unless otherwise stated.
First Quarter Financial Results
First Quarter Operational Highlights
"We are pleased to report our first quarter financial results, which demonstrate revenue growth and a significant reduction in net losses compared to the previous year. Our diligent cost reduction measures have yielded positive results, with operating expenses substantially reduced," said Interim CFO Michael Kyne. "Additionally, our strategic partnerships and successful installations continue to drive operational progress. We remain committed to delivering value to our shareholders and pursuing opportunities for sustainable growth in the agricultural industry."
The Company's first quarter financial statements and management's discussion and analysis will be issued and filed on SEDAR at www.sedar.com on May 15, 2023, and will be available on CubicFarms' website at https://cubicfarms.com/investors/.
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.
For more information, please visit www.cubicfarms.com.
Forward looking and other cautionary statements
This release may contain certain "forward-looking statements" or "forward-looking information" under applicable securities laws. 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. 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.
SOURCE CubicFarm Systems Corp.
Copyright 2023 Canada NewsWire
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