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CubicFarm Systems Corp. Announces Management and Strategic Transitions and FreshHub Update

CubicFarm® Systems Corp. ("CubicFarms" or the "Company") (TSX: CUB), a leading local chain agricultural technology company, today announced significant changes to management, the appointment of a Special Committee of the Board of Directors (the "Special Committee") to determine and evaluate strategic alternatives and direction, and an update on a FreshHub project.

Highlights

  • Edoardo De Martin has been appointed Interim Chief Executive Officer to lead CubicFarms through the strategic transition following the retirement of Dave Dinesen (the "Management Transition")
  • A Special Committee has been appointed to determine and enact the highest value strategic and tactical opportunities for the Company on a go-forward basis
  • Dave Dinesen and Jeff Booth have resigned from the Board of Directors, and Daniel Burns has been appointed Chair of the Board

Management Transition

Edoardo De Martin has been appointed the Interim Chief Executive Officer following the retirement and resignation of co-founder and prior Chief Executive Officer, Dave Dinesen.

"I'm grateful for the opportunity to lead CubicFarms through this transition period as we reorient the business toward more profitable opportunities," said De Martin.

Daniel Burns, Chair of the Board of Directors, added, "My heartfelt thanks for the contributions from Dave Dinesen and Jeff Booth after years of serving the Company and positioning CubicFarms for its next phase. Edoardo De Martin is well situated as former President to ensure a stable and successful transition for the Company."

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