CubicFarm Systems Corp. Reports Q3 FY 2022 Results

CubicFarm® Systems Corp. ("CubicFarms" or the "Company") (TSX: CUB), reports its quarterly financial and operating results for the three and nine months ended September 30, 2022. All amounts are in Canadian dollars, unless otherwise stated.

"With the recent leadership transitions now in place at the board and executive level, CubicFarms is strategically focused to be a leaner, profit-focused operation exercising financial discipline," said Dan Burns, Board Chair of CubicFarms. "The Special Committee of the Board of Directors continues to review and evaluate our corporate structure to explore strategic directions and options for HydroGreen and CubicFarms. Our strategy is to achieve fiscal prudence through continued cost controls while seeking new market potential for our lines of business and new financing prospects."

"As a team we are expanding our pipeline and I am excited to see the growing interest in our technologies from both domestic and international markets," said John de Jonge, Interim CEO. "We have implemented effective cost control measures to continuously right-size our business and are on track to reduce forward cash expenses by roughly 50%."