CubicFarm Changes CEO, Appoints Special Committee To Board of Directors and Sees Investor Pull Off on FreshHub Project.
CubicFarm® Systems Corp. (TSX: CUB) announced significant changes to management, the appointment of a Special Committee of the Board of Directors to determine and evaluate strategic alternatives and direction, and an update on a FreshHub project.
CubicFarm Changes CEO
Edoardo De Martin has been appointed the Interim Chief Executive Officer following the retirement and resignation of co-founder and prior CubicFarm CEO, 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.”
“We all thank Dave for his incredible commitment since the inception of the company and service over the last six years. It would not have been possible to get to this point without his contributions,” said Leo Benne, co-founder, and a member of the Board of Directors.
Special Committee and Changes to the Board of Directors
The Company has appointed a Special Committee of the Board comprising directors David Cole, Janet Wood, and Daniel Burns to review, consider, and evaluate any potential transactions and any strategic alternatives available to the Company, including significant changes in the direction of the Company, its reorganization, and restructuring.
The Special Committee mandate includes negotiating or supervising the negotiations with respect to any potential strategic transactions.
Daniel Burns has taken the position of Chair of the Board of Directors and Chair of the Special Committee. Burns has previously served as chair of the Special Committee of three Toronto Stock Exchange (“TSX”)-listed issuers. Burns has led a number of businesses through strategic transitions, including chairing the Special Committee at TSX-listed Zenabis Global Inc. through its successful restructuring, refinancing, and sale in June 2021, as well as serving as lead director of TSX-listed Battle North Gold Corporation through its successful restructuring, refinancing, and sale in May 2021.
FreshHub Update: Private Investor Decided To Not Proceed
On September 1, 2021, the Company announced a CAD$1,200,000 deposit held in trust from a private investor group for the purchase and installation of a 96-module FreshHub installation in the Lower Mainland area of Vancouver, British Columbia. This private investor group has made the decision not to proceed and the deposit will be refunded.
The Company continues to explore achieving commercial validation of its FreshHub configuration using the CubicFarm System technology.