Deveron Reports 2019 Year End and Fourth Quarter Financial Results - Seite 2

Operational Highlights for 2019

• On January 29, Deveron announced an agreement with A & L Laboratories Canada to manage and execute A & L’s soil sampling collection business.  The initial agreement is for 5 years and has an anticipated value of $3.8 M over the term of the agreement;
• On March 11, Deveron received an “AI for Earth” Grant from Microsoft to help further development in artificial intelligence and make recommendations and predictions using agricultural data;
• On June 11, Deveron announced the expansion of its drone data solutions product for phenotyping research in western Canada and the US Midwest, with the engagement of several global leaders to conduct high frequency data acquisition across their extensive research plots;
• On August 13, Deveron announced the acquisition of Atlas Team to form a beachhead for US market development;
• In Q3, Deveron signed a new national account to provide data collection services from Nebraska east to Ohio and from South Dakota south to Arkansas, growing its US data collection network;
• On September 9, Deveron announced that technology leader Jay Deen, had joined its advisory board.

Business Outlook

“Our goal for 2020 is to continue to grow our data collection and insights businesses through a combination of increased acres through existing partners and new sales channels,” Deveron’s President and CEO, David MacMillan said. “We will expand our sales channels across North America. In addition, our search continues for strategic acquisitions.  This will be done while we continue to be a low cost, highly reliable service provider for data collection and through continued productization of core insight offerings, freeing up our data insights team to provide more value-add services to our farm clients.  With our core team in place, products and services proven, and investment in growth we are ready to target strong revenue growth.”

Subsequent to Year-End Financials

Recently, the Company completed a private placement of $1.35 million (see press releases dated April 7, 2020 and April 17, 2020).  In conjunction with this financing, Deveron is pleased to welcome Bill Linton to its Board of Directors, where he will serve as non-executive Chairman. 

Bill Linton is an experienced Director and private investor. He currently serves on the Boards of TMX Group (TSX: X), Empire Company (TSX: EMP.A), and CSL Group. He has invested in and served as an advisor to and/or Board member of a number of successful technology companies including UXP Systems (acquired by AmDocs), In The Chat (acquired by Pegasystems) and Softchoice Corp. (acquired by Birch Hill Equity Partners). Bill retired in 2012 as the CFO of Rogers Communications Inc. and prior to that was the CEO of Call Net Enterprises.