Toronto, Ontario--(Newsfile Corp. - March 5, 2021) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture digital services and insights provider in North America, is pleased to announce that further to its press release of February 22, 2021, it has acquired FD Agro Technologies LLC ("Farm Dog"), an award-winning agriculture data platform company that helps farmers, agronomists and agribusinesses record, organize and leverage on-farm information to make better decisions (the "Transaction"). As consideration for the Transaction, the Company will issue an aggregate of 294,118 common shares in the capital of the Company (the "Common Shares") at a price of $0.64 per Common Share over a period of two years and a cash payment of US$100,000. All securities issued pursuant to the Transaction will be subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws.
In connection with the Transaction, the Company's wholly-owned subsidiary Deveron USA, LLC ("Deveron USA") entered into an employment agreement with Liron Brish ("Brish") whereby Brish would be retained as an employee of Deveron USA (the "Employment Agreement"). Based on the achievement of certain milestones, and pursuant to the Employment Agreement, the Company has agreed to pay US$750,000 as follows: (i) US$250,000 issuable in Common Shares in the event that Farm Dog adds 2,000,000 unique acres within 3 years of the closing date of the Transaction; and (ii) US$250,000 issuable in Common Shares and US$250,000 in cash in the event that Farm Dog generates an additional CAD$5,000,000 in revenue by the end of 2022.
The completion of the Transaction remains subject to the approval of all regulatory and other approvals, including the approval of the TSX Venture Exchange.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Deveron: Deveron is an agriculture technology company that uses data and insights to help farmers and large agriculture enterprises increase yields, reduce costs and improve farm outcomes. The company employs a digital process that leverages data collected on farms across North America to drive unbiased interpretation of production decisions, ultimately recommending how to optimize input use. Our team of agronomists and data scientists build products that recommend ways to manage fertilizer, seed, fungicide and other farm inputs better. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone, that build a basis of our best in class data layers. Our focus is the US and Canada where 1 billion acres of farmland are actively farmed annually.
President & CEO Deveron Corp.
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This news release includes certain "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Without limitation, statements regarding future plans and objectives of the Company are forward looking statements that involve various degrees of risk. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world-wide price of agricultural commodities, general market conditions, risks inherent in agriculture, the uncertainty of future profitability and the uncertainty of access to additional capital. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law. The Company relies on litigation protection for forward looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76238