TORONTO, July 02, 2019 (GLOBE NEWSWIRE) -- Deveron UAS Corp. (CSE:DVR) (“Deveron” or the “Company”) is pleased to provide a corporate update on its operations as it continues to build an agriculture technology offering focused on optimizing yield and improving outcomes on the farm using field and crop data.
Throughout the first and second quarter, the company has successfully implemented several objectives to positively impact growth. The continued buildout of its technology and data collaboration tool, SOAR, is positioning Deveron to be a leading agriculture technology company that derives improved outcomes on the farm by turning data into actionable information. The linkage of data analytics and data acquisition services is a cornerstone to the future roadmap for Deveron. By linking these products directly to a collaborative data tool, farmers and agribusiness leaders are accessing new ways to collect, share and interpret data.
“Q1 is a slow quarter for agriculture related service businesses like ours, however we did sign significant new partnership arrangements and increased revenue 283% versus Q1 in 2018,” said Deveron President & CEO, David MacMillan. “All of our arrangements are continuing to grow our data services businesses in both analytics and collection and set us up for further success throughout the 2019 grow season. Finally, I am pleased to report that, in the month of May alone, we more than doubled our Q1 revenues as the planting season commenced and our service offerings became more broadly available.”
Throughout the first and second quarter, the company achieved success as highlighted below:
Integration of Deveron’s wholly owned subsidiary, Veritas, is well underway
Increase in data recommendations, including 31% increase in planting recommendations
Robust launch of drone data analytics for leading global agriculture research and development divisions as highlighted in our press release from June 11, 2019
Soil Data Acquisition
$3.8 million, 5 year agreement signed with A & L Laboratories to manage and collect soil data as press released on January 29, 2019
Awarded an AI for Earth Grant from Microsoft (see press release, March 11, 2019)
Partnered with World Class Extractions (CSE:PUMP) to provide data analytics to hemp farmers as reported on May 16, 2019
The Company has also granted 660,000 options to employees and advisors of the Company . The Options, at prices ranging from $0.30 - $0.375 per share, vest immediately and will expire on May 18, 2020 and July 1, 2022.
About Deveron UAS: Deveron is a leading agriculture technology company focused on providing data acquisition services and data analytics to the farming sector in North America. Through its on-demand network of drone pilots and soil sampling technicians, the Company is providing scalable data acquisition solutions in the imagery and soil space. Additionally, through its wholly owned subsidiary Veritas Farm Management, the company provides growers in North America with independent, focused data analytics and insights on the massive amount of data being generated on farms today.
President & CEO Deveron UAS Corp.
416-367-4571 ext. 221
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.