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Toronto, Ontario--(Newsfile Corp. - January 18, 2022) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture digital services and insights provider in North America, is pleased to announce the Company has signed a $750,000 enterprise contract with a carbon credit-focused investment company, Generic Carbon Credit Corp. ("Generic"). The contract provides the client access to Deveron's new scalable and streamlined platform for collecting, analyzing, and sharing in-field soil carbon data. Additionally, Deveron will work with Generic to create, certify and invest in Canadian carbon credits.
"Deveron has invested significantly in our digital ecosystem and boots on the ground network to create a vertically integrated soil carbon data solution. This network uniquely positions Deveron to act as an intermediary between buyers of carbon credits and the aggregated growers, allowing for buyers to acquire any volume of credits to match their ESG needs," said David MacMillan, Deveron's President and CEO.
This is the fifth enterprise contract signed to use Deveron's carbon services platform since its launch in Q3/2021. It is the first to include the purchase of credits directly from the Company. The platform eliminates significant impediments to the accurate measurement of carbon sequestration in agricultural land and is a key enabler for creating reliable and credible carbon credits. The platform is built on three key principles highlighted below:
Leverage Deveron's growing network of trained and dedicated soil technicians across North America, thus ensuring consistency of sampling
Provide single chain of custody from the farm to the lab to the client in a digital platform
Ensure soil data integrity via best-in-class data security
To find out more about our carbon platform, visit: https://deveron.com/carbon/.
The Company also announces that it has granted 1,600,000 options to purchase common shares in the Company exercisable at a price of $0.75 per common share and expiring on January 18, 2028 to officers and employees of the Company. The options vest equally over a three year period. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.
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 better manage fertilizer, seed, fungicide, and other farm inputs. Additionally, we have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone. Our geographic focus is the US and Canada where 1 billion acres are actively farmed annually.
For more information, please visit www.deveron.com.
President & CEO Deveron Corp.
416-367-4571 ext. 221
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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 worldwide 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/110555