TORONTO, ONTARIO – September 17, 2018 – Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”) is pleased to announce that further to its press release dated August 28, 2018, the Company has acquired all of the issued and outstanding shares of Veritas Farm Management Inc. (“Veritas”) pursuant to the terms of a share purchase agreement (the “PurchaseAgreement”) dated August 27, 2018 between South West AG Partners Inc. (the “Vendor”) and Deveron (the “Acquisition”). As a result of the completion of the Acquisition, Deveron owns 100% of the shares of Veritas and its assets and is now a wholly-owned subsidiary of Deveron.
In connection with completion of the Acquisition, Deveron issued an aggregate of 3,750,000 units (“Units”) and paid a total of $320,000 to the Vendor. Each Unit consists of one common share (a “CommonShare”) of the Company and one-quarter of a Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one Common Share until September 14, 2020.
Under the terms of the Purchase Agreement, the Units will be released from escrow in five equal tranches of 750,000 Units, every three (3) months, with the initial release occurring on the sixth month following the closing of the Acquisition, and the final tranche being released on the eighteenth month from the date hereof. South West AG Partners Inc. owns 9.9% of the Company’s shares.
AboutDeveronUAS:Deveron is a leading drone data services company providing powerful data applications and analytics to the agricultural community. Drone data helps farmers reduce costs and increase both yields and profit using sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. Deveron’s drone imagery service network allows farmers in North America to obtain on-demand, actionable data so they can make timely production decisions with the use of ultra high-resolution data. The Company is focused on building a standardized network of pilots, drones and sensors to provide data to decision makers in the farming industry.
For more information and to join our community, please visit www.deveronuas.com or reach us on Twitter @DeveronUAS:
David MacMillan President & CEO Deveron UAS Corp. 416-367-4571 ext. 221
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Thisnewsreleaseincludescertain“forward-lookingstatements”withinthemeaningofthatphraseunderCanadiansecuritieslaws.Withoutlimitation,statementsregardingfutureplansandobjectivesoftheCompanyareforwardlookingstatementsthatinvolvevariousdegreesofrisk.Forward-lookingstatementsreflectmanagement’scurrentviewswithrespecttopossiblefutureevents andconditionsand,bytheirnature,arebasedonmanagement’sbeliefsandassumptionsandsubjecttoknownandunknownrisksanduncertainties,bothgeneralandspecifictotheCompany.AlthoughtheCompanybelievestheexpectationsexpressedinsuchforward-lookingstatementsarereasonable,suchstatementsarenotguaranteesoffutureperformanceandactualresultsordevelopmentsmaydiffermateriallyfromthoseinourforward-lookingstatements.Thefollowingareimportant factorsthatcouldcausetheCompany’sactualresultstodiffermateriallyfromthoseexpressedorimpliedbysuchforwardlookingstatements:changesintheworld-widepriceofagriculturalcommodities,generalmarketconditions,risksinherentinagriculture,theuncertaintyoffutureprofitabilityandtheuncertaintyofaccesstoadditionalcapital.Additionalinformationregardingthematerialfactorsandassumptionsthatwereappliedinmakingtheseforwardlookingstatementsaswellasthevariousrisksanduncertaintieswefacearedescribedingreaterdetailinthe“RiskFactors”sectionofourannualandinterimManagement’sDiscussionandAnalysisofourfinancialresultsandothercontinuousdisclosuredocumentsandfinancialstatementswefilewiththeCanadiansecuritiesregulatoryauthoritieswhichareavailableatwww.sedar.com. TheCompanyundertakesnoobligationtoupdatethisforward-lookinginformationexceptasrequiredbyapplicablelaw.TheCompanyreliesonlitigationprotectionfor
forward looking statements.