FOR IMMEDIATE RELEASE: July 25, 2023
TSX-V: FARM
Toronto,Ontario– Deveron Corp. (TSX-V: FARM) (“Deveron”or the “Company”), a leading agriculture data company in North America, is pleased to provide an update on recent corporate developments and the Company’s spring volume numbers.
Deveron experienced record spring fertility sampling and testing volumes across our US and Canada lab networks between January 1st, 2023 and June 30th, 2023. Soil fertility acres collected increased by 24% to 355,866 from 268,800 in the first half of 2022. Fertility samples analyzed in the United States grew by 12% year-over-year to 53,204 from 46,844 in 2022. In Canada, the company analyzed 125,201 samples. The Company expects an increase in lab volumes in the second half of the year.
In addition, the Company announces that, further to its press release of May 2nd, 2022, it has achieved an additional $1.5 million in annualized cost synergies. These cost savings have been achieved by centralizing the Company’s procurement process and leveraging its network’s increased buying power for consumable raw materials used in the lab process.
“Spring continues to be a strong leading indicator for the Company, and Deveron has had a very impressive spring season,” said David MacMillan, President and CEO of Deveron Corp. “Our operations teams in collection and lab analysis executed our aggressive growth plans and achieved exceptional results within the short spring window. As we continue to grow organically through our regional sales flow, we see great opportunities to analyze our internally collected samples, increase the number of locations we service, and boost revenue per location. Additionally, as we execute our inorganic growth strategies, we discover larger cost synergies across the lab network by centralizing functions to operate at peak efficiency. Our ultimate goal is to become the leader in soil data.”
Further to its press release of June 30, 2023, the Company has issued an aggregate of 220,916 common shares (“CommonShares”) at a deemed price of $0.30 per Common Share in settlement of a one-time payment of US$50,000 (CAD$66,275), pursuant to its acquisition of Stealth Ag, Inc. (“Stealth”), as set out in press releases of May 27, 2021 and August 30, 2021. All Common Shares issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
AboutDeveron: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 1billionacresare activelyfarmedannually.
For more information and to join our community, please visit www.deveron.com/investors or reach us on Twitter @Deveron.
Philip Linton
VP Corporate Development Deveron Corp. plinton@deveron.com
tel: 647-622-0076
NeitherTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinpoliciesoftheTSXVentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
Thisnewsreleaseincludescertain“forward-lookingstatements”withinthemeaningofthatphraseunderCanadiansecuritieslaws.Withoutlimitation,statementsregardingfutureplansandobjectivesoftheCompanyareforwardlookingstatementsthatinvolvevariousdegreesofrisk.Forward-lookingstatementsreflectmanagement’scurrentviewswithrespecttopossiblefutureeventsandconditionsand,bytheirnature,arebasedonmanagement’sbeliefsandassumptionsandsubjecttoknownandunknownrisksanduncertainties,bothgeneralandspecifictotheCompany.AlthoughtheCompanybelievestheexpectationsexpressedinsuchforward-lookingstatementsarereasonable,suchstatementsarenotguaranteesoffutureperformanceand actualresultsor developmentsmaydiffermateriallyfromthosein ourforward-lookingstatements.ThefollowingareimportantfactorsthatcouldcausetheCompany’sactualresultstodiffermateriallyfromthoseexpressedorimpliedbysuchforwardlookingstatements:changesin theworld-widepriceofagriculturalcommodities,generalmarketconditions,risksinherentinagriculture,theuncertaintyoffutureprofitabilityandtheuncertaintyofaccesstoadditionalcapital.Additionalinformationregardingthematerialfactorsand assumptionsthatwereappliedin makingtheseforwardlookingstatementsaswellasthevariousrisks anduncertaintieswefacearedescribedingreaterdetailinthe“RiskFactors”sectionofourannualandinterimManagement’sDiscussionand Analysisofour financialresultsand othercontinuousdisclosuredocumentsand financialstatementswefilewiththeCanadiansecuritiesregulatoryauthoritieswhich areavailableatwww.sedar.com. TheCompanyundertakesno obligation toupdatethisforward-lookinginformationexceptasrequiredbyapplicablelaw.TheCompanyreliesonlitigationprotectionfor
forward looking statements.