FOR IMMEDIATE RELEASE: February 15, 2023
Toronto,Ontario– Deveron Corp. (TSX-V: FARM) (“Deveron”or the “Company”), a leading agriculture data company in North America, is pleased to announce an update on recent corporate developments.
In connection with the common share purchase warrants (the “Warrants“) issued in connection with a non-brokered financing on December 23, 2020, through various exercises Deveron received proceeds of $2,385,128 from the exercise of 5,359,839 warrants with an exercise price of $0.45 and proceeds of $245,575 from the exercise of 701,644 broker warrants with an exercise price of $0.35.
Secondly, Deveron would like to provide an update on the continued growth of the Company’s bundled offering of field collection services and lab analysis services. The Company has seen the successful onboarding of four additional regional Ag-retailers. The scope of the work focuses on soil fertility sampling and analysis in Saskatchewan, Minnesota and South Dakota. Deveron continues to see strong macro tailwinds pushing growers and enterprises to collect and use more data to optimize their operations.
In addition, Deveron is pleased to announce that A&L Biologicals, a subsidiary of Deveron’s recently acquired A&L Laboratories Canada, has been granted a registration from the Pesticide Management Regulatory Agency (PMRA) for A&L’s most recent biological product, Cuc-GUARD. Cuc-Guard acts as a vaccine for target crops to prevent the infection and spread of the green mottle mosaic virus, which can be prevalent in the production of greenhouse cucumbers. Efficacy data indicates that, when applied preventatively, Cuc-Guard provides protection from the pathogen and improves both crop quality and yield. Cuc-Guard is the second of several biological products to be developed by the team at A&L Biologicals.
“Deveron has continued to see strong support for our vertically integrated soil ecosystem. All our customer segments, from grower to enterprise, continue to express interest and see the value of our services. We are also humbled to see the continued support from our investor base as we execute on our strategy to tackle the growing the agricultural services and data market,”
said David MacMillan, President, and CEO of Deveron. “Macro tailwinds have driven grower demand for soil health data and products, while enterprise clients are looking for single solutions to meet their needs. Deveron’s network of soil technicians, labs and value-added agronomy provides a unique, scalable, and standardized offering to support enterprise demand while driving better decisions at the field level for growers. We are excited to see more adoption of our vertical network and products as we focus on adding new bundled clients and execute on synergistic opportunities within our ecosystem. As growers continue to adopt better soil health practices, we see more farmers look towards biological products over synthetic chemicals. We are very excited for the potential that this new patent has within the Canadian market as infection with greenhouse cucumbers continues to be pain point for growers.”
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 1billionacresareactivelyfarmedannually.
President & CEO Deveron Corp.
firstname.lastname@example.org Tel: 647-963-2429
Thisnewsreleaseincludescertain“forward-lookingstatements”withinthemeaningofthatphraseunderCanadiansecuritieslaws. Without limitation,statements regardingfuture plansandobjectives of the Company are forwardlookingstatements thatinvolvevarious degreesofrisk.Forward-lookingstatementsreflectmanagement’scurrentviewswithrespecttopossiblefuture eventsandconditionsand,bytheirnature,arebasedonmanagement’sbeliefsandassumptionsandsubjecttoknownandunknownrisksanduncertainties,bothgeneralandspecifictotheCompany.AlthoughtheCompanybelievestheexpectationsexpressedinsuchforward-lookingstatementsarereasonable,suchstatementsarenotguaranteesoffutureperformanceandactual resultsor developmentsmaydiffer materially fromthose inour forward-lookingstatements.The followingare importantfactorsthatcouldcausetheCompany’sactualresultstodiffermateriallyfromthoseexpressedorimpliedbysuchforwardlookingstatements:changesintheworld-widepriceofagriculturalcommodities,generalmarketconditions,risksinherentinagriculture, theuncertainty offutureprofitabilityandtheuncertaintyofaccesstoadditionalcapital.Additionalinformationregardingthe
material factors and assumptions that were appliedin makingthese forwardlookingstatements as well as the various risks and
uncertaintieswefacearedescribedingreaterdetailinthe“RiskFactors”sectionofourannualandinterimManagement’sDiscussionandAnalysis of our financial results andother continuousdisclosure documentsandfinancial statements we file withtheCanadiansecuritiesregulatoryauthoritieswhichareavailableatwww.sedar.com. TheCompanyundertakesnoobligation toupdatethisforward-lookinginformationexceptasrequiredbyapplicablelaw.TheCompanyreliesonlitigationprotectionfor
forward looking statements.