Deveron UAS Corp., - CEO, David A MacMillan
CEO, David A MacMillan
Source: YouTube (SmallCapPower)
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Deveron UAS (CSE:DVR) has announced its acquisition of Texas-based agronomy solutions business, Better Harvest
  • The deal will expand Deveron’s customer base by approximately 100,000 acres, or 34 per cent
  • The company will pay roughly C$372,000 for the acquisition, with a portion to be paid out over the next two years
  • In 2019, Better Harvest reported unaudited revenue of $662,224
  • Deveron UAS (DVR) is currently steady at $0.18 per share, with a market cap of $9.04 million

Deveron UAS (CSE:DVR) has announced its acquisition of Texas-based agronomy solutions business, Better Harvest.

Through its on-demand network of drone pilots and soil sampling technicians, Deveron offers scalable data acquisition and insight solutions in the imagery and soil space.

Similarly, Better Harvest provides agronomic advice, nitrogen management solutions and irrigation optimisation programs for a range of long-standing customers. In 2019, the company reported total unaudited revenue of C$662,224.

The deal will expand Deveron’s footprint in Texas, one of the largest agricultural markets in the US. It will also increase the company’s current land under management by 100,000 acres, or 34 per cent.

Deveron’s President and CEO, David MacMillan, called the addition of the Better Harvest team “a transformational event.”

“This transaction highlights our belief that Deveron can empower independent agronomists by providing data tools and products that improve their customer’s outcomes, which allows local agronomists to focus on growing their businesses,” he said.

As consideration for the acquisition, Deveron will pay a total of approximately $372,000 to the vendors of Better Harvest. Approximately $232,000 of this amount will be payable on closing. The remaining $140,000 will be paid in equal annual amounts over the next two years.

As Deveron integrates its products and services with those of Better Harvest, the company will also leverage its sales and marketing capabilities to further expand Better Harvest’s presence in Texas. In addition, Deveron will work to expand Better Harvest’s nitrogen management and irrigation solutions service into neighbouring markets.

Better Harvest’s President, David Reinart, said he is excited to work with Deveron in servicing its current customers.

“It will be business as usual as we make this transition, with no disruption in the quality of service our growers have come to know.

“I am excited about the additional services Deveron will allow us to offer our customers,” he concluded.

Deveron UAS (DVR) is currently steady at $0.18 per share as of 1:35pm EDT.

More From The Market Herald

" Green Rise Foods Inc. (TSXV:GRF) completes 16-acre greenhouse acquisition

Green Rise Foods (GRF) has acquired a 16-acre greenhouse range in Kingsville, Ontario, for $15 million in cash.

" American Lithium (TSXV:LI) producing high purity fertilizer

American Lithium (LI) has completed a process of precipitation of high purity, fertilizer quality potassium sulfate by-product from its Falchani Project.
The Market Herald Video

" Affinor Growers (CSE:AFI) announces $2M private placement

Affinor Growers (AFI) is undertaking a private placement for gross proceeds of up to $2,000,000.

" Water Ways Technologies (TSXV:WWT) announces $1M private placement

Water Ways Technologies (WWT) has announced a private placement for gross proceeds of up to C$1,000,000.