Deveron Announces Strategic Cost Optimization and Synergy Program
Toronto, Ontario--(Newsfile Corp. - December 1, 2022) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture data company in North America, announces that the Company has implemented a significant cost optimization program driven by a strategic refocusing on the North American soil testing market and the synergies created from its recent acquisitions.
Soil sampling and laboratory testing are essential functions in the processes of food production. Soil health is measured by the nutrient content and biological activity within the soil and is a key input driver in how farmers make their decisions around fertilizer and nutrient spend and resulting application to the fields. Cumulatively, these decisions represent billions in annual spending and have a significant impact on soil health, our environmental footprint, and the ongoing sustainability of our food supply chain.
The current reprioritization of Deveron's investments are specifically driven by the Company's strategy to become the leader in soil data. Deveron's capabilities are empowered by a digitally enabled platform to turn these services and data into actionable insights for farmers and the teams that they work with to produce the world's grain, fruit, and vegetables.
The International Plant Nutrition Institute estimates that 12 million soil samples are tested in North America annually. The current platform of regional field services and soil testing laboratories that Deveron has built represents a meaningful platform within this market. The current focus of the Company is to accelerate the integration of its acquired businesses and the development of digital tools to deliver the highest practical value to our customers.
"Over the last 24 months, we have acquired ten companies with various skill sets and regional presences," said David MacMillan, President, and CEO of Deveron. "We are realigning our strategy to focus on owning the end-to-end soil testing market. By creating a digitally enabled and unique user experience, we can offer our customers the best solution to providing reliable and independent soil analysis. This renewed focus on integrating the businesses will positively impact our 2023 financial performance."
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, that build a basis of our best-in-class data layers. Our focus is the US and Canada where 1 billion acres of farmland are actively farmed annually.
For more information and to join our community, please visit www.deveron.com.
President & CEO, Deveron Corp.
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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.
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