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Deveron to Acquire Unmanned Aerial Systems (Drone) Company

Deveron News Release

TORONTO, ONTARIO -- (Marketwired) - Deveron Resources Ltd. (TSX VENTURE:DVR) ("Deveron" or "the Company") has executed a binding Letter Agreement outlining the terms and conditions upon which Deveron will acquire 2487473 Ontario Inc. ("Ontco") operating as Eagle Scout Imaging ("Eagle Scout"). Through the deployment of Unmanned Aerial Systems ("UAS" or "Drones"), Eagle Scout acquires high resolution aerial imaging data of crop acreage. Eagle Scout then processes the data and develops prescriptions to improve crop yield.

"We are very excited to be moving in this new direction," commented David Macmillan, Director and VP Corporate Development. "Our work over the past year suggests enormous investment opportunities exist across multiple verticals where UAS technology can be applied. We have identified a number of potential acquisition and joint venture possibilities in this area and we are pleased to be working with Eagle Scout to build the premier Canadian precision UAS agricultural brand."
"Drone technology applications are growing exponentially worldwide. I encourage shareholders and potential investors to join our community and learn more about UAS by visiting our website below."

Eagle Scout uses drones and state-of-the-art camera, sensor and software technologies to collect data that can be used with existing farm GIS software for variable rate fertilizing, seeding, pesticide applications and other prescription management solutions. Eagle Scout provides Normalized Difference Vegetation Indexing ("NDVI") imaging as well as other valuable information related to plant health which ultimately enhances yield and maximizes profitability. Eagle Scout is fully insured and approved by Transport Canada for activities in Ontario under a Special Flight Operating Certificate. Ontario has over 7 million acres of prime agricultural land, and Eagle Scout is well positioned to capture the growth opportunities that exist in this new market.

For more information on Eagle Scout, go to: http://www.eaglescout.ca

 



The use of drones is transforming how aerial images and data are collected and analyzed in many industries with applications in pipeline inspection, forestry management, precision agriculture, media production, mine site surveying and many others. A recent industry overview by CB Insights reports that capital is flowing into UAS companies at an ever accelerating rate. Recently, a UAS company completed Canada's third largest technology financing of 2015 at $60 million. These capital inflows are generating rapid improvements in UAS hardware and software and uncovering new applications almost daily.

For more information and to join our community, please visit http://www.deveronuas.com


Under the terms of the transaction, Deveron will issue up to 2.5 million common shares and up to 1.25 million warrants on the basis of one share in exchange for each common share of the issued and outstanding common shares in the capital of Ontco (the "Ontco Shares") and one Deveron Share purchase warrant (a "Deveron Warrant") for each Ontco Share purchase warrant (an "Ontco Warrant") not exercised by the holders thereof prior to the Closing Date which shall continue to vest or be convertible on the schedule and terms established at the time of the respective grants.

In addition, Deveron may issue up to 1,000,000 Performance Shares over a three year period depending on certain revenue targets being met. Ontco will nominate two directors to join the four current directors on the board of Deveron.
In due course, the Company will issue press releases with further comprehensive information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this release.

Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

Source: Marketwired


Trending Video

The FCDC and AgSmart Bring Plant Breeding to a Wider Audience

Video: The FCDC and AgSmart Bring Plant Breeding to a Wider Audience

In the vast prairies of Alberta, Olds College’s Field Crop Development Centre (FCDC) stands as a beacon of innovation and research in the agricultural world. The institution has become a key player in advancing agricultural technologies and practices. The FCDC’s commitment to applied research has driven them to seek effective means of disseminating their findings and creating a positive impact on the farming community.

One such avenue that aligns with their mission is AgSmart, an event dedicated to showcasing cutting-edge agricultural technologies. The coming together of the FCDC’s annual Field Day and Ag Smart has proved to be a natural fit, fostering a synergy that benefits both parties and propels the agriculture industry forward. The FCDC Field Day took part in conjunction with AgSmart for the first time this week on Aug. 1-2 in Olds, Alta. FCDC Program Director Kofi Agblor and Olds College VP of Development Todd Ormann sat down for an interview with Marc Zienkiewicz to discuss the significance of the two events taking part together and what the future holds.

The Intersection of Research and Technology The essence of the FCDC lies in its dedication to plant breeding and new seed varieties, particularly barley and triticale. While conducting research is essential, it becomes meaningful when its benefits are shared with the wider community. This is where AgSmart steps in, providing a key venue for the FCDC to showcase their research. This union between research and technology creates a holistic and enriching experience for farmers, ranchers, and industry professionals, the pair said.

Seeds as Technology For the FCDC, the partnership with AgSmart goes beyond mere event collaboration. It is about creating an environment that bridges the gap between seeds and smart technology, Ormann said. The college believes that for technology to truly revolutionize agriculture, it must begin with a strong foundation — high-quality seeds. As the saying goes, “it all starts with a seed.” To demonstrate this critical aspect, the collaboration aims to showcase the seed value chain as an integral part of the smartphone.

The Birth of a Powerful Alliance The idea of joining forces emerged when staff realized the potential synergy between AgSmart and the FCDC Field Day. With just a few days separating the two events, a proposal was put forward to merge them. The marketing and communications teams from both sides worked seamlessly to ensure the essence of both events remained intact, creating a powerful alliance that leverages the strengths of each, Agblor said.

Driving Advancements in Breeding For Agblor, the partnership with AgSmart has tremendous potential to drive advancements in breeding and other technology. With technologies like drones and imaging becoming integral to phenotyping, breeding is no longer confined to vast fields to assess thousands of plants manually. Instead, it benefits from the data-rich insights brought about by smart technologies. These advancements make breeding more efficient, precise, and instrumental in shaping the future of agriculture.

Overcoming Challenges Together While the partnership between Olds College and Ag Smart has been a resounding success, there are challenges on the horizon. Securing stable funding for long-term breeding initiatives is crucial to sustain progress. The college is committed to navigating these challenges and investing in agriculture’s future sustainably, Agblor said.