Deveron UAS Divests Legacy Assets

Jan 06, 2017

Farms.com reporting on Deveron News.

Editors Note:

Norm Lamothe and David MacMillian of Deveron UAS will be presenting at the Farms.com Precision Agriculture Conference on January 31 and February 1, in London, ON.

For more information visit http://www.Farms.com/PrecisionAgriculture

Company Divests Legacy Assets To Focus On Agriculture UAS Services.

Deveron UAS Corp., a leading enterprise drone data solution for agriculture, is pleased to announce that it has tendered 100% of its shareholdings in Boreal Agrominerals Inc. (“Boreal”) to an offer from 9949941 Canada Inc. to acquire 100% of Boreal by plan of arrangement. On closing, the Company has received an initial payment of $0.03 per share on its original holdings of 3 million shares, totaling $90,000. In total, Deveron is to receive cash considerations, after the payment of certain obligations of Boreal, of approximately $0.32 per share to be paid in three tranches:

$0.03 per share immediately after December 30, 2016 (“Effective Date”) (completed);
$0.12 per share on or before the 6-month anniversary of the Effective Date;
$0.17 per share on or before the one-year anniversary of the Effective Date, which could be extended to the second anniversary of the Effective Date.

The arrangement agreement calls for total cash consideration to Deveron of $960,000.

“Deveron continues to see sizable growth opportunities in its drone data business as we head into 2017,” commented David MacMillan, Deveron’s President and CEO. “Monetizing legacy assets provides ample capital for the growth of our network of drones as we target expansion into western Canada and select opportunities in the United States.”

About Deveron UAS:

Deveron is a full-service enterprise drone data services company focused on agriculture offering the opportunity to increase yields and reduce costs using sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. Deveron’s drone data service network allows enterprise level customers to obtain on-demand, actionable data and eliminates technology and capital risks.

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

The Farms.com team visited Norm Lamothe this summer while he was scouting a soybean field for a farmer. Here is the video of the project.

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.