Deveron Signs New Enterprise Contracts Totaling $9.5 Million

Toronto, Ontario–(Newsfile Corp. – March 14, 2023) – Deveron Corp. (TSXV: FARM) (“Deveron” or the “Company“), a leading agriculture service and data company in North America, is pleased to announce that the Company has signed two new enterprise contracts, totaling $9.5 million. Focusing on tissue sampling and pesticide analysis, the first contract has a total value of $4 million spread over 2 years, via Deveron’s subsidiary A&L Canada Laboratories (“A&L”).

“We believe tissue and pesticide analysis are important market opportunities across North America,” commented David MacMillan, Deveron’s President, and CEO. “This win by our team at A&L is confirmation of the growing market opportunity. Furthermore, as we continue to expand our US presence, we believe the proprietary process and methods developed at A&L can be implemented within our other laboratories which will create further new market opportunities.”

The second contract is for 3-years totaling $5.5 million in revenue, of which $2.7 million is expected to be recognized in 2023. This project utilizes Deveron’s vertically integrated soil ecosystem of data collectors and soil labs to measure agricultural carbon in soil. This project will primarily focus on our Midwest region in the United States, as well as expand into new territories of pastureland in states such as Montana and Wyoming.

“On the carbon front, it is a continued honor to be a trusted data solutions provider for global enterprises. Whether focused on measuring carbon or using agricultural data to increase yield and quality, Deveron’s vertically integrated soil ecosystem is becoming the clear choice for insights and benchmarking,” said David MacMillan, President, and CEO of Deveron. “Deveron’s regional expertise and execution is the backbone of our company, coupled with best-in-class laboratory analysis and information creates a turn-key and unique experience for our customers.”

About Deveron: 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. Our geographic focus is the US and Canada where 1 billion acres are actively farmed annually.

For more information, please visit www.deveron.com.

Phil Linton
VP Corporate Development
Deveron Corp.
Plinton@deveron.com
Tel: 647-622-0076

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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 world-wide 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158297