SIOUX FALLS, S.D., Nov. 13, 2019 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced today that it has completed the acquisition of majority ownership of DOT Technology Corp. (DOT®), a leader in autonomous agriculture solutions. The investment will align under the Company’s Applied Technology division in support of its strategic growth platform, Raven Autonomy™.
“Raven is thrilled to expand our partnership with DOT® through this strategic investment,” said Brian Meyer, Division Vice President of Raven Applied Technology. “Their team has developed an impressive system that, alongside Raven precision ag technology, we believe will play a major role in the future of autonomous agriculture. We look forward to furthering the development and success of the Dot System in order to deliver fully-autonomous solutions for our customers and partners.”
DOT® is the designer and manufacturer of a unique U-shaped diesel-powered platform designed to autonomously handle a large variety of agriculture implements. Through its accurate path planning technology, the platform is able to complete tasks autonomously. In turn, agriculture professionals can make better use of their time and overall operations.
Through this majority ownership, Raven will leverage the respective strengths of each entity to drive commercialization and adoption efforts of autonomy in agriculture. Raven is the market leader in steering, guidance and machine control technology, while DOT® brings field path planning, user control experience, machine safety and remote communication software to this unique relationship. Together, the companies will accelerate the development of precision agriculture technology from semi-autonomous to fully-autonomous solutions.
“We are very pleased with this investment; it greatly accelerates Dot’s speed to market, as well as the quality of the system, for farmers who are seeking a path to autonomy,” commented DOT® founder Norbert Beaujot. “I am looking forward to continued collaboration between the DOT® and Raven teams to fulfill my vision of Dot helping farmers address labor constraints and capital costs while increasing operational efficiency at the farm level.”
About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.
About Raven Applied Technology
Raven Applied Technology is helping feed a growing population by delivering impactful technology that improves agricultural efficiency for custom applicators and growers around the world. From field computers to sprayer and planter controls, GPS guidance steering systems, wireless and logistics technology, Raven provides precision agriculture products and solutions designed to reduce operating costs and improve yields. Learn more at http://ravenprecision.com.
About DOT Technology Corp.
DOT is a patented autonomous diesel-powered platform that is U-shaped and ready to accept any implement that has been adapted to be Dot ready. Following Dot’s 2017 launch, they have experienced a surge of interest from progressive farmers around the globe. DOT Technology Corp. is a corporation incorporated under the federal laws of Canada and is headquartered in Regina, Saskatchewan, Canada. For more information, visit http://seedotrun.com.
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.
Generally, forward-looking statements can be identified by words such as “may,” “will,” “plan,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “should,” “estimate,” “predict,” “project,” “would,” and similar expressions, which are generally not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to our future operating or financial performance or events, our strategy, goals, plans and projections regarding our financial position, our liquidity and capital resources, and our product development – are forward-looking statements.
Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Company’s 10-K under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Company’s historical experience and our present expectations or projections.
Bo Larsen, Director of Investor Relations
Margaret Carmody, Director of Corporate Communications
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Source: Raven Industries