TORONTO, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Toronto, Ontario - Deveron UAS Corp. (CSE: DVR) (“Deveron” or the “Company”), is pleased to announce that it has received final payment for its previously reported (see press release dated January 6, 2017) tendering of its shareholdings in Boreal Agrominerals Inc. (“Boreal”). The Company has received final payment of approximately $0.17 per share on its original holdings of 3 million shares, totaling $517,000. In total, Deveron received cash considerations of $967,000 or approximately $0.32 per share paid in three tranches.
In addition, the Company also reports that it has recently received final payment of $50,000 from New Gold Inc. for its Nechako gold property in B.C., situated on the Nechako Plateau, approximately 110 kilometers southwest of Vanderhoof and 160 kilometers west of Quesnel, adjacent to New Gold Inc.’s Blackwater property.
“We are excited to have concluded the sale of our legacy assets,” commented Deveron’s President and CEO, David MacMillan. “We have transformed Deveron into a leading drone data network for North American farmers. With our recent acquisition of Veritas Farm Management, this non-dilutive influx of cash will continue to provide growth capital for what we see as an ever-expanding opportunity in data on the farm, powered by analytics and drone data. Deveron is exiting the summer with a stronger balance sheet than ever before with close to $4 million in cash. We look forward to investing in growth opportunities that add to our paid acres under management and expanding our gross margins as we push Deveron from a pure data service provider into a product company.”
About Deveron UAS: Deveron is a leading drone data services company providing powerful data applications and analytics to the agricultural community. Drone data helps farmers reduce costs and increase both yields and profit using sophisticated Unmanned Aerial Systems (“UAS” or “drones”), sensors, software and analytics. Deveron’s drone imagery service network allows farmers in North America to obtain on-demand, actionable data so they can make timely production decisions with the use of ultra-high-resolution data. The Company is focused on building a standardized network of pilots, drones and sensors to provide data to decision makers in the farming industry.
For more information and to join our community, please visit www.deveronuas.com or reach us on Twitter @DeveronUAS:
David MacMillan
President & CEO
Deveron UAS Corp.
416-367-4571 ext. 221
dmacmillan@deveronuas.com
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.