Deveron Signs Multi-Year, Multi-Million Dollar Enterprise Contract for Use of Carbon Services Platform
Toronto, Ontario--(Newsfile Corp. - October 19, 2021) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture digital services and insights provider in North America, is pleased to announce that the Company has signed a four-year enterprise agreement, with an initial two-year statement of work valued at $3.14 million, with a global leader in the agricultural industry. The agreement initially covers nine states in 2021 with an expansion to 17 states in 2022, with an annual value of $1.25M and $1.89M, respectively. The contract provides the client with access to Deveron's new carbon platform, which provides a scalable and streamlined process for collecting, analyzing, and sharing in-field soil carbon data to support the development of the client's carbon program.
"Carbon credits provide agribusiness and growers with a unique opportunity to create an additional revenue stream for their business while implementing environmentally conscious improvements to their operations. We are excited to see leaders in all industries look to agriculture to offset their carbon emissions and decrease their environmental footprint," said David MacMillan, Deveron's President and CEO. "Our turn-key carbon services platform addresses the industry's need to digitize and standardize the collection, analysis and distribution of carbon soil data. Our vertically integrated data technician network and laboratory, provides our clients with an end-to-end platform ensuring the highest fidelity digitized carbon soil data."
This is the third agricultural leader to sign an enterprise contract to use Deveron's carbon services platform since its launch on September 21, 2021. The platform eliminates multiple key bottlenecks impeding the current market for agriculture carbon credits. The Company views these improvements as key enablers for maximizing the creation of reliable and credible carbon credits. The platform is built on three key principles highlighted below:
Leverage Deveron's growing network of trained and dedicated soil technicians across North America, thus ensuring consistency of sampling
Provide single chain of custody from the farm to the lab in a digital platform
Ensure soil data integrity via best-in-class data security
To find out more about our carbon platform, visit: https://deveronuas.com/carbon/.
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.deveronuas.com.
President & CEO Deveron Corp.
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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.
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