Raven Industries, Inc. (the
Company; NASDAQ:RAVN) announced today that it has
entered into an agreement to acquire 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 recently announced strategic
growth platform, Raven Autonomy™.
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.
The two companies began working together in May 2018, when the
Company announced the Dot Platform would be outfitted with Raven
technology, including steering, guidance and propulsion.
“Over the last year and a half of collaborating with DOT, Raven
has come to understand the value and uniqueness of the Dot
Platform,” said Dan Rykhus, President and Chief Executive Officer
of Raven Industries. “We are furthering our investment in and
ownership of this unique, disruptive technology. By investing in
DOT’s growth, we believe we have the ability to lead in the next
revolution of production agriculture.”
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.
“Our majority ownership investment in DOT is clear evidence of
our commitment to deliver revolutionary autonomous technology to
the market,” said Brian Meyer, Division Vice President of Raven
Applied Technology. “By bringing together DOT’s unique platform
with our machine control technology, industry knowledge and OEM
partnerships, Raven will be the market leader in autonomous
precision agriculture advancements.”
“As a company, we launched the Dot Platform to change farming.
Raven has been a critical partner in helping to get Dot to where we
are today,” said Norbert Beaujot, Owner and Founder of DOT
Technology Corp and SeedMaster Manufacturing Ltd. “Our combined
technologies will undoubtedly help accelerate speed to market and
adoption of machine automation.”
Raven is dedicated to solving great challenges, including
autonomy for agriculture. Raven Autonomy™ will change the ag
technology landscape, helping ag professionals be safer, more
efficient and ultimately run their operation with less reliance on
human variabilities. Utilizing its market-leading solutions suite
and strong commercial and technical relationships, Raven will pave
the way in autonomous farming and transform futuristic ideas into
concrete realities.
The transaction is expected to close in November 2019.
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
TechnologyRaven 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.
Forward-Looking StatementsThis
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.
Contact InformationBo Larsen,
Director of Investor Relations Margaret Carmody, Director of
Corporate CommunicationsRaven Industries+1 (605) 336-2750
Source: Raven Industries
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