Accelerates Investments in Delivering
Autonomous Agriculture Solutions
As part of its ongoing commitment to autonomous agriculture
solutions, Raven Industries, Inc. (the Company; NASDAQ:RAVN)
announced today that it has entered into agreements to acquire the
remaining equity of DOT Technology Corp. (DOT®), a leader in
autonomous platforms. This additional investment is further
indication of Raven’s confidence in its position to bring these
innovations to market and expand its market share in precision ag
technology.
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Part of 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. (Photo: Business Wire)
DOT is the developer of the “Dot Power Platform,” an autonomous
power unit that has the ability to pair with a wide range of
implements which are critical to agricultural production and will
offer a variety of labor saving solutions to farmers and Ag
Retailers alike. Fusing DOT, and the recently acquired Smart Ag®
autonomous perception and path planning technology, with our core
technology platforms in guidance, steering, and machine control
enables Raven to deliver revolutionary autonomous solutions and
greatly accelerate our long-term growth in Applied Technology. The
company is currently moving forward with commercialization of Raven
Autonomy™ and will be expanding its portfolio with new offerings,
which will increase the value of autonomy to end-users at a rapid
pace.
“We see tremendous synergies between our current business and in
the investments we have made in DOT and Smart Ag, an Iowa-based
autonomy company which we acquired last November,” said Wade Robey,
Executive Director of Raven Autonomy. “We are very excited to be a
leader in ag autonomy, and we are committed to working with our
customers and partners to help bring these exciting new
technologies to ag markets around the globe. Developing solutions
for ag autonomy expands the total addressable market served by the
Applied Technology Division by several billion dollars and
positions the business for tremendous growth over the next several
years.”
For decades, Raven has been committed to maximizing operational
efficiencies through our core offering of application and machine
control platforms. The company’s initiative into autonomous
solutions is an extension of that core. As the demand of the
overall farming operation and compliance requirements become more
complex, the need for more efficient utilization of resources is
critical. Raven is best positioned to solve this great challenge.
The company’s autonomous solutions will become an essential part of
agricultural equipment technology for ag retailers and growers and
enable them to drive significant productivity improvements in the
future.
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.
Forward-Looking Statements
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/A 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200330005393/en/
Bo Larsen, Director of Investor Relations Margaret Carmody,
Director of Corporate Communications Raven Industries +1 (605)
336-2750
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