Raven Industries Completes Transaction to Acquire Majority Ownership in DOT®
November 13 2019 - 4:00PM
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
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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