Toronto, Ontario--(Newsfile Corp. - September 19, 2024) - Deveron Corp. (TSXV: FARM) ("Deveron" or the "Company"), a leading agriculture services and data company in North America, announces that further it its press release of August 15, 2024, the Company has satisfied the conditions precedent (the "Conditions Precedent") to the settlement agreement (the "Settlement Agreement") dated August 14, 2024, between the Company and certain parties (the "Settlement Parties").
In accordance with the Settlement Agreement, each of Bill Linton, Chris Irwin, Joelle Faulkner and Tim Close have resigned as directors of the Company. The Company wishes to thank each of them for their valuable contributions to the Company.
Ron Patterson and Albert Contardi have been appointed as directors of the Company, which has been fixed at five directors. Ron Patterson has been appointed the Chair of the board of directors of the Company.
Brief biographies of the newly appointed directors of the Company are as follows:
Ron Patterson, Chairman and Director - Mr. Patterson is a technology and financial services entrepreneur with 30+ years experience. He has wide ranging experience working with growth stage companies as either an operator, investor, or lender. He is co-founder of Accur8 Software Solutions, a software development company based in the United States and is an active Special Advisor to the Technology Lending Group of a Schedule I Canadian Bank. Ron previously co-founded MMV Financial, a specialty finance company that provided debt financing to technology companies across North America.
Albert Contardi, Director - Mr. Contardi is a consultant/adviser with over 15 years of legal, investment and capital markets experience. He is currently President of Generic Capital Corporation, a Toronto based exempt market dealer. Mr. Contardi's expertise involves advising and structuring corporate finance transactions in the mining, tech and bio-tech sectors to maximize the value of projects/assets. He has been called to the Ontario Bar and is a graduate of Queen's University Law School.
The board of directors is now comprised of Messrs. Ron Patterson, Albert Contardi, David MacMillan, Roger Dent and Greg Patterson. Notwithstanding the Settlement Agreement, the annual and special shareholder meeting of the Company is expected to be held as planned on October 25, 2024, to, among other things, elect the directors of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 drones, that build a basis of our best-in-class data layers. Our focus is the US and Canada where 1 billion acres of farmland are actively farmed annually.
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.sedarplus.ca. 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.
