DVR CANADA'S TOP DRONE COMPANY *** NEWS Very good news. Recent acquisition will be contributing before year end as well. Looks good
Deveron receives $517,000 from sale of Boreal holdings
2018-09-11 07:54 ET - News Release
Mr. David MacMillan reports
DEVERON RECEIVES FINAL PAYMENT OF $567,200 FROM SALE OF LEGACY ASSETS
Deveron UAS Corp. has received final payment for its previously reported (see press release dated Jan. 6, 2017) tendering of its shareholdings in Boreal Agrominerals Inc. The company has received final payment of approximately 17 cents per share on its original holdings of three million shares, totalling $517,000. In total, Deveron received cash considerations of $967,000 or approximately 32 cents per share paid in three tranches.
In addition, the company also reports that it has recently received final payment of $50,000 from New Gold Inc. for its Nechako gold property in British Columbia, situated on the Nechako Plateau, approximately 110 kilometres southwest of Vanderhoof and 160 kilometres west of Quesnel, adjacent to New Gold Inc.'s Blackwater property.
"We are excited to have concluded the sale of our legacy assets," commented Deveron's president and chief executive officer, David MacMillan. "We have transformed Deveron into a leading drone data network for North American farmers. With our recent acquisition of Veritas Farm Management, this non-dilutive influx of cash will continue to provide growth capital for what we see as an ever-expanding opportunity in data on the farm, powered by analytics and drone data. Deveron is exiting the summer with a stronger balance sheet than ever before with close to $4-million in cash. We look forward to investing in growth opportunities that add to our paid acres under management and expanding our gross margins as we push Deveron from a pure data service provider into a product company."
About Deveron UAS Corp.
Deveron is a leading drone data services company providing powerful data applications and analytics to the agricultural community. Drone data helps farmers reduce costs and increase both yields and profit using sophisticated unmanned aerial systems (UAS or drones), sensors, software and analytics. Deveron's drone imagery service network allows farmers in North America to obtain on-demand, actionable data so they can make timely production decisions with the use of ultrahigh-resolution data. The company is focused on building a standardized network of pilots, drones and sensors to provide data to decision makers in the farming industry.
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