Deveron signs new enterprise contracts totaling $9.5 M

Deveron signs new enterprise contracts totaling $9.5 M
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TORONTO – Deveron Corp. (TSXV: FARM), a leading agriculture service and data company in North America, announced that the Company has signed two new enterprise contracts, totaling $9.5 million. Focusing on tissue sampling and pesticide analysis, the first contract has a total value of $4 million spread over 2 years, via Deveron’s subsidiary A&L Canada Laboratories.

“We believe tissue and pesticide analysis are important market opportunities across North America,” commented David MacMillan, Deveron’s President, and CEO. “This win by our team at A&L is confirmation of the growing market opportunity. Furthermore, as we continue to expand our US presence, we believe the proprietary process and methods developed at A&L can be implemented within our other laboratories which will create further new market opportunities.”

The second contract is for 3-years totaling $5.5 million in revenue, of which $2.7 million is expected to be recognized in 2023. This project utilizes Deveron’s vertically integrated soil ecosystem of data collectors and soil labs to measure agricultural carbon in soil. This project will primarily focus on our Midwest region in the United States, as well as expand into new territories of pastureland in states such as Montana and Wyoming.

“On the carbon front, it is a continued honor to be a trusted data solutions provider for global enterprises. Whether focused on measuring carbon or using agricultural data to increase yield and quality, Deveron’s vertically integrated soil ecosystem is becoming the clear choice for insights and benchmarking,” said David MacMillan, President, and CEO of Deveron. “Deveron’s regional expertise and execution is the backbone of our company, coupled with best-in-class laboratory analysis and information creates a turn-key and unique experience for our customers.”

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. Their team of agronomists and data scientists build products that recommend ways to better manage fertilizer, seed, fungicide, and other farm inputs. Additionally, they have a national network of data technicians that are deployed to collect various types of farm data, from soil to drone. Their geographic focus is the US and Canada where 1 billion acres are actively farmed annually.

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