HIWATHA, KS, March 20, 2017 /PRNewswire/ - AgJunction, Inc. (TSX: AJX), a leading provider of innovative hardware and software solutions for precision agriculture, is pleased to announce a new strategic agreement with Hemisphere GNSS, Inc., a world-class provider of global navigation satellite systems (GNSS) technology.
For an undisclosed, one-time payment and a new long-term supply agreement, AgJunction has agreed to release Hemisphere from a license restriction that prevented them from selling their GNSS products directly into the global agricultural market. Supply and market restriction agreements previously created between AgJunction and Hemisphere ended in 2016 while the market restriction agreements continued indefinitely.
The agreement is expected to provide customers a more direct relationship with their GNSS supplier, creating better efficiencies for original equipment manufacturers, value-added resellers and growers alike. This agreement is also consistent with AgJunction's desire to provide its steering customers the ability to choose among several possible GNSS options.
Regarding the agreement, Dave Vaughn, CEO of AgJunction said: "AgJunction is pleased with the signing of this agreement as it will insure our customers, who have chosen Hemisphere's GNSS receivers and antenna technology, direct access and an uninterrupted supply. As a leader in the precision steering machine control business, it is incumbent upon us to provide the GNSS solution our customers prefer, and this agreement does just that."
This agreement does not affect AgJunction's exclusive right to sell certain steering and machine control technology covered by the Company's extensive IP portfolio into the agriculture market.
Hemisphere's President & CEO, Farlin Halsey, stated, "Hemisphere is excited to work more directly with our OEM agriculture partners. This new supply agreement will forge a deeper relationship, providing faster response to sales and support requests and increased customer feedback, resulting in stronger innovation and solutions." Halsey added, "We would also like to thank AgJunction, and look forward to both companies' future success."
Specific terms of the transaction were not disclosed.
Hemisphere GNSS is an innovative technology company that designs and manufactures high-precision positioning products and services for use in OEM/ODM, machine control & guidance, L-band correction services, marine, monitoring, and unmanned systems markets. Hemisphere holds numerous patents and other intellectual property and sells globally with several leading product and technology brands including Athena™, Atlas®, Crescent®, Eclipse™, and Vector™ for high-precision applications. Hemisphere is based in Scottsdale, AZ, USA, with offices located around the globe, and is part of Beijing UniStrong Science & Technology Co., Ltd. For more information, please visit www.HGNSS.com.
AgJunction (www.agjunction.com) provides innovative hardware and software applications for precision agriculture worldwide. The Company holds more than 140 patents and markets its products and services under leading brand names including Novariant, Outback Guidance® and Satloc®. AgJunction is headquartered in Hiawatha, Kansas, with executive offices in Fremont, California, and facilities in Scottsdale, Arizona; Winnipeg, Manitoba; and Brisbane, Queensland, Australia. AgJunction is listed on the Toronto Stock Exchange (TSX) under the symbol "AJX." For more information, please visit www.agjunction.com.
Reader Advisory and Note Regarding Forward Looking Information
This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words "expect," "anticipate," "may," "will," "should," "believe," "intends" and similar expressions are intended to identify forward-looking information. In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time. Readers should not place undue reliance on such forward-looking information contained in this press release since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security which may be referenced herein.
SOURCE Agjunction Inc.