HIAWATHA, KS, Sept. 4, 2018 /CNW/ - AgJunction Inc. (TSX: AJX), the Autosteering Company™, has closed the sale of the assets of its Outback Guidance (Outback) business to Hemisphere GNSS (HGNSS). The transaction will allow AgJunction to focus on its core strategy to grow the market for autosteering.
The asset sale of Outback includes the Outback Guidance® brand, the REBEL™ autosteering products, and AgJunction's Hiawatha, Kansas and Winnipeg, Canada facilities. HGNSS will take over the relationships with the Outback independent dealer network, and the majority of the Outback workforce are transitioning to HGNSS.
AgJunction will retain the intellectual property and engineering staff concentrated in two engineering centers of excellence in Scottsdale, Arizona, and Brisbane, Australia.
The specific terms of the transaction are confidential.
AgJunction Inc., the Autosteering Company™ is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world's leading precision Ag manufacturers and solution providers and it holds over 130 fundamental steering and machine control patents. AgJunction markets its solutions under leading brand names including Novariant®, Wheelman™, Whirl™ and Satloc® and is committed to advance its vision by bringing affordable hands-free farming to every farm, regardless of terrain or size. AgJunction has locations in Silicon Valley, Arizona, and Australia, and is listed on the Toronto Stock Exchange (TSX) under the symbol "AJX." For more information, please go to 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.
For further information: Media: Lisa Shields, Corporate Communications AgJunction, +1-480-399-0989, [email protected]; Investor Relations, Cody Slach, Liolios Managing Director, +1-949-574-3860, [email protected]