CALGARY, Dec. 9 /CNW/ - (TSX:HEM) Today, Hemisphere GPS and FOTON LOVOL International Heavy Industry Co., LTD announced their OEM alliance to launch Outback Guidance® precision farming products in China. FOTON LOVOL is a leading manufacturer of tractor, harvester and construction machinery in China with sales of US$2.04B in 2009. Under the alliance agreement, FOTON LOVOL is now offering Hemisphere GPS' Outback S3™ guidance systems, eDriveX™ automated steering solutions and A220/A221™ RTK GPS products, that combined, automatically steer farm vehicles at centimeter-level accuracy. FOTON LOVOL annually manufactures approximately 200,000 tractors. The two companies recently demonstrated Outback Guidance products on FOTON LOVOL's new high-horsepower TN 2654 tractor at the Information and Modern Agriculture Exposition (IMAE2010) in Beijing (see the video).
"The Outback Guidance products by Hemisphere GPS allow FOTON LOVOL to offer innovative automated steering solutions that will further enhance the performance of our tractors," says Huiyan Meng, Chief Manager of Hydraulic and Electric Control, R&D Center at FOTON LOVOL. "The Chinese agricultural market will benefit from improved yields and lower costs through increased automation of their farming practices."
The most demanding farming techniques including high precision planting, cultivating and bedding are improved through the reliable and repeatable performance of Outback eDriveX. FOTON LOVOL customers will be able to improve their efficiency with eDriveX by automatically steering the tractors in straight, free form contour and circle pivot guidance modes - including when moving in reverse. As a result, Chinese farmers will achieve more uniform treatments, reduce waste, and conserve fuel all while reducing driver fatigue.
"Aligning with a market leader like FOTON LOVOL is a turbo boost to our entry into the China market," stated Steven Koles, President and CEO of Hemisphere GPS. "There is a significant trend in China towards larger tractors and the implementation of advanced farming technology. Our Outback Guidance systems are a perfect tie-in with FOTON LOVOL's new higher horsepower tractors and significantly enhances our position in one of the world's largest agriculture markets."
About FOTON LOVOL International Heavy Industry Co., LTD
FOTON LOVOL H.I. is a large-scale industrial equipment manufacturing enterprise specialized in producing construction machinery, agricultural equipment, and vehicles. In 2009, sales revenue hit 13.62 billion yuan (US$2.04B). The company has been titled "China Main High & New-Tech Enterprise", and the Construction Technic Research Institute has been awarded "China National Technology Center". FOTON LOVOL H.I. has also established a "Post-Doctoral Research Center". The company's leading products have been honored as a "China Top Brand", a "China Famous Trademark", and ranked as one of "The Most Competitive Brands in China Market". In 2010, FOTON LOVOL's brand value is estimated 11.38 billion yuan (US$1.71B), ranking 64th in "China's Top 500 Most Valuable Brands". For more information about FOTON LOVOL, please go to www.fotonlovol.com/group_en.
About Hemisphere GPS
Hemisphere GPS designs and manufactures innovative, cost-effective GPS products for positioning, guidance, and machine control applications in agriculture, marine, construction, and other markets. The Company holds numerous patents and other intellectual property and owns several leading brand names, including Outback Guidance®, a leading brand in precision GPS for agriculture. The Company is headquartered in Calgary, Alberta, with major product development, sales, and marketing facilities in Arizona, Kansas, and Australia. Hemisphere GPS is listed on the Toronto Stock Exchange (TSX) trading under the symbol "HEM" and is one of the TSX Cleantech designated companies. For more information about Hemisphere GPS, please go to www.hemispheregps.com.
The above disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Hemisphere GPS' control, including: the impact of general economic conditions, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to the announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Hemisphere GPS' actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceed, that Hemisphere GPS will derive there from.
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