CALGARY, Jan. 31, 2012 /CNW/ - (TSX: HEM) Hemisphere GPS, a designer and
manufacturer of advanced GPS products, has completed the acquisition of
all of the assets and operations of AgJunction from GVM, Inc.
AgJunction, located in State College, PA, has developed a
patent-pending, flexible, web-based, Precision Agriculture system for
client, farm and field management that leverages wireless
communications and cloud-computing. AgJunction's branding and
availability will remain intact as Hemisphere GPS' cloud computing
division. An overview of the transaction can be found in Hemisphere
GPS's press release dated January 18, 2012.
As part of the acquisition, Mark Anderson, President and owner of GVM,
Inc., will join the Hemisphere GPS Board of Directors.
Upon completion of the acquisition, Hemisphere GPS has a total of
66,271,819 common shares outstanding.
About Hemisphere GPS
Hemisphere GPS designs and manufactures innovative, cost-effective GPS
(GNSS) 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
SOURCE Hemisphere GPS Inc.
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