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 from.
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