Raven to Acquire Full Ownership of DOT®

As part of its ongoing commitment to autonomous agriculture solutions, Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced today that it has entered into agreements to acquire the remaining equity of DOT Technology Corp. (DOT®), a leader in autonomous platforms. This additional investment is further indication of Raven’s confidence in its position to bring these innovations to market and expand its market share in precision ag technology.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200330005393/en/

Part of Raven Autonomy™, DOT® is the designer and manufacturer of a unique U-shaped diesel-powered platform designed to autonomously handle a large variety of agriculture implements. Through its accurate path planning technology, the platform is able to complete tasks autonomously. In turn, agriculture professionals can make better use of their time and overall operations. (Photo: Business Wire)

DOT is the developer of the "Dot Power Platform,” an autonomous power unit that has the ability to pair with a wide range of implements which are critical to agricultural production and will offer a variety of labor saving solutions to farmers and Ag Retailers alike. Fusing DOT, and the recently acquired Smart Ag® autonomous perception and path planning technology, with our core technology platforms in guidance, steering, and machine control enables Raven to deliver revolutionary autonomous solutions and greatly accelerate our long-term growth in Applied Technology. The company is currently moving forward with commercialization of Raven Autonomy™ and will be expanding its portfolio with new offerings, which will increase the value of autonomy to end-users at a rapid pace.

"We see tremendous synergies between our current business and in the investments we have made in DOT and Smart Ag, an Iowa-based autonomy company which we acquired last November,” said Wade Robey, Executive Director of Raven Autonomy. "We are very excited to be a leader in ag autonomy, and we are committed to working with our customers and partners to help bring these exciting new technologies to ag markets around the globe. Developing solutions for ag autonomy expands the total addressable market served by the Applied Technology Division by several billion dollars and positions the business for tremendous growth over the next several years.”

For decades, Raven has been committed to maximizing operational efficiencies through our core offering of application and machine control platforms. The company’s initiative into autonomous solutions is an extension of that core. As the demand of the overall farming operation and compliance requirements become more complex, the need for more efficient utilization of resources is critical. Raven is best positioned to solve this great challenge. The company’s autonomous solutions will become an essential part of agricultural equipment technology for ag retailers and growers and enable them to drive significant productivity improvements in the future.

About Raven Industries, Inc.

Raven Industries (NASDAQ: RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.

About Raven Applied Technology

Raven Applied Technology is helping feed a growing population by delivering impactful technology that improves agricultural efficiency for custom applicators and growers around the world. From field computers to sprayer and planter controls, GPS guidance steering systems, wireless and logistics technology, Raven provides precision agriculture products and solutions designed to reduce operating costs and improve yields. Learn more at http://ravenprecision.com.

About DOT Technology Corp.

DOT is a patented autonomous diesel-powered platform that is U-shaped and ready to accept any implement that has been adapted to be Dot ready. Following Dot’s 2017 launch, they have experienced a surge of interest from progressive farmers around the globe. DOT Technology Corp. is a corporation incorporated under the federal laws of Canada and is headquartered in Regina, Saskatchewan, Canada. For more information, visit http://seedotrun.com.

Forward-Looking Statements

This news release contains "forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act.

Generally, forward-looking statements can be identified by words such as "may,” "will,” "plan,” "believe,” "expect,” "intend,” "anticipate,” "potential,” "should,” "estimate,” "predict,” "project,” "would,” and similar expressions, which are generally not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to our future operating or financial performance or events, our strategy, goals, plans and projections regarding our financial position, our liquidity and capital resources, and our product development – are forward-looking statements.

Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain known risks, as described in the Company’s 10-K/A under Item 1A, and unknown risks and uncertainties that may cause actual results to differ materially from our Company’s historical experience and our present expectations or projections.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200330005393/en/