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Ranchview, a start-up company, develops products that use cellular networks instead of the traditional radio systems that are typically used to deliver RTK (Real Time Kinematic) corrections to GPS enabled equipment. RTK corrections improve the accuracy of GPS equipment. The network can also be used to provide high speed Internet access.
"This product line is a natural extension and fits well with our strategy to improve the movement and use of data in agriculture, plus it provides a simpler solution for providing RTK corrections," noted Raven President and Chief Executive Officer Ronald M. Moquist. "We anticipate that this acquisition will contribute to next year's earnings. How much will depend on the success of the Ranchview products and services as they are rolled out," he added.
Matt Burkhart, General Manager of Raven's Applied Technology Division, explained, "We are aggressively pursuing ways to put the most comprehensive precision ag technologies in the hands of our customers. In the end, growers will benefit from the integration of these products into our lineup and the lower costs necessary to achieve RTK accuracy."
About Raven Industries, Inc.
Raven is an industrial manufacturer that provides precision agriculture products, reinforced plastic sheeting, electronics manufacturing services, and specialty aerostats and sewn products to niche markets.
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. Without limiting the foregoing, the words "anticipates," "believes," "expects," "intends," "may," "plans," and similar expressions are intended to identify forward-looking statements. The company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act. Although management believes that the expectations reflected in forward-looking statements are based on reasonable assumptions, there is no assurance these assumptions are correct or that these expectations will be achieved. Assumptions involve important risks and uncertainties that could significantly affect results in the future. These risks and uncertainties include, but are not limited to, satisfaction of closing conditions, weather conditions and commodity prices, which could affect some of the company's primary markets, such as agriculture; or changes in competition, raw material availability, technology or relationships with the company's largest customers--any of which could adversely affect any of the company's product lines--as well as other risks described in Raven's 10-K under Item 1A. This list is not exhaustive, and the company does not have an obligation to revise any forward-looking statements to reflect events or circumstances after the date these statements are made.
On the Internet, information is available on the company's Web site, www.ravenind.com.
SOURCE Raven Industries, Inc.
http://www.ravenind.com
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