SIOUX FALLS, S.D., Nov. 19 /PRNewswire-FirstCall/ -- Raven Industries, Inc. , and SST Software, Inc. ("SST") today announced that the companies would build on their strategic alliance, with Raven buying a minority ownership position in SST. Financial terms were not disclosed.
In July 2009, the companies announced a strategic alliance to provide customers with simple, more efficient ways to move and manage information in the precision agriculture market. These solutions include integration of SST''s AgX(TM) Platform into Raven''s Viper Pro and Envizio Pro field computers. SST''s AgX(TM) Platform is a standardized data structure and reference database that enables efficient in-field record keeping and seamless communication between AgX(TM) -compliant software and devices.
"SST''s software suite and database structure has proven itself in the marketplace and our approaches to the precision agriculture market complement and build on each other," said Raven President and Chief Executive Officer Ronald M. Moquist. "The use of Raven high speed modems and our field computers will help provide a real-time link to SST''s powerful algorithms. We anticipate that the integration of the AgX(TM) Platform will add to both company''s revenues."
"Raven is a partner that agrees with our mission--providing independent information management services to our ag service providers and their farmer-customers, as they manage field inputs for maximum efficiency," noted David Waits, SST President and CEO. "Raven''s robust hardware offerings and ag business perspective will help us to achieve that goal."
Matt Burkhart, General Manager of Applied Technology Division at Raven Industries emphasized, "Our ownership position in SST demonstrates our mutual commitment to deepening this strategic alliance. The combination of the AgX(TM) Platform with our field computers gives growers a platform they can depend on for the foreseeable future."
About SST Software
SST Software is a privately held agricultural software development and information services provider with customers in forty-two U.S. states, eight Canadian provinces, and twenty-two countries. With over 15 years of experience, SST is positioned as the industry leader in the development of site-specific technology infrastructure and applications, and is currently active in developing, processing and delivering user-defined information products to many of the largest and most progressive agricultural service providers in North America.
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.
Since 1978, Raven''s Applied Technology Division has helped define the concept of precision agriculture and continues to create ground-breaking ideas and products that improve the position of growers around the world. Raven has earned an international reputation for agricultural innovation, product reliability and unmatched service and support. In partnership with our network of Raven dealers and distributors, we''re helping growers of all sizes and all types work smarter, reduce input costs and increase yields and profitability.
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, http://www.ravenind.com/.
Raven Industries, Inc.
CONTACT: Tom Iacarella, Vice President & CFO of Raven Industries, Inc.,
+1-605-336-2750; or Analyst/Media Inquiries, Leslie Loyet of Financial
Relations Board, +1-312-640-6672, for Raven Industries, Inc.
Web Site: http://www.ravenind.com/
