Hemisphere GPS now AgJunction
In a move to extend their reach in precision agriculture, Hemisphere GPS Inc. today sold its non-agricultural business assets to Beijing UniStrong Science & Technology Co. Ltd. for $14.96 million. Those products include marine, land survey, construction, mapping and OEM segments.
“The decision to divest our non-agriculture operations reflects our focus on the core platforms necessary to extend our leadership in precision agriculture,” says Rick Heiniger, President and CEO of Hemisphere GPS. “The result is a streamlined business, which can more effectively capitalize on the expanding market opportunities in agriculture.”
UniStrong plans to name the acquired operations Hemisphere GNSS Inc. As part of the transaction, UniStrong and Hemisphere GPS have formed a strategic alliance and a collaborative business relationship covering supply chain management, customer support, non-competition, and perpetual technology cross-licensing.
“Already having an established relationship with UniStrong as one of our resellers made our alliance a win-win for both parties,” notes Heiniger. “I am very pleased to be working together in this close technology-sharing relationship.”
Hemisphere GPS renamed
In addition, the company announced it plans to change its corporate name to AgJunction Inc., which is subject to shareholder approval at its 2012 annual shareholders meeting, planned for May 2013.
The company says the re-branding is an integral part of the strategic re-focusing of its resources toward the opportunities in precision agriculture, and part of the restructuring initiated in September 2012. It will maintain ownership of its key patents and agricultural brands, which include AgJunction, Outback Guidance, and Satloc.