Scottsdale, AZ, September24, 2019 — AgJunction Inc. (TSX:AJX), the Autosteering Company™ ("AgJunction"), has appointed Scott Steinman as chief financial officer, effectiveSeptember 24, 2019.
Steinman brings to AgJunction nearly two decades of seniorlevel accounting and finance expertise. Most recently, he served as CFO of DaystarProducts, an automotive parts manufacturing and distribution company. While Steinmanwas at Daystar Products, the company tripled revenue under his leadership, heled the integration of six acquisitions, and he implemented the monitoring ofvarious KPI’s to create a roadmap for growth and management accountability.
Prior to Daystar Products, Steinman was VP of finance forthe Advanced Surgical division of ConMed, a publicly traded, global medicaltechnology company. While in this role, he was instrumental in reversing anegative five-year annual growth rate to 55% reported business unit revenuegrowth, while significantly improving operating leverage. Steinman previouslyheld various senior level finance roles at Stryker, one of the world’s leadingmedical technology companies, and Curtiss-Wright, a publicly traded, globalengineering company.
“Bringing on an experienced finance executive like Scott tofurther strengthen our management team is an important step forward forAgJunction,” said Dave Vaughn, CEO of AgJunction. “Scott has an impressive trackrecord of implementing the necessary procedures and controls to drivesignificant growth. As we look to continue expanding both our direct andindirect sales channels, Scott’s expertise in successfully leading financedepartments will be an invaluable asset going forward.
“I would also like to thank Peter Newton, who was serving asinterim CFO, for all his efforts and contributions in supporting AgJunctionthrough this transition period. With the addition of Scott to our senior leadershipteam and the recent consolidation of our facilities to Scottsdale, I believe wenow have a strong foundation in place to capitalize on the opportunities infront of us and grow our business.”
Commenting on his appointment, Steinman stated: “AgJunctionprovides some of the most advanced and innovative autosteering products on themarket, which have become a necessity for farmers across the globe. I lookforward to leveraging my financial and operational expertise in drivingprofitable growth as we enter into the next of evolution of the business tosignificantly expand our reach and deliver autosteering to as many farms aspossible.”
Steinman holds an MBA from Queen’sUniversity at Kingston and has attended numerous executive leadership classesat Harvard Business School. He is also a certified CPA, CGA (Ontario) and CPA(Vermont).
In addition to Steinman’sappointment, M. Brett McMickell has been elevated to chief operating officer,where he will lead product development, operations and indirect sales.AgJunction’s senior leadership team now consists of CEO Dave Vaughn, CFO ScottSteinman, CMO Jeff Morris, COO M. Brett McMickell, and VP of M&A, IP andGeneral Counsel Bob Barjesteh.
AgJunction Inc., the Autosteering Company™ isa global leader of advanced guidance and autosteering solutions for precisionagriculture applications. Its technologies are critical components in over 30of the world’s leading precision Ag manufacturers and solution providers and itholds approximately 200 patents and patents pending. AgJunction markets its solutionsunder leading brand names including Novariant®, Wheelman™, Whirl™ andHandsfreefarm® and is committed to advancing its vision by bringing affordablehands-free farming to every farm, regardless of terrain or size. AgJunction isheadquartered in Scottsdale, Arizona, and is listed on the Toronto StockExchange (TSX) under the symbol “AJX.” For more information, please go to AgJunction.com.
This press release contains forward-lookinginformation and forward-looking statements (collectively, "forward-lookinginformation") within the meaning of applicable securities laws and isbased on the expectations, estimates and projections of management ofAgJunction as of the date of this news release, unless otherwise stated. Theuse of any of the words "expect", "anticipate","may", "will", "should", "believe","continue" and similar expressions are intended to identifyforward-looking information. These statements are only predictions and actualevents, or results may differ materially. Although the Company’s managementbelieves that the expectations reflected in the forward-looking statements arereasonable, it cannot guarantee future results, performance or achievementsince such expectations are inherently subject to significant business,economic, competitive and political uncertainties and contingencies. Inparticular, forward-looking statements in this press release include, but arenot limited to statements with respect to the Company’s focus, strategy andplans. Accordingly, readers should not place undue reliance on suchforward-looking information contained in this press release.
In respect of the forward-looking information,AgJunction has provided such information in reliance on certain assumptionsthat it believes are reasonable at this time, including, but not limited to,the sufficiency of budgeted capital expenditures in carrying out plannedactivities; that AgJunction's future results of operations will be consistentwith management expectations in relation thereto; availability of key supplies,components, services, networks and developments; the impact of increasingcompetition; conditions in general economic, agricultural and financialmarkets; demand for the Company's products; and the continuity of existingbusiness relationships.
Since forward-looking information addressesfuture events and conditions, such information by its very nature involvesinherent risks and uncertainties. Actual results could differ materially fromthose currently anticipated due to a number of factors and risks. Theseinclude, but are not limited to the risks associated with the industries inwhich AgJunction operates; competition; inability to introduce new technologyand new products in a timely manner; legal claims for the infringement ofintellectual property and other claims; negative conditions in generaleconomic, agricultural and financial markets; and reduced demand for theCompany's products. Readers are cautioned that the foregoing list of factors isnot exhaustive.
Additional information on other factors thatcould affect the Company's operations or financial results, are included inreports of AgJunction on file with applicable securities regulatoryauthorities, including but not limited to, AgJunction's Annual Information Formwhich may be accessed on its SEDAR profile at www.sedar.com. Theforward-looking information contained in this press release is made as of thedate hereof and AgJunction undertakes no obligation to update publicly orrevise any forward-looking information, whether as a result of new information,future events or otherwise, unless so required by applicable securities laws.
Jeff Morris, Corporate Communications, AgJunction
Gateway Investor Relations
Cody Slach, Managing Director