SIOUX FALLS, S.D., Dec. 22 /PRNewswire-FirstCall/ -- Raven Industries,
Inc. (Nasdaq: RAVN) today announced that it has acquired substantially all of
the assets of Fluent Systems, LLC, a privately held company based in Madison,
Wisconsin for approximately $1 million cash. "The acquisition," noted Raven
CEO and President Ronald M. Moquist, "will expand our leadership position in
precision agriculture and help grow our Flow Controls Division (FCD)."
Fluent, a small start-up company, has developed a unique wireless liquid
level monitoring system used with anhydrous ammonia tanks. The monitor
utilizes wireless technology to instantly transmit the tank volume to an
electronic receiver in the cab of a tractor. This allows the user to quickly
track how much product is in the tank without getting out of the tractor to
check the actual tank gauge. The Fluent product line will be marketed by
Raven's Flow Controls Division. The acquisition of this new technology is
expected to complement FCD's existing line of flow control products. "As a
new start-up product line, it is not expected to have a significant impact on
our results before the 2005 growing season," Moquist said.
Dan Rykhus, FCD General Manager, said that "Raven is committed to
precision agriculture and providing new products to fit the needs of the
marketplace. The Fluent Systems acquisition will allow us to expand this
initiative and find new niches for control technology that will help growers
be more efficient." In addition, he said, the use of wireless technology has
many applications in agriculture. "We expect to incorporate wider use of this
technology throughout our entire product line," Rykhus noted.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act provides a "safe harbor" for
forward-looking statements. Certain information included in this Press Release
and other materials filed or to be filed by the company with the Securities
and Exchange Commission (as well as information included in statements made or
to be made by the company) contains statements that are forward looking.
Although the company believes that the expectations reflected in such forward-
looking statements are based upon reasonable assumptions, there is no
assurance that such expectations will be achieved. Such assumptions involve
important risks and uncertainties that could significantly affect results in
the future. These risks and uncertainties include, but are not limited to,
those relating to general economic conditions, weather conditions, which could
affect certain of the company's primary markets, such as agriculture and
construction, or changes in competition, technology or the company's customer
base, any of which could adversely impact any of the company's product lines.
On the Internet, information is available at Raven's website,
http://www.ravenind.com .
SOURCE Raven Industries, Inc.
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Related links:
http://www.ravenind.com
CONTACT:
Tom Iacarella, VP & CFO, of Raven Industries,
+1-605-336-2750; or General Inquiries, Dennis Waite,
+1-708-246-6265, Analyst Inquiries, Leslie Loyet,
+1-312-640-6672, or Media Inquiries, Cindy Martin,
+1-312-640-6741, all of The Financial Relations Board
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