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CST: 12/12/2019 00:08:50   

AgJunction Appoints Scott Steinman as Chief Financial Officer

78 Days ago

SCOTTSDALE, Ariz., Sept. 24, 2019 (GLOBE NEWSWIRE) -- AgJunction Inc. (TSX: AJX), the Autosteering Company™ ("AgJunction"), has appointed Scott Steinman as chief financial officer, effective September 24, 2019.

Steinman brings to AgJunction nearly two decades of senior level accounting and finance expertise. Most recently, he served as CFO of Daystar Products, an automotive parts manufacturing and distribution company. While Steinman was at Daystar Products, the company tripled revenue under his leadership, he led the integration of six acquisitions, and he implemented the monitoring of various KPI’s to create a roadmap for growth and management accountability.

Prior to Daystar Products, Steinman was VP of finance for the Advanced Surgical division of ConMed, a publicly traded, global medical technology company. While in this role, he was instrumental in reversing a negative five-year annual growth rate to 55% reported business unit revenue growth, while significantly improving operating leverage. Steinman previously held various senior level finance roles at Stryker, one of the world’s leading medical technology companies, and Curtiss-Wright, a publicly traded, global engineering company.

“Bringing on an experienced finance executive like Scott to further strengthen our management team is an important step forward for AgJunction,” said Dave Vaughn, CEO of AgJunction. “Scott has an impressive track record of implementing the necessary procedures and controls to drive significant growth. As we look to continue expanding both our direct and indirect sales channels, Scott’s expertise in successfully leading finance departments will be an invaluable asset going forward.

“I would also like to thank Peter Newton, who was serving as interim CFO, for all his efforts and contributions in supporting AgJunction through this transition period. With the addition of Scott to our senior leadership team and the recent consolidation of our facilities to Scottsdale, I believe we now have a strong foundation in place to capitalize on the opportunities in front of us and grow our business.”

Commenting on his appointment, Steinman stated: “AgJunction provides some of the most advanced and innovative autosteering products on the market, which have become a necessity for farmers across the globe. I look forward to leveraging my financial and operational expertise in driving profitable growth as we enter into the next of evolution of the business to significantly expand our reach and deliver autosteering to as many farms as possible.”

Steinman holds an MBA from Queen’s University at Kingston and has attended numerous executive leadership classes at Harvard Business School. He is also a certified CPA, CGA (Ontario) and CPA (Vermont).

In addition to Steinman’s appointment, 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 Scott Steinman, CMO Jeff Morris, COO M. Brett McMickell, and VP of M&A, IP and General Counsel Bob Barjesteh.

About AgJunction
AgJunction Inc., the Autosteering Company™ is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world’s leading precision Ag manufacturers and solution providers and it holds approximately 200 patents and patents pending. AgJunction markets its solutions under leading brand names including Novariant®, Wheelman™, Whirl™ and Handsfreefarm® and is committed to advancing its vision by bringing affordable hands-free farming to every farm, regardless of terrain or size. AgJunction is headquartered in Scottsdale, Arizona, and is listed on the Toronto Stock Exchange (TSX) under the symbol “AJX.” For more information, please go to AgJunction.com.

Forward-Looking Statements
This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "may", "will", "should", "believe", "continue" and similar expressions are intended to identify forward-looking information. These statements are only predictions and actual events, or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievement since such expectations are inherently subject to significant business, economic, competitive and political uncertainties and contingencies. In particular, forward-looking statements in this press release include, but are not limited to statements with respect to the Company’s focus, strategy and plans. Accordingly, readers should not place undue reliance on such forward-looking information contained in this press release.

In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, the sufficiency of budgeted capital expenditures in carrying out planned activities; that AgJunction's future results of operations will be consistent with management expectations in relation thereto; availability of key supplies, components, services, networks and developments; the impact of increasing competition; conditions in general economic, agricultural and financial markets; demand for the Company's products; and the continuity of existing business relationships.

Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which AgJunction operates; competition; inability to introduce new technology and new products in a timely manner; legal claims for the infringement of intellectual property and other claims; negative conditions in general economic, agricultural and financial markets; and reduced demand for the Company's products. Readers are cautioned that the foregoing list of factors is not exhaustive.

Additional information on other factors that could affect the Company's operations or financial results, are included in reports of AgJunction on file with applicable securities regulatory authorities, including but not limited to, AgJunction's Annual Information Form which may be accessed on its SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is made as of the date hereof and AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact:

Media
Jeff Morris, Corporate Communications, AgJunction
+1-510-933-4808
jmorris@agjunction.com

Investor Relations
Gateway Investor Relations
Cody Slach, Managing Director
+1-949-574-3860
AJX@gatewayir.com

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