Hemisphere GPS Inc. signed and closed a definitive agreement to sell the business assets associated with its non-agricultural operations to the Canadian subsidiary of Beijing UniStrong Science & Technology Co. Ltd. (“UniStrong”) for cash of $14.96M. PI Financial Inc. acted as advisor on the transaction for Hemisphere GPS. The Company also announced that it plans to change its corporate name to “AgJunction Inc.” subject to shareholder approval at its 2012 annual shareholders meeting, planned for May 2013.

Hemisphere GPS’ non-agricultural operations include the Company’s Precision Products portfolio and related infrastructure. The Precision Products segment generated revenues of approximately $13.3 million in 2012 serving marine, land survey, construction, mapping, and OEM segments.

Included in the sale are the intellectual property rights associated with the non-agricultural operations necessary to support the continued growth of those operations globally, including trademarks associated with the “Hemisphere GPS” identity. UniStrong intends to name the acquired operations “Hemisphere GNSS Inc.”. The Hemisphere GPS brand was not part of the Company’s agriculture identity.

The Company’s existing agricultural business has not been interrupted during this process and the Company reports that ag-related revenues have increased year-to-date. The Company’s new Outback MAX product integrated with AgJunction has had a positive reception in the marketplace.