CropLogic's managing director Jamie Cairns resigns, replaced by CFO James Cooper-Jones
By Sophie Boot
April 26 (BusinessDesk) - CropLogic's managing director has resigned with immediate effect, with the company's chief financial officer appointed as acting chief executive.
The Christchurch-based agritech firm, which listed on the ASX last year, said today that Jamie Cairns had tendered his resignation and the board had accepted. James Cooper-Jones, CropLogic's CFO and company secretary, has been appointed acting CEO.
The CropLogic system gathers field data, via in-field sensors coupled with satellite communications, to help growers improve the productivity of their crops. Successful trials of the CropLogic system have been completed on potatoes in China, the US, Australia and New Zealand with four of the major multinational potato processors. Further to this, CropLogic is poised to start trials of the CropLogic system in other commodities such as corn, wheat, soybean and cotton.
Under Cairns' watch, CropLogic raised A$8 million in an initial public offering on the ASX last year, selling 40 million shares at 20 Australian cents apiece. The shares debuted at 17 cents and have since tumbled, recently trading at 6 cents. Christchurch-based incubator Powerhouse Ventures owns about 31 percent of CropLogic.
Earlier this month, the company said it had made its first Australian acquisition with Ag Logic, a Tasmania-based precision agriculture and monitoring firm, for up to A$320,000 based on whether Ag Logic meets certain milestones. At the time, Cairns said the company was continuing to look at other acquisition opportunities, but saw the deal as a way to support the company's presence in Australia and globally.