GLOBAL UAV TECHNOLOGIES SIGNS DEFINITIVE AGREEMENT FOR THE PURCHASE OF NOVAERIAL ROBOTICS
Mr. Jason Springett reports
GLOBAL UAV TECHNOLOGIES SIGNS DEFINITIVE AGREEMENT FOR THE PURCHASE OF NOVAERIAL ROBOTICS
Global UAV Technologies Ltd. has signed the definitive agreement for the purchase of a 100-per-cent interest in NOVAerial Robotics Ltd. (see news release dated May 25, 2017).
The company is purchasing the 100-per-cent undivided interest in NOVAerial Robotics for $300,000 in cash (with $10,000 having been paid on signing of the letter of intent) and the issuance of 4,584,527 common shares of Global UAV Technologies. The payment will be made from funds that the company currently has. The shares will be released per a three-year escrow period with the initial 10 per cent to be issued with a standard four-month hold period.
“I am very pleased to welcome Robert Lefebvre of NOVAerial to the Global UAV Technologies group. This acquisition represents a strategic step for Global UAV Technologies as we enter the business of design, engineering and production of professional grade UAVs. NOVAerial’s Procyon 800E is at the leading edge of both performance and cost compared to those of the closest market competitor,” stated Jason Springett, president of Global UAV Technologies.
“I am excited to join Global UAV Technologies, they have built an enviable group of high-quality individuals and companies with the goal of providing technical and high performance UAV services. This is exactly the market that NOVAerial builds products for. The synergy of having a manufacturer working directly with flight operators will result in better products and should open up new system and service offerings,” stated Robert Lefebvre, managing director of NOVAerial Robotics.
Closing is anticipated to take approximately two weeks, during which time all the appropriate filings will be made with the Canadian Securities Exchange, common shares of Global UAV Technologies will be issued per the escrow agreement, funds will be paid to the underlying shareholder of NOVAerial and the shares in NOVAerial will be formally transferred to Global UAV Technologies.
About Global UAV Technologies Ltd.
With its growing technical expertise and expanding reach globally, Global UAV Technologies is the leader within the commercial unmanned aerial vehicle (UAV) sector. Through its wholly owned subsidiaries — Pioneer Aerial Surveys, High Eye Aerial Imaging, UAV Regulatory Services and NOVAerial Robotics — Global UAV Technologies provides a full spectrum of UAV-based services and products.
