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Global UAV Technologies Ltd. (formerly Alta Vista Ventures Ltd.) has announced that on May 24th, it signed a Letter of Intent (LOI) to purchase a 100% interest in the Canadian-based company, NOVAerial Robotics Inc. (“NOVAerial”) for a total consideration of CAD $700,000 – payable as $300,000 in cash and $400,000 in shares of Global UAV Technologies. $10,000 of the funds is payable as a refundable deposit.
The shares that will be issued will be released per a three year escrow period.
“We are very excited for the addition of NOVAerial to Global UAV Technologies. NOVAerial is a dynamic company at the forefront of manufacturing, engineering and performance of the rapidly evolving, enterprise grade helicopter UAV sector,” stated Jason Springett, president of Global UAV Technologies. “The addition of NOVAerial to the Global UAV Technologies brand is a significant milestone, and adds considerable diversification and exposure to the Company. We will now have industry leading holdings in UAV service providers, manufacturing and engineering, and regulations, all of which are experiencing increased growth. Global UAV Technologies will be working to close this transaction, as well as the purchase of Easy SFOC, in the near term and we have sufficient cash on hand to do so.”
I would like to assure our existing and future customers, that things will continue as normal at NOVAerial. NOVAerial will remain as a wholly owned subsidiary of Global UAV, and I will continue managing the company as before. If anything, this is great news for our customers as it will bring access to resources to expand our engineering and customer support services even faster than before. We are also working on some exciting new products that will benefit from this investment. These products will feature the same simple, robust, and practical designs you have come to expect from NOVAerial Robotics. I’m very excited about what this opportunity means for the future of this company.
I am also looking forward to working with the people of Global UAV Tech and sister companies, as they are leaders in their respective fields of expertise in the Canadian market, and abroad. I’m very passionate about this technology field, and am committed to working within this fledgling industry as it grows to it’s full potential.
The purchase of NOVAerial will include all the manufacturing equipment, designs and specifications, current inventory, existing orders and prototypes of new UAV designs that NOVAerial is currently developing.
Source: Press Release