Plymouth Rock Technologies Inc.
has announced that it has signed a binding LOI to acquire, in whole, Tetra Drones Limited , a developer of custom-made, high-performance and niche Unmanned Aircraft Systems (UAS).
The proposed transaction will take the form of a corporate combination whereby PRT will acquire all of the then issued and outstanding shares of Tetra Drones. Tetra has issued and outstanding share capital of 100 ordinary shares held by the sole Shareholder, Mr. Ben Pickard.
The terms of the LOI shall be a binding agreement of the parties. The form and substance of a definitive agreement is to be negotiated on or before April 30, 2021.
Plymouth Rock has agreed to acquire the Tetra Shares for the sum of £350,000 payable in installments and satisfied in cash.
Payment of the Purchase Price will be on the following schedule:
- As to 10% of the Purchase Price (£35,000), within seven (7) days after the date the Definitive Agreement has been executed and delivered by all parties thereto (the “Initial Payment”);
- As to an additional 10% of the Purchase Price (£35,000), within 21 days of the Initial Payment (the “Second Payment”);
- As to an additional 40% of the Purchase Price (£140,000), within 120 days of the Second Payment (the “Third Payment”); and
- As to the balance of 40% of the Purchase Price (£140,000), within 120 days of the Third Payment
“Like PRT, Tetra is highly focused on supporting its customers around the world with the most reliable and purposeful products and services for their missions”, said Carl Cagliarini, Chief Strategy Officer of PRT. “As we welcome the Tetra team to PRT, we commit to moving forward into a sales phase within the USA and EU. The addition of the team members and facility ties in perfectly with our long-term strategy, which adds a significant expansion to PRT’s reach and technical capability”, concluded Cagliarini.
“After working closely with the PRT team on recent projects, it became clear that their vision, connections, and focus was something that my team and I wanted to evolve into”, stated Ben Pickard, Director and Lead Designer of Tetra Drones Ltd. “Being part of a focused public company also opens many doors that were once closed to Tetra when dealing with certain governments and agencies, as well as an offering a presence and expansion into the US market.”
Source: Press Release