(TheNewswire)
July 17 2017 / TheNewswire / Global UAV Technologies Ltd. (UAV-CSE) (the “Company”) reports that it has signed the definitive agreement for the purchase of a 100% interest in NOVAerial Robotics Ltd. (see news release dated May 25, 2017).
The Company is purchasing the 100% undivided interest in NOVAerial Robotics for $300,000 in cash (with $10,000 having been paid on signing of the LOI) 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% 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 UAV'S. NOVAerial's Procyon 800E is at the leading edge of both performance and cost compared to those of the closest market competitor," stated Mr. 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 CSE, 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 NOVAerial Robotics Inc.
NOVAerial Robotics Inc. is a manufacturer of high-performance unmanned aerial vehicles (UAV’s) with a particular emphasis on single rotor helicopter-style UAVs. NOVAerial’s main product is the Procyon 800E, which is quickly becoming renowned for its performance, practical design, high quality made in-house components and reliable flight control system. Not only does its design and construction make it more reliable and easy to maintain, it is also more compact and less expensive than similar UAV’s made by competitors. The Procyon 800E is ideally suited for complicated and high-performance UAV applications, offering vertical take-off capability, while combining high speeds and long flight times not possible with multirotor UAVs. Flight control is similar to multirotor UAVs, which allows experienced multirotor operators to benefit from the advantages of the helicopter platform after just a single day of additional training.
For more information on NOVAerial Robotics please visit their website at www.novaerial.com
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.
Global UAV Technologies will continue its growth through expanding the business of its current subsidiaries and the continued evaluation of potential acquisitions with the goal of creating a consortium of businesses that, when fully integrated, will cover all aspects of the UAV industry.
On behalf of the Board,
Jason Springett
President & CEO
For additional information on Global UAV Technologies please contact
Mr. Stephen Litwin, Investor Relations, at 514-708-3456 or Mr. Jason Springett, President, at jason@globaluavtech.com
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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