Global UAV Technologies Ltd. (UAV-CSE) (the “Company”) is pleased to report that it has formally closed the purchase of a 100% interest in NOVAerial Robotics Ltd. (see news release dated May 25 and July 17, 2017). With this formal closing, NOVAerial becomes the fourth wholly owned subsidiary of Global UAV Technologies.
The Company paid a total of $300,000 and issued four million five hundred eighty four thousand five hundred and twenty seven (4,584,527) shares to the underlying owner of NOVAerial at a deemed price of $0.087 per share. The shares will be subject to a voluntary escrow release over the next three years with the first set of shares (10% of the total) with a hold period of four months and one day. Immediately prior to the completion of the transaction the previous owner of NOVAerial owned no shares of Global UAV Technologies.
Robert Lefebvre has signed a new contract with NOVAerial to act as Managing Director and will continue to operate the business under the guidance of 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,
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 email@example.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.