Global UAV Technologies Ltd. (formerly Alta Vista Ventures Ltd.) (CSE: UAV) (the “Company”) is pleased to announce 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.”
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.
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 and is owned and run by Mr. Robert Lefebvre. 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.
About Robert Lefebvre
Mr. Lefebvre is a mechanical engineer with a degree from the University of Ottawa and has a diverse set of skills derived from experience in automotive engineering and industrial controls. He has significant practical experience that ranges from CAD design and operating machine tools to electronics assembly and computer programming. He has been involved with the development of Ardupilot, the world's leading open-source UAV/drone operating system, since 2011. He has been the lead developer of the helicopter branch for several years and in that role he previously helped other companies deploy Ardupilot on their commercial systems. He subsequently returned to his core strength of mechanical engineering, which lead to the development of the Procyon system and the creation of NOVAerial.
He has become very well respected in the field of robotic aviation, having been invited to give technical workshops at several commercial UAV conventions. Mr. Lefebvre is currently a mentor for Google’s well-regarded Summer Of Code program, where he is acting as a mentor to an international engineering student who is developing a large gas-powered tandem-rotor helicopter for delivery of humanitarian aid.
About Global UAV Technologies Ltd.:
With its growing technical expertise and expanding reach globally, Global UAV Technologies is the leader within the Unmanned Aerial Vehicle (or ‘UAV’) sector. Through its wholly owned subsidiaries - Pioneer Aerial Surveys and High Eye Aerial Imaging – Global UAV Technologies provides full spectrum UAV-based surveying, imagery and geophysics services.
Global UAV Technologies will continue its growth through expanding the business of its current subsidiaries and the on-going 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
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.