Volatus Aerospace Completes the Acquisition of UAVHub and The Drone Mentor
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TORONTO, ON / ACCESSWIRE / January 9, 2024 / Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF) ("Volatus" or "the Company"), a leader in innovating aerial intelligence, announced today that on January 1st, 2024 it has completed the acquisition of UK-based companies, Aerial Motion Pictures Ltd., dba UAVHub and Open Sky Consulting International Ltd., dba The Drone Mentor. The transaction was first announced in a press release on December 6, 2023.
The addition of UAVHub and The Drone Mentor will not only help to standardize Volatus' drone training across its geographies but make training accessible to all current and potential drone pilots, thereby strengthening the Company's offerings, increasing gross margins and adding strategic long-term revenue.
"UAVHub and The Drone Mentor has a recognized history of excellence as the highest rated drone training provider in the UK, training over 45,000 drone pilots since its beginning," said Glen Lynch, CEO of Volatus Aerospace. "This acquisition will help to continue its expansion on an international scale and provide bundled solutions to our client base, increasing customer stickiness and long-term relationships."
Under the terms of the definitive agreement, as amended following the completion of due diligence, the total purchase price is £150,000. The Company assumes a long-term debt of £28,339. The Purchase Price was paid to the Shareholders in the form of new treasury shares in Volatus Aerospace Corp. ("VOL Shares"). The number of VOL Shares issued was calculated based on the -30-day volume weighted average price (VWAP) of the VOL Shares on the TSX-V exchange prior to the Closing or the price on the day prior to Closing, whichever is higher. A total of 1,575,000 shares have been issued with a maximum cash value of CA
About Volatus Aerospace:
Volatus Aerospace Corp. is a leading international provider of aerial intelligence solutions, using drones and commercial aircraft. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. We are focused on introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
Forward-Looking Information
This news release contains statements that constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the anticipated benefits of, and estimated revenue to be generated by, the master service agreement; (ii) the business plans and expectations of the Company; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company's current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the anticipated benefits and revenues of the master service agreement to the Company; the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; meeting the continued listing requirements of the TSXV; and including, but not limited to, those factors set forth in the Company's Annual Information Form under the section "Risk Factors". Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release
TSXV:VOL
Contact Details:
Abhinav Singhvi
Chief Financial officer
+1 833-865-2887
abhinav.singhvi@volatusaerospace.com
COMPANY WEBSITE
Company Website
https://volatusaerospace.com
SOURCE: Volatus Aerospace Corp.
View the original press release on accesswire.com
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