Alta Vista Ventures Ltd. (AVV-CSE) announced today that they have signed a Letter of Intent to acquire Canadian drone manufacturer Aeromao Inc.
Aeromao is a manufacturer of surveying and mapping drones. The company is well-established for the burgeoning drone industry, having been operating in some form since 2010; Aeromao’s drones have been sold across the globe. It’s operators have been flying drones for surveying and mapping since 2005, beginning in Latin America.
While competitors in the surveying and mapping area have entered the space in the last few years, Aeromao claims a critical competitive advantage with longer battery life and affordability; the company has grown every year since inception, showing revenue of over $600,000 last year.
Alta Vista plans to acquire Aeromao for $1,400,000 and 2,200,000 shares of Alta Vista; the deal should be completed within 90 days.
Jason Springett, President of Alta Vista Ventures, said in a statement:
The UAV sector is quickly becoming one of the most dynamic sectors in the aerospace industry. According to a survey by marketsandmarkets.com in October of 2015 “the global Unmanned Aerial Vehicle (UAV) market is valued at US$ 10.1 Billion in 2015 and is expected to show a robust growth in future, accounting for USD 14.9 Billion by 2020…”. In addition, it is forecast that spending on UAVs will triple over the next decade, growing from US$4 billion in 2015 to US$14 billion by 2024 (the Canadian Trade Commissioner Office).