Unmanned Aerial Vehicle The latest drone news
Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF) (“Volatus” or “the Company”), a leader in innovating aerial intelligence, announced that it signed an arm’s length definitive agreement on November 30th, 2023 to acquire two UK-based companies, Aerial Motion Pictures Ltd., dba UAVHub and Open Sky Consulting International Ltd., dba The Drone Mentor, providing world leading online video-based drone training and certification.
Founded in 2014, UAVHub is the highest rated drone training and certification company in the UK. UAVHub currently service the regulated drone pilot space by delivering UK Civil Aviation Authority approved online training, and have developed proprietary tools that help simplify regulatory compliance in this ever-evolving sector. The Drone Mentor specialises in non-regulatory based training and support for the uncrewed sector, facilitating the advancement of personal, professional, and business development-the ‘second stage’ of the ‘drone journey’ which is often not considered when pilots first start out; ensuring individual success and ultimately, the longevity of the industry as a whole.
“As our customers become more sophisticated about aerial intelligence solutions, the skills required to meet their needs are expanding. Drone training is no longer just about getting a license-it is about demonstrating and proving competencies through standardized, regulated, and professional training,” said Glen Lynch, CEO of Volatus Aerospace Corp. “The addition of UAVHub and The Drone Mentor is a significant opportunity to not only standardize Volatus drone training across its geographies but make training accessible to all current and potential drone pilots, thereby strengthening our offerings, increasing gross margins and adding strategic long-term revenue.”
“This acquisition by Volatus Aerospace marks the start of an exciting new chapter for UAVHub,” began Matt Williams, CEO and Founder of UAVHub. “We’ve always been passionate about pushing the boundaries in drone training and certification, and joining forces with Volatus will allow us to take this mission to the next level. Our shared vision for innovation and excellence in aviation training is a perfect match. I can’t wait to see how our combined expertise will drive the industry forward, creating new opportunities for our students and the wider aviation community. This partnership is not just a milestone for UAVHub but a leap forward for drone education and flight safety, globally.”
Under the terms of the agreement, the total purchase price is £150,000. The Company assumes a long-term debt of £28,339. The Purchase Price shall be paid to the Shareholders in the form of new treasury shares in Volatus Aerospace Corp. (“VOL Shares”). The number of VOL Shares to be issued shall be calculated based on the 30-day volume weighted average price (VWAP) of the VOL Shares on the TSXV exchange prior to the Closing or the price on the day prior to closing, whichever is higher. The maximum cash value of the issued shares at Closing shall be CA$252,000 (£150,000.00 at an exchange rate of 1.68 dollars per Pound Sterling).
This announcement is in line with the Company’s objectives to continue expansion in drone training and provide bundled solutions to our client base to increase customer stickiness and long-term relationships.
The acquisition of UAVHub and The Drone Mentor is anticipated to close on January 2nd, 2024 or such other agreed date conditional on satisfactory completion of due diligence, approval of the respective Board of Directors, key clients, and regulatory approval of the TSX Venture Exchange.
