Global UAV Technologies has announced that it has executed a definitive agreement to acquire all of the issued and outstanding share capital of Aerial Imaging Resources.
Global UAV Technologies is a commercial unmanned aerial vehicle specialist that operates through its wholly owned subsidiaries Pioneer Aerial Surveys, High Eye Aerial Imaging, UAV Regulatory Services and NOVAerial Robotics, to provide a full spectrum of UAV-based services and products.
Aerial is a private Canadian unmanned aerial vehicle services company that focuses on providing geophysical surveys to its local and international client base. Under the terms of the definitive agreement the purchase price for all of the outstanding issued common and preferred shares of Aerial is $2.4m (£1.8m).
Peter Dueck, president of Aerial, will stay on as president of Global’s wholly-owned subsidiary Pioneer Aerial Surveys and Thomas Stanley-Jones, a principal of Aerial will be engaged as a chief pilot and operations manager with Pioneer.
Michael Burns, CEO and director of Global UAV, said: “The signing of the definitive agreement reflects the formation of a substantial UAV geophysics service provider globally, and a significant addition to our highly successful services division.
“The renegotiation of the acquisition terms to reduce Global’s share-based expenditure and provide a staged cash payout shows the commitment of AIR’s management to the long-term success of the company and emphasizes the value they bring as new members of the highly respected Global UAV team. Since the signing of the LOI, Global and Aerial have worked together in the field and on the management of contracts in Canada, Guatemala, Argentina, and the United States.”