Global UAV Technologies (UAV) shares have skyrocketed after the company signed a definitive option with a Draganfly (DFLY) subsidiary.
The company’s option agreement is with Dronelogics Systems, a fellow business in the drone technology sector. Under the agreement, Dronelogics will acquire 100 per cent of assets in two wholly owned Global UAV subsidiaries.
These refer specifically to Pioneer Aerial Surveys and High Eye Aerial Imaging, which are being sold as part of Global UAV’s ongoing restructuring.
Dronelogics has entered into lease agreements with each of the subsidiaries, allowing it to lease their assets. Under the agreements, Dronelogics will have the exclusive option to purchase those assets at any time during the lease agreement terms.
The lease agreement for Pioneer assets begins November 10, 2020, and will terminate without the possibility of renewal after six months. The lease agreement for High Eye assets will begin on November 15, 2020, and will also terminate without the possibility of renewal after six months.
Dronelogics has paid an initial deposit of C$50,000, and will follow up with four quarterly lease payments to each Global UAV subsidiary. The quarterly instalments will consist of $31,500 each, for total consideration of $126,000.
Global UAV’s President, James Roger, commented on the benefits this transaction will bring to a fellow drone technology company.
“Draganfly is an industry-leading manufacturer within the commercial UAV space, and this acquisition is highly complementary to their business, service offering, and customer client base,” he said.
Global UAV Technologies (UAV) is up 100 per cent and trading for one cent per share, as of 9:30am.
Draganfly is down 1.92 per cent and us trading for $0.51 per share, as of 9:38am EST.