Red Cat signs Letter of Intent to acquire Skypersonic Inc., the developer of a remote transoceanic piloting software system for the drone industry
Skypersonic Inc. also manufactures Skycopter, a miniaturized caged drone for industrial inspections and environmental monitoring.
ORLANDO, Fla., Jan. 25, 2021 /PRNewswire/ -- Red Cat Holdings, Inc. (OTCQB: RCAT) ("Red Cat"), announced the signing of a letter of intent to acquire Skypersonic Inc., a provider of drone products and software solutions. Skyloc is a stand-alone, real time, software monitoring system which enables a drone to be operated from thousands of miles away from where it is being flown. Skycopter is a miniature drone designed to monitor hard to reach locations, and is enclosed in a light, durable cage to avoid damage to inspected areas and the drone.
"Skypersonic Inc. shares our passion and vision for how the first-person-view (FPV) use of drone technology can enable businesses to complete critical operations in an efficient, safe manner," stated Jeffrey Thompson, CEO of Red Cat. "A Skycopter equipped with Skyloc software can complete inspections in locations that are confined, hard to reach, and inefficient to complete manually."
"Skypersonic presently collaborates with multiple Automotive OEM (original equipment manufacturer) customers and Commercial Energy Industries located in US, Brazil, Europe, Middle East, and Asia. The transoceanic direct-fly platform has enabled our customers to perform real-time inspections with pilots and inspectors located all over the world," stated Giuseppe Santangelo, CEO of Skypersonic Inc. "Combining the software solutions provided by Sklyoc, and those being developed in Dronebox by Red Cat, could result in a leading software operating platform across the entire drone industry."
The signing of a letter of intent does not represent a binding transaction and there are no assurances that the transaction will be consummated. Completion of the transaction is subject to due diligence, preparation of legal documents and other normal closing conditions.
About Red Cat
Red Cat provides products, services and solutions to the drone industry through its three wholly owned subsidiaries. Fat Shark Holdings is the leading provider of First Person View (FPV) video goggles to the drone industry. Rotor Riot, LLC is a leader in the sale of FPV drones and equipment, primarily to the consumer marketplace through its digital storefront located at www.rotorriot.com. Rotor Riot enjoys high visibility in social media through its Facebook page and its sponsorship of a professional drone racing team which has won numerous championships. Red Cat Propware is developing a Software-as-a-Solution ("SaaS") platform to provide drone flight data analytics and storage, as well as diagnostic products and services.
About Skypersonic Inc.
Skypersonic Inc., is a provider of drone products and software solutions. Skycopter is a miniaturized caged drone for industrial inspections in confined spaces. Skyloc is a proprietary telemetry gateway with environmental monitoring and precise location tracking in GPS-denied environments.
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.
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SOURCE Red Cat Holdings, Inc.
Released January 25, 2021