(via NewsDirect)
Founded in 2014,
“Glen Lynch, CEO of
“Joining Volatus provides Sky Scape with the resources needed to fully leverage and expand its customer relationships,” said
Under the terms of the agreement, the total purchase price, subject to an earn-out provision, is approximately
This announcement is in line with the Company’s objectives to continue expansion in the US Market as well as growing its presence in large scale aerial intelligence services for oil and gas, power utilities, rail, construction, engineering, and inspection industries.
The acquisition of
About
Non-IFRS Measures
This news release includes certain terms or performance measures that are not defined under International Financial Reporting Standards (“IFRS”), such as “annual recurring revenue” (“ARR”) and gross margin. ARR used in this news release refers to annual revenue generated from multi-year contracts and the Company derives gross margin by subtracting costs of goods sold from total revenue and dividing such number by total revenue. ARR and gross margin are not recognized, defined or standardized under IFRS and accordingly, the Company’s definition of ARR may differ from definitions used by other companies and therefore comparability may be limited. ARR should not be considered a substitute for or considered in isolation from measures prepared in accordance with IFRS.
Forward-Looking Information
This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes, but is not limited to: (i) the business plans and expectations of the Company; (ii) the closing of the proposed Transaction and timing thereof; (iii) expectations related to the Transaction and anticipated benefits thereof, (iv) opportunities for significant gross margin improvement and other anticipated benefits of the transaction to the Company; and (iv) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management of the Company as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors are based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the completion of the Transaction and timing of completion; satisfaction of all closing conditions to the Transaction; the anticipated benefits of the Transaction to the Company;
Neither the
Source:
TSXV: VOL
Contact Details
+1 514-447-7986
rob.walker@volatusaerospace.com
Company Website
https://volatusaerospace.com
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Copyright (c) 2023 TheNewswire - All rights reserved., source