Vancouver, British Columbia-based Alta Vista Ventures Ltd. has signed a letter of intent to purchase a 100% interest in Aeromao Inc., a Mississauga, Ontario-based manufacturer of unmanned aerial vehicles (UAVs) for survey and mapping purposes.
Alta Vista has agreed to acquire Aeromao for $1.4 million and 2.2 million shares of Alta Vista. The companies have agreed to complete the required due diligence and prepare the definitive agreement for signing within 90 days.
According to Alta Vista, Aeromao booked $614,849 of revenue in fiscal year 2015 – representing an increase of 28% over the revenue of 2014.
Alta Vista Ventures says its goal is to enter the UAV industry by purchasing a varied group of companies that will complement each other and, in turn, create a consortium of businesses that will cover all aspects of the industry. Most recently, the company signed a letter of intent to purchase High Eye Aerial Imaging Inc., an Ontario-headquartered UAV surveying company.