Plymouth Rock Technologies has announced a binding LOI to acquire Tetra Drones, a developer of Unmanned Aircraft Systems (UAS). The transaction is set to take form of a corporate combination whereby PRT will acquire all of the issued and outstanding shares of Tetra Drones.
“After working closely with the PRT team on recent projects, it became clear that their vision, connections, and focus was something that my team and I wanted to evolve into”, stated Ben Pickard, Director and Lead Designer of Tetra Drones Ltd.
“Being part of a focused public company also opens many doors that were once closed to Tetra when dealing with certain governments and agencies, as well as an offering a presence and expansion into the US market.”
The terms of the LOI shall be a binding agreement of both parties and the form and substance of a definitive agreement (the ‘Definitive Agreement’) is to be negotiated on or before 30th April 2021.
“Like PRT, Tetra is highly focused on supporting its customers around the world with the most reliable and purposeful products and services for their missions”, said Carl Cagliarini, Chief Strategy Officer of PRT.
“As we welcome the Tetra team to PRT, we commit to moving forward into a sales phase within the USA and EU. The addition of the team members and facility ties in perfectly with our long-term strategy, which adds a significant expansion to PRT’s reach and technical capability”, concluded Cagliarini.
Plymouth Rock has agreed to acquire the Tetra Shares for the sum of £350,000 payable in instalments and satisfied in cash.
Payment of the Purchase Price will be on the following schedule:
- As to 10% of the Purchase Price (£35,000), within seven (7) days after the date the Definitive Agreement has been executed and delivered by all parties thereto (the “Initial Payment”);
- As to an additional 10% of the Purchase Price (£35,000), within 21 days of the Initial Payment (the “Second Payment”);
- As to an additional 40% of the Purchase Price (£140,000), within 120 days of the Second Payment (the “Third Payment”); and
- As to the balance of 40% of the Purchase Price (£140,000), within 120 days of the Third Payment