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Acquires Volatus Aerospace from Sky Scape Industries

Volatus Aerospace has announced the signing of a definitive agreement to acquire Sky Scape Industries, a New Jersey-based company that provides aerial intelligence data services.

Founded in 2014, Sky Scape Industries uses remote sensing techniques to provide comprehensive inspection services including facilities, structures, lines and rights-of-way for energy utilities, emergency response for oil and gas, and facade inspection services for property management. The company uses both manned and unmanned aircraft and has operated in over 24 states in the United States.

"The addition of Sky Scape represents a significant opportunity for margin improvement through synergies with our existing business units. It further expands our service offering and continues growth in core sectors such as energy utilities, oil and gas," said Glen Lynch, CEO of Volatus Aerospace.

David Yoel, CEO of Sky Scape stated, "joining Volatus provides Sky Scape with the resources needed to fully leverage and expand our customer relationships. Volatus' broad network of pilots, existing fleet of manned aircraft, helicopters, and drones enhances Sky Scape's offering, and its expansive sales team will help drive our growth."

Under the terms of the agreement, the total purchase price, subject to an earn-out provision, is approximately $620,000, paid as follows: an initial payment of approximately $310,000 in the form of newly issued common shares of Volatus Aerospace Corp.

The remaining payment of $310,000 will be paid 12 months after closing, in the form of additional Volatus shares issued at either the 0.65 Canadian dollar share price or the VWAP of the previous 30 days, whichever is higher. This payment is conditional on Sky Scape retaining approximately one million Canadian dollars of inspections already contracted for 2024.

This announcement is in line with the company's objectives to continue its expansion in the US market, as well as to increase its presence in large-scale aerial intelligence services for industries such as oil and gas, energy utilities, rail, construction, engineering, and inspection.

The acquisition of Sky Scape Industries is expected to close on March 31 or on any other agreed date, provided that satisfactory due diligence, approval from respective Boards of Directors, key customers, and regulatory approval from the TSX Venture Exchange are completed.

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