- Plymouth Rock Technologies (PRT) has signed a binding LOI to acquire Tetra Drones Limited for £350,000 in cash
- Founded in 2017, Tetra Drones is a developer of custom-made, high-performance and niche Unmanned Aircraft Systems
- Plymouth Rock works with government, law enforcement and military to deliver innovative solutions for national security, defence and space systems
- Plymouth Rock Technologies (PRT) is up 6.25 per cent, trading at C$0.68 per share at 10:45 am ET
Plymouth Rock Technologies (PRT) has signed a binding LOI to acquire Tetra Drones Limited.
Tetra Drones is a developer of custom-made, high-performance and niche Unmanned Aircraft Systems (UAS).
PRT will acquire all of the issued and outstanding shares of Tetra Drones.
Plymouth Rock has agreed to acquire the Tetra Shares for the sum of £350,000 payable in cash through installments.
“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.
“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.”
Founded in 2017, Tetra Drones is a leading developer of custom-made UAV systems, designed and engineered to suit their customer’s project requirements.
Plymouth Rock works with government, law enforcement and military to deliver innovative solutions for national security, defence and space systems. The company is developing the next generation of threat detection solutions and Unmanned Aircraft Systems (UAS).
Plymouth Rock Technologies (PRT) is up 6.25 per cent, trading at C$0.68 per share at 10:45 am ET.
