There could be substantial growth ahead for drone technology. According to Research and Markets, the global drone market was valued at $18.1 billion in 2018. By 2027, it could be worth as much as $88.57 billion. “The demand for drones across North-America has been increasing on the back of growing drone production and wide application of drones in the commercial sector. Furthermore, favorable government initiatives regarding the advancements in drone technology is key to the growth for North America drone market, over the forecast period,” they added. That’s a strong catalyst for companies such as Plymouth Rock Technologies Inc. (CSE:PRT)(OTC:PLRTF), Kratos Defense & Security Systems Inc. (NASDAQ:KTOS), Ambarella Inc. (NASDAQ:AMBA), Boeing Co. (NYSE:BA), and Lockheed Martin Corporation (NYSE:LMT).
In addition, drones are a significant help in detecting potential threats, an essential need in this day and age. In fact, according to Plymouth Rock Technologies, there have been about 18,800 deaths due to mass shootings, suicide bombings, and other attacks in 2020. That’s in addition to the 2,608 terrorist attacks since the 1970s, they added. With drones, there’s hope numbers like those will only decrease.
Plymouth Rock Technologies Just Announced the Acquisition of Tetra Drones
Plymouth Rock Technologies Inc. (CSE: PRT)(OTC: PLRTF), a leader in developing threat detection and unmanned technologies, is pleased to announce that it has signed a binding LOI to acquire, in whole, Tetra Drones Limited, a developer of custom-made, high-performance and niche Unmanned Aircraft Systems (UAS).
The proposed transaction will take the form of a corporate combination whereby PRT will acquire all of the then issued and outstanding shares of Tetra Drones. Tetra has issued and outstanding share capital of 100 ordinary shares held by the sole Shareholder, Mr. Ben Pickard.
The terms of the LOI shall be a binding agreement of the parties. The form and substance of a definitive agreement is to be negotiated on or before April 30, 2021.
Plymouth Rock has agreed to acquire the Tetra Shares for the sum of £350,000 payable in installments and satisfied in cash.
Payment of the Purchase Price will be on the following schedule:
1) 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
2) As to an additional 10% of the Purchase Price (£35,000), within 21 days of the Initial Payment.
3) As to an additional 40% of the Purchase Price (£140,000), within 120 days of the Second Payment
4) As to the balance of 40% of the Purchase Price (£140,000), within 120 days of the Third Payment
“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.”
Other related developments from around the markets include:
Kratos Defense & Security Systems Inc., a leading National Security Solutions provider, announced that it had received more than $30 million to support space-related U.S. national security efforts. The follow-on awards are to previous contracts, implementing advanced technologies to provide better system performance. “Kratos enables technological approaches and modernization that were not possible even a few years ago, but can now support this program for many years to come with the inherent flexibility to upgrade and evolve at the speed of relevance,” commented Senior Vice President Frank Backes. “Kratos’ broad space portfolio is focused on technology-leading products and services that realize the DoD’s vision of data being an asset. These advanced capabilities are scalable, flexible and resilient; allowing real-time data to flow from multiple domains in support of national defense.”
Ambarella Inc., an AI vision silicon company, announced financial results for its fourth quarter of fiscal year 2021 ending January 31, 2021. Revenue for the fourth quarter of fiscal 2021 was $62.1 million, up 9% from $57.2 million in the same period in fiscal 2020. For the fiscal year ending January 31, 2021, revenue was $223.0 million, down 3% from $228.7 million for the fiscal year ending January 31, 2020. Gross margin under U.S. generally accepted accounting principles (GAAP) for the fourth quarter of fiscal 2021 was 60.8%, compared with 58.2% for the same period in fiscal 2020. For the fiscal year ending January 31, 2021, GAAP gross margin was 60.8%, compared with 58.0% for the fiscal year ending January 31, 2020.
Boeing Co. begins delivery of the Space Launch System (SLS) rocket cryogenic core stage to NASA in preparation for launch of the Artemis I mission, the first moon mission in nearly 50 years. Boeing refurbished the stage after it successfully completed hot fire testing last month at NASA’s Stennis Space Center, closing out the Green Run campaign on the B-2 test stand. The flight hardware will now go to Kennedy Space Center in Florida for integration with the Orion crew spacecraft, Interim Cryogenic Propulsion Stage upper stage and solid rocket boosters in preparation for launch.
Lockheed Martin Corporation reported first quarter 2021 net sales of $16.3 billion, compared to $15.7 billion in the first quarter of 2020. Net earnings in the first quarter of 2021 were $1.8 billion, or $6.56 per share, compared to $1.7 billion, or $6.08 per share, in the first quarter of 2020. Cash from operations in the first quarter of 2021 was $1.7 billion, compared to $2.3 billion in the first quarter of 2020. “Lockheed Martin continues to deliver vital next generation technologies that will help keep our nation and its allies safe, and advance space exploration, while providing long-term value for the U.S. taxpayers and our shareholders,” said Lockheed Martin Chairman, President and CEO James Taiclet. “Our strong financial results position us to continue advancing 21st Century innovations that will deter the threats of the future, while remaining a trusted partner for customers who depend on our existing platforms and services today. The men and women of Lockheed Martin have managed the challenges of COVID-19 to maintain operations safely. As we look ahead to a new and better normal, our workforce is focused on growth, ready to strengthen our foundation well into the future.”
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