Red Cat signs Letter of Intent to acquire Skypersonic Inc., the developer of a remote transoceanic piloting software system for the drone industry

Red Cat Holdings, Inc. announced the signing of a letter of intent to acquire Skypersonic Inc., a provider of drone products and software solutions.  Skyloc is a stand-alone, real time, software monitoring system which enables a drone to be operated from thousands of miles away from where it is being flown.  Skycopter is a miniature drone designed to monitor hard to reach locations, and is enclosed in a light, durable cage to avoid damage to inspected areas and the drone.

“Skypersonic Inc. shares our passion and vision for how the first-person-view (FPV) use of drone technology can enable businesses to complete critical operations in an efficient, safe manner,” stated Jeffrey Thompson, CEO of Red Cat.  “A Skycopter equipped with Skyloc software can complete inspections in locations that are confined, hard to reach, and inefficient to complete manually.”

“Skypersonic presently collaborates with multiple Automotive OEM (original equipment manufacturer) customers and Commercial Energy Industries located in US, Brazil, Europe, Middle East, and Asia. The transoceanic direct-fly platform has enabled our customers to perform real-time inspections with pilots and inspectors located all over the world,” stated Giuseppe Santangelo, CEO of Skypersonic Inc.  “Combining the software solutions provided by Sklyoc and those being developed in Dronebox by Red Cat could result in a leading software operating platform across the entire drone industry.”

The signing of a letter of intent does not represent a binding transaction and there are no assurances that the transaction will be consummated.  Completion of the transaction is subject to due diligence, preparation of legal documents and other normal closing conditions.

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