Universal Power Industry Corporation announced that they have completed the acquisition of WavDrone, LLC a Palo Alto startup that specializes in advanced drone technology.
The start-up (one year old) technology company is now wholly owned by Universal Power and will continue the development of certain drone software and technology primarily for use by local, state and federal governments and the military.
WavDrone is the first to develop from concept to development patent-pending technology that will use extremely lightweight carbon nanotube (CNT) thin films to achieve vertical lift and motive force via inaudible sound pressure waves, resulting in a new generation of safe, inaudible flight devices.
The terms and conditions of the acquisition are, the company will pay ten million shares of restricted stock (all restricted for 18 months starting at the time of issuance with conditions) and financial consideration for 100 percent ownership interest. UPIN will pay 5 million of the restricted shares within 30 days from the completion of closing, 2.5 million restricted shares once previous management files all legally satisfactory patents with any associated requirements and the final 2.5 million restricted shares once all required applications and associated documents are filed with the Commercial and Government Entity (CAGE) Code Office – System for Award Management (SAM) Registration. If any of the latter two requirements are not met, the sellers will be deemed in default and will not receive the additional shares with UPIN still retaining 100% ownership.
