7th Oct 2015 07:50
LONDON (Alliance News) - Strat Aero PLC Wednesday said it has signed a joint venture agreement with UAV Airways Ltd to establish remotely piloted aircraft and systems training centres as well as delivering training courses in overseas territories.
Shares in Strat Aero were trading up 11% at 8.15 pence following the announcement Wednesday morning.
Strat Aero is an aerospace company focused on the unmanned aerial vehicle sector, and UAVAir specialises in the provision of UAV training.
Strat Aero said the joint venture will enable it to create a comprehensive portfolio of RPAS training and a broad pool of qualified UAV operators which will in turn allow it to accelerate the delivery of its UAV services.
Strat Aero will provide the start-up funding for the joint venture, while UAVAir will licence the intellectual property of the course and training material and provide training school setup services until the schools are self-sufficient.
UAVAir will remain with operational control on the schools while Strat Aero retains a majority shareholding within the joint venture.
"UAVAir is the second of a series of strategic transactions the new management team has been evaluating, all of which have the potential to fast track Strat Aero's transformation into the first fully integrated global solutions provider focused on the rapidly growing UAV market. The combination of Strat Aero's existing training business combined with the UAV technical knowledge and training reputation of UAVAir from its streamlined three-day integrated course will win over businesses across multiple areas, and we intend to be at the forefront of this rapidly expanding part of the UAV sector," Chief Executive Tony Dunleavy said in a statement.
"In essence, the transaction strengthens our ability to achieve one of our goals to become a leading worldwide provider of UAV training and education solutions, not only in the military market, but also in the civilian and corporate markets," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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