Business
Cyberlux Corporation (OTC: CYBL) Announces the Acquisition of CTMC Drone Solutions, LLC as the Technology Platform for Company’s Entrance into the Drone Solutions Market
Cyberlux Corporation (OTC: CYBL) Announces the Acquisition of CTMC Drone Solutions, LLC as the Technology Platform for Company’s Entrance into the Drone Solutions Market.
About this update from Cyberlux Corp.
[{"type":"text","content":"The Company reaches agreement to acquire key technology and personnel resources to launch of its FlightEye Drone Solution business unit.RESEARCH TRIANGLE PARK, N.C. (August 31, 2021) – Today, Cyberlux Corporation, (OTC: CYBL), a leading provider of LED lighting, renewable energy, and active technology solutions, announced that the Company has added CTMC Drone Solutions, LLC to the Cyberlux business as its drone capability platform, including key technology assets and personnel resources, creating the foundation for the new Cyberlux drone business unit, FlightEye Drone Solutions. The new business unit, wholly-owned by Cyberlux Corporation, will focus on unmanned aircraft systems (UAS) including drone-related technology and intellectual property development, manufacturing, drone services, and government and commercial sales. As a result of this transaction, Cyberlux Corporation owns 100% of CTMC Drone Solutions, LLC for an aggregate of $2,275,000.00 in shares of common stock and cash over a three-year earnout period, with certain equity incentives for continued equity value appreciation, revenue growth levels and technology development milestones. Through this drone technology platform, Cyberlux Corporation intends to build the technology and production capability to create ongoing growth in revenue, profit, and shareholder value. Cyberlux anticipates making future cash investments for ongoing product development and working capital for business expansion. The specific terms of the deal are limited in disclosure until Cyberlux Corporation is fully Pink Current Information on the OTC Markets.Going forward, FlightEye Drone Solutions will leverage its core technology capability to provide compact, next-generation military-grade UAS products and drone solution packages built around proprietary Cyberlux LED lighting, infrared night vision capability, thermal sensor technology, “eye-in-the-sky” monitoring capabilities, and LiDAR mapping and perception technologies. The business unit is immediately focused on existing Department of Defense (DoD) requirements and existing Broad Area Announcement (BAA) research and development opportunities, including geofencing capabilities, “observe and monitor” alert systems, collision avoidance capabilities, beyond-line-of-sight operations, urban area operations, operating system support for multi...