PALM BEACH, Fla., April 23, 2021 /PRNewswire/ -- The market for drones has been growing in the consumer, commercial, governmental and military markets, and reports see continued substantial growth for years to come. Unmanned Aircraft Systems (UAS) is an aircraft system without a human pilot aboard, commonly known as a drone and also referred by several other names. Unmanned Aircraft Systems can be remote controlled aircraft or fly autonomously based on pre-programmed flight plans or more complex dynamic automation systems, they can be used both for wild land firefighting and civilian fields. Drones are remarkable devices. They can hover in midair, do back flips and spins; they can maneuver smoothly and precisely through small spaces or in concert with other drones; and they can do all this while carrying things like a stabilized video camera and a multitude of other technologies on board. The extent of their versatility is what makes them a viable option for a number of different tasks. Drones can be deployed as weapons in far-away wars, or can help reinvent the way humanitarian aid is provided. Drones can help advance scientific research, or can perform tracking and monitoring and surveillance work. Drones could revolutionize the way humans do certain work or even perform dangerous tasks, but they could also encroach on the core values of a free and democratic society. Drones have unique capabilities and are very flexible in terms of the tasks they can perform, which is what is making them a desirable alternative to manned flights. Active stocks in the markets this week include General Dynamics (NYSE:GD), Plymouth Rock Technologies Inc. (OTCQB: PLRTF) (CSE: PRT), AeroVironment, Inc. (NASDAQ: AVAV), Raytheon Technologies (NYSE: RTX), Northrop Grumman Corporation (NYSE: NOC).
Multiple reports project increasing revenues. A report from IndustryARC said that the total market revenue was valued at $2 billion in 2017 and it is expected to reach $4.5 billion by 2023 at a CAGR estimation of 24.5% in forecast period… by 2023 the U.S. is expected to dominate Americas UAS market. Americas region is followed by APAC and dominated by Japan and China. China is the largest manufacturer of consumer drones. Another report sees even more growth. A report from Industry Research said that the Unmanned Aircraft Systems (UAS) market revenue, which was $14.458 Billion in 2019, and will reach $27.072 billion in 2025, with a CAGR of 11.02% during 2020-2025.
Plymouth Rock Technologies Inc. (CSE: PRT.CNQ) (OTCQB: PLRTF) BREAKING NEWS: PLYMOUTH ROCK ANNOUNCES ACQUISITION OF TETRA DRONES - Plymouth Rock Technologies ("Plymouth Rock", "PRT", or the "Company"), 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 ("Tetra" or "Tetra Drones"), 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 (the "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:
(a) 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 (the "Initial Payment");
(b) As to an additional 10% of the Purchase Price (£35,000), within 21 days of the Initial Payment (the "Second Payment");
(c) As to an additional 40% of the Purchase Price (£140,000), within 120 days of the Second Payment (the "Third Payment"); and
(d) 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. Read this and more news for PRT at: https://www.plyrotech.com/news/
Other recent developments in the tech industry include:
Gulfstream Aerospace Corp., a wholly owned subsidiary of General Dynamics (NYSE:GD), announced recently that it has been awarded $696 million in contracts from the U.S. Air Force Life Cycle Management Center for engineering services support and contractor logistics for C-20 and C-37 aircraft.
The Engineering Service Contract (ESC) represents a $612 million, 10-year renewal of a prior ESC. The contractor logistics support (CLS) award for $84 million exercises Option Year Four of an existing CLS contract, bringing its cumulative face value to $594 million.
Raytheon Technologies (NYSE: RTX), Raytheon Intelligence & Space, a Raytheon Technologies business will continue operating and maintaining the U.S. government's Relocatable Over-the-Horizon Radar (ROTHR) system under a $146 million, five-year contract.
Originally developed to track long-range targets for aircraft and ships, ROTHR is now the primary detection system for border security and drug smuggling interdiction for the Joint Interagency Task Force South. In 2020 alone, ROTHR contributed to the seizure of 26 metric tons of cocaine from drug smugglers attempting to cross into U.S. territory.
Northrop Grumman Corporation (NYSE: NOC) and the company's wholly-owned subsidiary, SpaceLogistics LLC, have successfully completed the docking of the Mission Extension Vehicle-2 (MEV-2) to the Intelsat 10-02 (IS-10-02) commercial communications satellite to deliver life-extension services. The docking was completed at 1:34 p.m. EST.
Northrop Grumman is the only provider of flight-proven life extension services for satellites, and this is the second time the company has docked two commercial spacecraft in orbit. The company's MEV-1 made history when it successfully docked to the Intelsat 901 (IS-901) satellite in February 2020. Unlike MEV-1, which docked above the GEO orbit before moving IS-901 back into service, MEV-2 docked with IS-10-02 directly in its operational GEO orbital location.
AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), recently announced it received a $13,010,560 cost-plus-fixed-fee contract order on March 24, 2021 from the U.S. Army for Switchblade 300 tactical missile systems contractor logistics support. The contract has a total potential value of $40,852,467, for which funding was authorized via a DoD-approved Joint Urgent Operational Need Statement. Logistics support services are scheduled to be delivered through March 2024.
"AeroVironment provides customers with logistics operation services, such as operator training, flight support and maintenance, to ensure the unmanned aircraft systems and tactical missile systems are operationally ready for deployment at any time," said Brett Hush, AeroVironment vice president and product line general manager for tactical missile systems.
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