August 31, 2021
OTC Disclosure & News Service
Durham, NC —
This release includes additional documents. Select the link(s) below to view.
Cyberlux Corporation Announce Acquisition of CTMC Drone Solutions, LLC Final 08.31.2021.pdf
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 multiple drone operation and traffic management, and other critical priorities such as weight optimization and energy efficiency.
In addition, Cyberlux Corporation has transferred all existing related technology into the new FlightEye Drone Solutions business unit in order to consolidate its core UAS capabilities. Moving forward, the Company will hold all UAS products and drone technologies, including future acquisitions currently under consideration, in the FlightEye Drone Solutions business unit.
Cyberlux Corporation CEO Mark Schmidt stated:
We are very excited to have CTMC Drone Solutions, LLC join the Cyberlux family, with its outstanding technology and core capabilities. This is an ideal way to begin building our long-term competitive advantage in the drone space where we expect tremendous future growth. As anticipated, we were able to conclude this transaction in August and I look forward to fully introducing the new team as soon as we have OTC Markets Current approval.
As part of our Operation Alpha plan, launching the FlightEye Drone Solutions business unit is a significant milestone for Cyberlux Corporation and marks our entrance into the enormous, exciting UAS growth market. Between DoD and commercial opportunities, we anticipate FlightEye will generate at least $1 million in revenue this year, $5 million to $10 million in 2022, and have unlimited growth potential beyond, with well over $30 million expected in 2023.
We also anticipate joining leading industry groups such as the Drone Service Providers Alliance and the Federal Aviation Administrations Drone Advisory Committee in the near future. We aim to be leaders in this market, starting with our core capabilities and building our technology advantage into the future.
Cyberlux Corporation is actively pursuing partnerships with UAS technology companies and drone service providers. Moving forward, Cyberlux is harnessing the future through fundamental organic growth, through acquisitions and joint ventures, and through the commercialization of future technology developments.
About Cyberlux Corporation
Cyberlux Corporation (OTC Bulletin Board: CYBL), a leader in solid-state lighting innovation, has developed breakthrough LED lighting, energy efficiency technology and active technology capabilities, with solutions available today in U.S. government agencies, commercial markets and international opportunities. For more information, please visit www.cyberlux.com. For investor information, please contact: email@example.com
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Cyberlux Corporation