Further to the Company’s announcement on 28 January 2022, Delta Drone International has announced it has completed the sale of its ParaZero Technologies business, receiving immediate net settlement funds of A$4.55 million.
A further A$0.3 million in net debt and working capital liabilities have been assumed by the buyers, A$0.25 million has been placed in escrow to meet potential Israeli withholding tax obligations and an additional A$0.9 million of cash is being held in escrow and will be released to the Company in 12 months from today’s completion, subject to there being no future warranty claims.
Commenting on the sale, Delta Drone International Christopher Clark said, “The completion of the transaction marks an important milestone for Delta Drone, as it allows us to forge ahead, focusing on our tech-services offering as a leading global drones-as-a-service provider. I look forward to continuing to win new enterprise contracts across Africa and Australia, as more companies utilise our advanced drone-based software and geospatial data-related technologies to help optimise their operations. As previously noted, we intend to use the proceeds to reduce borrowings and to pursue opportunities to expand our current services”
