Universal Wing Technologies Inc. (the “Company”) announces that it has signed a share purchase agreement (the “Agreement”) with a private company to sell 1,075,000 common shares (86%) of the Company’s interest in Universal Wing Geophysics Corp. (“Geophysics”), the subsidiary that has operated the Company’s Unmanned Air Vehicle Systems development business.
The Company had previously signed a letter of intent (“LOI”) with a private company to sell all the Company’s interest in Universal Wing Geophysics Corp., (News release dated November 3rd, 2011). Under the terms of the LOI, which was not binding and was superseded by the share purchase agreement described below, the Company agreed to transfer the entire business together with the business debt and liabilities which exceed $1,300,000 in exchange for cash of $250,000 or 210,000 common shares of the buyer’s company, at the discretion of the buyer. The buyer agreed to take over certain payments by November 30 as an advance to Universal Wing. The transaction was intended to close by December 30, 2011. The LOI was not binding, except the requirement that the parties negotiate in good faith to reach definitive agreements and get regulatory approval. During the negotiation to reach definitive agreement, the company and the private company elected to enter into a share purchase agreement, and the terms of the LOI are no longer in effect.
TSX.V: UAV
Universal Wing Technologies Inc. (the “Company”) announces that it has signed a letter of intent (“LOI”) with a private company to sell all the Company’s interest in Universal Wing Geophysics Corp. (“Geophysics”), the subsidiary that has operated the Company’s unmanned aircraft development business.
TSX.V: UAV
Universal Wing Technologies Inc. (the “Company”) announces that its board of directors is considering projects in the energy sector and may acquire an interest in a project for exploration or development. The Company’s roots are in energy and until recently the Company has had interests in oil and gas projects. The Company is classified as a junior energy company on the TSX Venture Exchange.
The Company has determined that the unmanned aerial vehicle technology business is more easily financed through shareholder loans, and operations are better suited to the structure of a private company. Management believes a renewed focus on energy will result in growth and success, and this will reward shareholders.
The company has granted 1,000,000 incentive stock options to management and the board of directors. The options are at an exercise price of $0.10 per share, subject to the approval of the TSX Venture Exchange. The options will be exercisable until September 22, 2016 and are subject to a four month hold period.
There is no specific timeframe for a potential acquisition and no agreement in principle has been reached with any party or regarding any project.
On behalf of the Board of Directors
Universal Wing Technologies Inc.
Per:
“Declan Sweeney”
____________________
Declan Sweeney
CEO and Director
February 4, 2011
Universal announces Private Placement
Universal Wing Technologies Inc. (the “Company”) is pleased to announce a private placement of up to $500,000 or 5,000,000 units, subject to the approval of the TSX Venture Exchange.
The units will be non flow-through units at a price of $0.10 per unit with each non flow-through unit consisting of one common share and one share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of two years at a price of $0.15 per share.
A commission may be payable in either cash or securities in accordance with the policies of the TSX Venture Exchange Inc.
The proceeds of the private placement will be used for general working capital.
On behalf of the Board of Directors
Universal Wing Technologies Inc.
Per:
“Declan Sweeney”
Declan Sweeney
CEO and Director
Forward Looking Statements
The TSX Venture Exchange has accepted for filing Universal Wing Technologies Inc.'s proposal to issue 1,933,333 shares to settle outstanding debt for $290,000.
Insider: Arctic Star Diamond Corp. $290,000, 15 cents, 1,933,33 shares.
Universal Wing will have a static display at the Abbotsford International Air Show, August 13-15, 2010. Please visit us at booth WZ1/WZ2. For more information to go http://abbotsfordairshow.com
click on the thumbnails for more information
Visit Universal Wing's static display of our UAV "Venturer" at the Princeton Air Show, Saturday July 17th, 2010.
Go to: www.princetonairshow.ca for more information.
See you there!
Universal Wing Technologies Inc.(the “Company”) (TSX: V-UAV) announces that further to its news releases of November 29, 2009, and February 2, 2010, it has closed the second tranche of its non-brokered private placement. The second tranche consists of 149,422 units. Each unit consists of one common share of the Company and one non-transferable share purchase warrant, each warrant entitling the holder to purchase one common share of the Company for a period of one year, expiring on April 14, 2011 at a price of $0.20 per share.
All the securities issued in connection to the second tranche are subject to a hold period expiring on August 15, 2010.
Retired Transport Canada UAV Expert Joins Universal Wing Technologies Inc. Advisory Board. Universal Wing Technologies Inc. (“Universal”) is pleased to announce the addition of Mr. Jake Woelk to the advisory board. Universal provides geophysical data gathering services to the resource sector utilizing a wide range of manned and unmanned platforms and vehicles. It also aims to develop new markets and technologies for unmanned aerial data acquisition through investments, partnerships, and acquisitions. As the company moves forward, it requires diverse expertise on its executive board and on its advisory board to develop strategies for success.
To this end, Universal has engaged Jake Woelk on its advisory board. Jake has been a licensed pilot since 1964, holding Commercial Pilot and Flight Instructor designations. He also holds Instrument Rating, class 1, and Airline Transport Pilot ratings. He has extensive experience flying bush planes, float planes, small charters, and in flight instruction. In addition, Jake has been a flight examiner for private, commercial, multi-engine, and instrument classes. From 1998 until his recent retirement, Jake was employed by Transport Canada. In the field of unmanned aerial vehicles (UAVs), Jake was engaged in drafting Special Flight Operation Certificates for Transport Canada, providing guidance to a wide range of new UAV users, from one-man start-ups to police force participants. Jake was also involved in the development of internal staff instructions for Transport Canada’s UAV operatives.
Universal Wing Technologies Inc. (TSX: UAV) announces the commencement of its first commercial survey contract of 2010. Field engineers are currently undertaking a magnetometer-based mission for a third party client using the company’s Sky Dart system.
The Sky Dart is a versatile helicopter-towed bird system developed by the payload specialists at Universal Wing Geophysics. Unlike many competitor systems—which are dependant on their parent helicopter—Sky Dart is self-contained, self-powered, and is easily installed. Once pilot navigational aids are installed into the helicopter (a simple and quick operation), the system is ready to go to work.
Sky Dart has been designed to reduce survey mobilization costs to an absolute minumum, and to provide maximum flexibility in operation with no compromise of data quality. Field-ready when it arrives on site, the system benefits from Universal’s years of experience designing payloads for its unmanned aerial vehicle (UAV) fleet.
Declan Sweeney CEO of Universal said, "We’re very pleased to engage in our first revenue-generating assignment since the company began trading as Universal Wing Technologies Inc. in December 2009. Sky-Dart and our UAV camera system are already commercially viable systems. Later this summer we will also introduce a horizontal magnetometer system deployed on board our Venturer UAV."