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Alta Vista to acquire Pioneer Exploration's unmanned aerial vehicle division

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Alta Vista to acquire Pioneer Exploration's unmanned aerial vehicle division

Alta Vista Ventures Ltd.said July 19 that it signed a binding letter of intent to acquire the unmannedaerial vehicle, or UAV, division of Pioneer Exploration Consultants Ltd.

In exchange for the UAV division's proprietary equipment, trademarks,contract staff, client list, contacts and current business partnerships, AltaVista agreed to issue 9 million shares and pay C$500,000 to Pioneer in threeinstallments over 12 months from closing.

After the final payment, Alta Vista will also grant Pioneer a 10%royalty on the UAV division's profits for a five-year period.

Pioneer President and CEO Michael Burns will joint Alta Vista's boardupon the transaction's closing and will continue to manage the UAV business.

Alta Vista also recently signed deals to UAV manufacturer Aeromao Inc.and UAV provider High Eye Aerial Imaging Inc.