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The buyers of ParaZero Technologies are a consortium of investors led by NASDAQ-listed Medigus Ltd and facilitated by Israeli venture capital firm L.I.A Pure Capital Ltd.
Delta Drone International has entered into a binding agreement to sell ParaZero Technologies for a total consideration of AU$6 million in cash.
The retained exposure to ParaZero technology will enable Delta Drone International's shareholders to benefit from its future success.
Delta Drone International CEO Christopher Clark stated that ParaZero Technologies and its team were the inspiration for listing the Company on the ASX in 2018.
Post-sale, Delta Drone International will have a strengthened balance sheet and a substantially reduced need for cash to fund R&D investments that had been required by the ParaZero business.
ParaZero’s SafeAir system is a sophisticated drone safety system designed to mitigate flight risks autonomously.
Speedbird Aero will integrate ParaZero’s SafeAir autonomous parachute recovery systems into their entire fleet of delivery drones.
Speedbird Aero has signed a multi-phase integration deal with ParaZero for its new fleet of autonomous delivery drones.
ANAC regulators assessed the safety management and risk mitigation planning aspects of Speedbird Aero’s operations, including the use of a ParaZero autonomous parachute system for each drone.
The agreement involves integrating ParaZero's patented SafeAir parachute technology with Doosan’s DS30 endurance drone.
The multi-phase project will generate initial revenue in excess of A$150,000 for ParaZero.
ParaZero signed its largest multinational OEM integration deal with Doosan Mobility Innovation.
ParaZero’s SafeAir system is designed to comply with regulations for safe flight operations over populated areas and beyond visual line of sight.
ParaZero’s patented autonomous parachute technology has enabled hundreds of organizations to receive flight exemptions and waivers from civil aviation authorities.