Vancouver, BC / TheNewswire / Alta Vista Ventures Ltd. (CSE: UAV) is pleased to report that it has completed the final cash payment to High Eye Aerial Imaging, finalizing the acquisition of its 100% interest in the company. The cash payment of $100,000 paid off a Promissory Note that was part of the purchase arrangement for High Eye Aerial Imaging. Alta Vista is the owner of both Pioneer Aerial Surveys and High Eye Aerial Imaging. Management is also actively pursuing additional acquisitions in the UAV sector that will complement Alta Vista’s growing portfolio of well positioned and undervalued UAV technology leaders.
Alta Vista would also like to respond to various inquiries regarding the new regulations governing recreational drone users that were recently issued by Transport Canada. The new regulations govern recreational drone use, while Alta Vista’s subsidiaries, High Eye Aerial Imaging and Pioneer Aerial Surveys operate under the commercial UAV regulations and are unaffected by the changes.
Management believes the new regulations will have a positive downstream impact on commercial UAV operators, as they aim to make the industry safer and more regulated in part by penalizing those who do not operate within the rules. Both High Eye and Pioneer are well positioned to adapt to new commercial UAV regulations in the future as they arise from Transport Canada. High Eye Aerial Imaging and Pioneer Aerial Surveys operate under Transport Canada issued Special Flight Operating Certificates throughout Canada. Pioneer Aerial also operates under the FAA Part 107 regulations for surveys in the US airspace.
The new Canadian restrictions for recreational drone users are effective immediately, and can be found on the Transport Canada website.
„These new regulations are welcomed to the commercial UAV industry. We expect they will benefit both High Eye and Pioneer Aerial Surveys business by creating a clear distinction between professional commercial UAV operators and recreational drone operators”, stated Jason Springett, Alta Vista’s president.
About Alta Vista Ventures
Through its wholly owned subsidiaries – Pioneer Aerial Surveys and High Eye Aerial Imaging – Alta Vista Ventures is implementing its plan to become a full spectrum leader within the Unmanned Aerial Vehicle (or ‚UAV’) industry. Alta Vista will continue its growth through expanding the business of its subsidiaries and the continued evaluation of potential acquisition with the goal of creating a consortium of businesses that will cover all aspects of the UAV industry.
On behalf of the Board,
„Jason Springett”
Jason Springett
President & CEO
For additional information on Alta Vista Ventures please contact the Company at 604-678-2531
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Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
