October 7, 2016 – Alta Vista Ventures Ltd. (AVV-CSE) announces that the Company has satisfactorily completed its due diligence on two of its acquisition targets – High Eye Aerial Surveys and the UAV division of Pioneer Exploration Consulting – and it is now moving forwards with the formal documentation for the transactions.
In addition, the Company and High Eye have agreed to amend the terms of the share exchange agreement as set out in the Letter of Intent (see news release dated July 5, 2016). Under the new terms Alta Vista has agreed to purchase a 100% interest in High Eye for a one time issuance of 4,500,000 shares. Alta Vista has agreed to pay the principles of High Eye a performance bonus of $120,000 upon High Eye surpassing gross revenues of $120,000 for their fiscal year 2016.
"We are very pleased with this amendment to the High Eye acquisition as this allows Alta Vista to own a 100% interest in High Eye for shares, which allows us to commit to purchasing a 60% interest in Pioneer's UAV division on signing the definitive agreement rather than the 30% as originally contemplated", stated Don Shaxon, CEO of Alta Vista.
Alta Vista is in the process of creating a wholly owned subsidiary for the transfer of the UAV assets and staff of Pioneer Exploration Consulting in anticipation of signing the definitive agreement.
"I am excited about the progress made to date and the future collaboration between High Eye, Pioneer and my extensive list of contacts," stated Mike McMillan, Alta Vista's UAV specialist and Head of Business Development.
About Alta Vista Ventures:
Alta Vista Ventures' is entering the Unmanned Aerial Vehicle (UAV) industry by purchasing a varied group of companies that will complement each other and, in turn, create a consortium of businesses that will cover all aspects of the UAV industry.
On behalf of the Board,
"Don Shaxon"
Donald Shaxon
CEO
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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.
Original Article: http://www.stockhouse.com/news/press-releases/2016/10/07/alta-vista-set-to-move-forwards-with-acquisitions
