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Under the terms of the agreement, Volatus will make an equity investment of $2.29 million in Synergy Aviation over the course of 10 months from closing in exchange for newly issued shares that will represent 51% of all outstanding shares. Synergy recorded unaudited revenues of $7 million with a 14% EBITDA (Earnings before Interest, tax, depreciation, and amortization) during the first nine months of 2022 and is targeting year end revenues of $9 million. “Becoming part of Volatus gives us the added geomatics capabilities, market reach, and the opportunity to disrupt traditional methods in this sector.” “There are nearly 5 million kilometers of oil & gas pipeline in North America requiring annual inspections and, in many cases, weekly patrols to meet regulatory and asset management requirements,” said Todd Tkach, President of Synergy Aviation. “Leveraging Synergy’s oil & gas presence combined with our existing pipeline operations in Ontario will allow us to introduce the power of innovative drone solutions to meet regulatory compliance and asset management requirements with improved efficiencies and a material reduction in greenhouse gas emissions.” “Pipeline inspection, much like other long linear inspection requirements, has traditionally been completed using crewed helicopters and small fixed wing aircraft,” said Glen Lynch, CEO of Volatus Aerospace. The company provides Canada’s largest oil & gas producers and pipeline operators with uninterrupted, consistent and highly detailed right-of-way integrity data. Synergy’s leadership in the sector combined with Volatus’ drone technology solutions will position the Company with a strong competitive advantage to introduce innovative, efficient, green, remotely operated drone solutions to fulfill regulatory and asset monitoring requirements.įounded in Alberta in 2014, Synergy Aviation is an industry leader in aerial surveillance, pipeline integrity monitoring, and specialized geomatics, patrolling and inspecting more than 310,000 miles (500,000 KM) of pipeline right of way stretching from the coast of British Columbia to the Manitoba/US border.

This acquisition will solidify Volatus’ position in Western Canada providing privileged access to much of the oil and gas industry. announced that it has signed an arm’s length definitive agreement dated Oct 12, 2022, to acquire Alberta-based Synergy Aviation Ltd.