Apollo Micro Systems Joins Steadicopter To Make RUAV In India
Apollo Micro Systems Limited (AMS) has entered into an Agreement (”the Agreement”) with Steadicopter Limited (Steadicopter) a company incorporated under the laws of Israel. Under this agreement, both companies shall market and promote Black Eagle 50 Rotary Unmanned Aerial Vehicles (RUAV) in India or any other territory as may be agreed by the Parties.
The agreement lay down the terms and condition for marketing of the RUAV in India or any other territory as may be agreed by the Parties for a period of 3 (Three years which' may be extended to an additional two-year period by a mutual consent of the Parties. Subsequently, On securing orders the Company and Steadicopter shall enter into Definitive Agreement pursuant to which Steadicopter shall license the Technology to AMS enabling AMS to commence manufacture of RUAV either in India or Israel, on such terms as may be mutually agreed between the Parties, subject to the receipt of the applicable approvals of the Israeli Ministry of Defense. Further, No special rights like right to appoint directors, first right to share subscription in case of issuance of shares, right to restrict any change in capital structure arises under this agreement.