Red Cat Holdings a hardware enabled, software provider to the drone industry, announced the signing of a letter of intent to acquire LuGus Studios, the developer of Liftoff, a flight simulation platform for drone pilot training. Liftoff enables student pilots to test and learn how to fly drones in a simulated environment without the cost and risk of flying a real drone.
“The projected growth of the drone industry over the next decade is predicted to result in a shortage of trained, qualified pilots” stated Jeffrey Thompson, Chief Executive Officer of Red Cat Holdings. “We believe that Liftoff can be the leading platform for simulating the flight experience that new drone pilots need to complete their training.”
LuGus Studios is an award winning team of software developers that produce clever on-line games which can be leveraged beyond just entertainment to provide critical educational and development applications for business. LuGus is planning to launch Liftoff Academy, a more expansive training platform which will teach drone pilots how to fly in various industrial environments including oil and gas pipelines, cell towers, and automotive manufacturing plants.
The signing of a letter of intent does not represent a binding transaction and there are no assurances that the transaction will be consummated. Completion of the transaction is subject to due diligence, preparation of legal documents and other normal closing conditions.