Iconic Labs PLC (ICON.L) Letter of Intent Signed : Sting Industries

Iconic Enters into Letter of Intent with Ott Ventures

Iconic Labs Plc (LSE:ICON), a cutting-edge media, data, information, internet, security, and technology company is pleased to announce that it has entered into a non-binding letter of intent (“LOI”) with Ott Ventures, s.r.o. (“Ott Ventures”), an entity closely affiliated with one of Iconic’s key shareholders, Ott Holdings Limited.

Under the terms of the LOI, Iconic would acquire a controlling stake of unmanned drone company, Sting Industries Ltd. (“Sting”) payable in a combination of convertible notes, warrants and cash, and provide a long-term financing facility to meet Sting’s working capital needs.

Sting’s modular drones are used in a wide range of applications for the military and security sectors. They provide close range safety and protection by flying in front of the first person through the door in demanding urban environments confronted by special forces, military, police, and security personnel. In addition, through the research and development associated with these drones, Sting collects, processes, and analyses significant quantities of data derived from flying and manoeuvring these sophisticated drones in tight indoor spaces.

The non-binding LOI is subject to due diligence, finalizing a long-term financing facility of up to £50,000,000 with European High Growth Opportunities Securitization Fund (“EHGOSF”), obtaining sufficient corporate authorities to facilitate the financing and the acquisition of Sting by using convertible notes and warrants, and the execution of definitive documents.

“I have worked with Ott Ventures and the affiliated companies in Group Ott for many years and am delighted to have been able to sign this letter of intent with them as I begin the process of building a bold future for Iconic. Sting is an exceptional company. I look forward to signing a financing facility with EHGOSF and completing this transaction,” said Iconic’s Chief Executive Officer, Brad Taylor.

**ENDS**

For further information, please visit the Company’s website www.iconiclabs.co.uk or contact:

Iconic Labs ir@iconiclabs.co.uk


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Subscribe To Our Daily Update

Share via
Copy link
Malcare WordPress Security