Google Partner Novacore Labs and AIBotics Complete Acquisition of Assets, Expanding AI, Drone, Mapping and Automation Platform in Jamaica
AIBotics (OTCID: AIBT) completed its acquisition of the operating assets of NovaCore Labs from PlayJamaica Limited, adding the NovaCore brand, IP, software, customer contracts, drones, robots, and Google Street View mapping equipment in Jamaica. Consideration was 22,500 shares of Series B Preferred Stock with a stated value of $225,000, plus an earn-out of up to $3.0 million in additional preferred stock tied to cumulative gross-revenue milestones of $500,000 to $5.0 million over four years. NovaCore co-founder Gregory Moore will lead the acquired business as President of the operating subsidiary, with a budget targeting $1.0 million of capital deployment over 12 months.
Key figures
- Deal Value Usd
- $225,000
- Earnout max
- $3.0 million in additional Series B Preferred Stock over four years
- Consideration
- 22,500 shares of Series B Preferred Stock with aggregate stated value of $225,000
- Earnout per milestone
- $750,000
- Earnout revenue milestones
- ["$500,000","$1.5 million","$3.0 million","$5.0 million"]
- Planned capital deployment
- $1.0 million over 12 months
AI analysis
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