News about AIBotics

AIBotics (OTC: AIBT) has completed its acquisition of the operating assets of NovaCore Labs from PlayJamaica Limited, including the brand, software, customer contracts, 10 service robots, six commercial drones and mapping equipment. The company plans to expand AI, LiDAR and geospatial services, drone operations, automation, and training programs with the University of the West Indies Global Campus and the University of Technology in Jamaica and the broader CARICOM region. The consideration is 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 over four years tied to cumulative gross revenue milestones of $500,000, $1.5 million, $3.0 million and $5.0 million. Gregory Moore will serve as President of the operating subsidiary, and the parties target $1.0 million of capital deployment over 12 months.