Update on CybAero’s Agreements with ACC Group AB and AVIC Supply
In February CybAero announced the rejection of an application for an export license regarding export for deliveries under the framework agreement signed between CybAero, ACC Group AB, and AVIC Supply and Marketing Huabei CO. LTD 2014 and the delivery agreement for 20 systems signed between CybAero and ACC Group AB in 2015. Information on the framework agreement was announced to the market on July 2, 2014 and information on the delivery agreement on March 31, 2015. On April 12, 2017 CybAero alerted the market to a recall of an export license by the ISP (Inspectorate for Strategic Products) of a demo system for the same customer and contemporaneously informed the market that CybAero and ACC had agreed to start unconditional discussions about a new frame agreement and a new helicopter contract in good faith. The current framework and order has since been terminated.
It is CybAero’s hope that its current discussions about the conditions for a new framework agreement and any possible deliveries under a new agreement will continue. There is currently no framework agreement in place governing the 20 systems that had been previously announced nor has CybAero been granted an export license for any of those systems. With no framework agreement currently in place and no export license - no delivery of any of the 20 systems CybAero announced to the market on March 31, 2015 will take place.
Michael Auerbach, Chairman of the Board
Telephone: 013-465 29 00
This information is information that CybAero AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:40 CET on May 12 2017.
CybAero develops and manufactures Remotely Piloted Aircraft Systems (RPAS) for safer and more effective aerial operations in various environments, including those hazardous in nature. The company has made a great international impact with its APID One helicopter, which can be adapted for both military and civilian applications such as coastal and border surveillance, search and rescue missions, and mapping. CybAero’s head office is located in the Mjärdevi Science Park in Linköping, Sweden. The company has around 50 employees and has been listed on the Nasdaq First North since 2007. FNCA Sweden AB is the company's certified adviser.