ZenaTech signs offer to acquire California engineering firm

VANCOUVER - ZenaTech, Inc. (NASDAQ:ZENA), a $89.21 million market cap technology company with 24.51% revenue growth in the last twelve months, announced Wednesday it has signed an offer to acquire an unnamed California-based civil engineering and land surveying firm, marking its first proposed transaction in the U.S. West Coast region. According to InvestingPro analysis, the company currently appears fairly valued based on its Fair Value assessment.

The acquisition would create a strategic entry point into California’s agricultural market, where ZenaTech plans to deploy its drone services for precision agriculture applications including aerial imaging, precision spraying, and irrigation analytics. While maintaining a moderate debt level and healthy current ratio of 1.34, the company is positioning itself for expansion despite recent market volatility. InvestingPro subscribers can access 12 additional key insights about ZenaTech’s growth potential and financial health.

"This proposed acquisition is more than just our first Southwest region location - it’s a strategic foothold into a high-value, high-growth state for precision agriculture," said Shaun Passley, CEO of ZenaTech.

The company, which specializes in AI drone technology and Drone as a Service (DaaS) solutions, views California as a key market due to its agricultural economy, crop diversity, and the state being home to nearly 90% of all U.S. vineyard acreage.

ZenaTech’s DaaS business model allows customers to utilize drone services without purchasing hardware, hiring pilots, or managing regulatory approvals. The company has completed six acquisitions across the U.S. to date and plans approximately 20 more in the next 12 months, according to the press release.

The global agricultural drone market is projected to reach $10.3 billion by 2030, driven by increasing demand for precision farming technologies.

No financial details of the proposed acquisition were disclosed in the announcement.

In other recent news, ZenaTech, Inc. has made significant strides in its business operations. The company announced the launch of its ZenaDrone IQ Nano, a compact autonomous indoor drone designed for U.S. Department of Defense agencies and government use. ZenaTech is seeking Green UAS certification for this drone, followed by Blue UAS certification, which would position it as a secure supplier to U.S. military customers. Additionally, ZenaTech is accelerating the development of its Counter-Unmanned Aircraft System technology for the ZenaDrone 1000 platform, following a recent White House executive order. This move includes plans to file a patent for the technology, which focuses on threat detection and neutralization for military and homeland security applications.

Moreover, ZenaTech continues to expand its land surveying capabilities through acquisitions. The company has completed its sixth U.S. land survey acquisition and signed offers to acquire firms in North Carolina and Virginia. These acquisitions aim to bolster ZenaTech’s national Drone as a Service business model. The company plans to integrate its AI-powered drone technology into land survey workflows, enhancing speed and precision. ZenaTech’s strategy includes completing approximately 20 more acquisitions in the next 12 months. These developments reflect the company’s commitment to expanding its presence and capabilities in the drone and land surveying sectors.

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