UAS Drone Corp. (OTCQB: USDR), a leader in robotics technology and drone solutions, announced that its wholly owned Israeli subsidiary, Duke Airborne Systems Ltd. ("Duke"), and Elbit Systems Land Ltd. signed a Collaboration Agreement for global marketing and sales, and the production and further development of Duke's developed advanced robotic system mounted on an Unmanned Aerial Solution (UAS), armed with lightweight firearms, or TIKAD.
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TIKAD (Picture source: Duke Robotics)
The TIKAD is designed with a lightweight, real-time 6 DOF (degrees of freedom) Robotic gimbal. It has the ability to carry and stabilize up to 3x the weight of the gimbal. It is is remotely operated, user-friendly and can easily be carried in the field.
The TIKAD can be deployed above water and ends with a minimum risk situation. Until now, troops had to be there to investigate.
This UAV allows governments to utilize completely new capabilities against terrorist groups and reduce the number of deployed ground troops, and therefore, the number of casualties.
According to the main terms of the Collaboration Agreement
-Â Duke has granted Elbit a worldwide exclusive license for the use of Duke's knowhow and intellectual property, and for the marketing, sales, production, and further development of the TIKAD for military, defense, homeland security and para-military uses.
- The parties will also cooperate in continuing a project ("Project") that has already started with a customer in the Asia Pacific region. Elbit has agreed to invest, at its discretion and pursuant to certain milestones, in the further development and setting up of serial production lines of TIKAD and may elect to increase such investment subject to the satisfaction of certain criteria, including Elbit's right to terminate the Agreement if, for example, the Project is cancelled by the customer. Such investment amounts will be made into Elbit's owned assets and production lines of TIKAD. Elbit will recoup fifty percent of its investment amount, up to $6 million, by offsetting fifty percent of royalty payments that may be due to Duke.
- In addition to the cooperation in the Project, Elbit will pay Duke royalties from revenues received from world-wide sales of TIKAD, with royalty rates ranging from low to mid double figure percentages, depending on the tiers of the selling price of TIKAD. Revenues to be received from the Project will entitle Duke to a higher payments and rate of royalties. Elbit will pay Duke royalties on sales of TIKAD units for a period starting from the date of the Agreement until 15 years following receipt of US$50 million in cumulative revenues from sales of TIKAD units.
- Duke to pay Elbit similar rates of royalties for revenues received by Duke from sales of its advanced robotic system for civil use, if such systems will include new know-how developed by Elbit.
Elbit Systems Land is a subsidiary of Elbit Systems Ltd., an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world.
