GeoDigital International Inc. and Aeroquest International Inc. (TSX: AQL) announced today that they have entered into a binding agreement under which GeoDigital will acquire the Energy Division of Optimal Geomatics from Aeroquest. Based in Vancouver, British Columbia, Canada, the Energy Division is a provider of LiDAR and geospatial engineering services to electrical utilities and related energy companies across North America. The companies plan to jointly pursue opportunities of mutual interest internationally.
“We have worked cooperatively with the Energy Division over the past year supporting the needs of their existing clients. Our business combination adds both production capacity and technical expertise improving our collective ability to service the needs of a growing client base”, said Alastair Jenkins, President and CEO of GeoDigital.
The divestiture of the Energy Division will allow our Optimal subsidiary to consolidate operations in Huntsville and focus on its core markets of land survey and mapping”, said Roy Graydon, President and CEO of Aeroquest; “In addition, we see significant opportunities for cooperation with GeoDigital in the future.”
The Agreement is subject to a number of conditions precedent to closing with closing scheduled for March 31, 2010. The total sale proceeds of the transaction are dependent on working capital at closing, but are expected to be less than C$500,000. Management of Aeroquest does not expect the sale to have a material impact on earnings for their current fiscal year.
About GeoDigital International Inc.
GeoDigital and its predecessor companies have a 20 year history in airborne mapping for the utility industry providing leading-edge solutions for mapping, vegetation inspection and line rating & clearance analysis services to customers across North America. With 4 offices located throughout the United States and Canada, the company has over 100 employees working in the areas of software development, LiDAR processing, ortho processing, electronics, multimedia, data acquisition and processing. This team has mapped more than 200,000 line miles (320,000 line kms) and over 1,000,000 structures worldwide. More information about GeoDigital International can be found at www.GeoDigital.net
About Aeroquest International Limited
Aeroquest is a global information and technology services company and a leader in the development and operation of airborne geophysics and geomatics survey platforms for the mineral and petroleum exploration, and environmental and infrastructure industries. Through its subsidiary companies Aeroquest Surveys, UTS/Aeroquest, Geophex and Aeroquest Optimal, Aeroquest International fields a fleet of 30 helicopters and fixed wing survey systems and is active around the world. More information about Aeroquest International can be found at www.aeroquest.ca.