Universal Power Industry Corporation Completes Acquisition of WavDrone, LLC

PALO ALTO, Calif., Oct. 21, 2019 /PRNewswire/ -- Universal Power Industry Corporation (OTC: UPIN) today announced that they have completed the acquisition of WavDrone, LLC a Palo Alto startup that specializes in advanced drone technology.

The start-up (one year old) technology company is now wholly owned by Universal Power and will continue the development of certain drone software and technology primarily for use by local, state and federal governments and the military.

WavDrone is the first to develop from concept to development patent-pending technology that will use extremely lightweight carbon nanotube (CNT) thin films to achieve vertical lift and motive force via inaudible sound pressure waves, resulting in a new generation of safe, inaudible flight devices.

The terms and conditions of the acquisition are, the company will pay ten million shares of restricted stock (all restricted for 18 months starting at the time of issuance with conditions) and financial consideration for 100 percent ownership interest. UPIN will pay 5 million of the restricted shares within 30 days from the completion of closing, 2.5 million restricted shares once previous management files all legally satisfactory patents with any associated requirements and the final 2.5 million restricted shares once all required applications and associated documents are filed with the Commercial and Government Entity (CAGE) Code Office – System for Award Management (SAM) Registration. If any of the latter two requirements are not met, the sellers will be deemed in default and will not receive the additional shares with UPIN still retaining 100% ownership.

About Universal Power Industry Corporation:

Universal Power Industry Corporation (UPIN) is a diversified holding company that owns, invests and or manages select businesses, and on special opportunities will provide financing solutions to companies at various developmental stages. Our business objectives cover a wide range of sectors from consumer/industrial products, technology research, development/startups. Please follow us on social media for additional updates at Facebook, Twitter and OTCMarkets.

Statements contained in this release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.

CONTACT INFORMATION                                                                                       

Universal Power Industry Corporation
1-800-837-5641

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SOURCE Universal Power Industry Corporation