Strat Aero plc (LON:AERO), an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle (“UAV”) sector, is pleased to announce the settlement of all litigation and claims arising from its dispute with Mr W. Hulsey Smith (“Mr. Smith”), the Chief Executive Officer of Aero Kinetics Holdings LLC (“Aero Kinetics”).
Under the terms of the settlement, Strat Aero disclaims any allegations of fraud against Mr. Smith and will issue Mr. Smith 44,750,645 new Ordinary Shares (“Settlement Shares”), representing approximately 11.75% of the Company’s enlarged issued share capital. Strat Aero has also made a cash payment to Mr. Smith of US$75,000. As a result of the settlement, both Strat Aero plc and Mr Smith are released from all current and future claims relating to the Company’s acquisition of Aero Kinetics and all debt and loan obligations relating to the Company’s acquisition of Aero Kinetics are deemed to have either been satisfied or written off. Both parties have agreed to dismiss all pending litigation between them which is subject to certain procedural formalities.