Monster Arts, Inc. completed the acquisition of all the asset related to cloud-based aviation application and software branded as CaminoAero from Flight Time Aviation Group, Inc.
December 28, 2017
Share
Monster Arts, Inc. (OTCPK:APPZ) entered into a non-binding letter of intent to acquire all the asset related to cloud-based aviation application and software branded as CaminoAero from Flight Time Aviation Group, Inc. for $0.22 million on December 12, 2017. Monster Arts, Inc. executed an Asset Purchase Agreement to acquire all the asset related to cloud-based aviation application and software branded as CaminoAero from Flight Time Aviation Group, Inc. on December 29, 2017. The purchase consideration consists of a one-time cash payment in the amount of $20,000 and a convertible promissory note in the amount of $200,000. The note shall be issued on the closing date and shall have a one-year maturity bearing an interest rate of 8% per annum. The note shall have a convertible feature allowing the seller to convert it, in whole or in part, at a discount of 50% of the five-day average closing price of Monster Arts common stock. The cash payment shall be due no later than February 15, 2018. Completion of the transaction is conditional on signing of a definitive agreement, regulatory approval and third party consent. The transaction is expected to be completed on or before December 31, 2017.
Monster Arts, Inc. (OTCPK:APPZ) completed the acquisition of all the asset related to cloud-based aviation application and software branded as CaminoAero from Flight Time Aviation Group, Inc. on December 29, 2017.
Monster Arts, Inc. is a development-stage company. The Company is focused on developing tracking and data collection software for various industries, including family safety, health and wellness, culinary, and brain/memory training. The Company has developed a drone tracking control system (DTCS), which enables drone operators and pilots to participate in a navigational tracking and monitoring system; receive a flight number, and their aircraft location would be tracked as part of a monitoring system that would be utilized by, and visible to, local, state, and national air traffic authorities, as well as the United States military, law enforcement and first responders. It also develops software for mobile devices, smart televisions and set top boxes running Internetwork operating system (iOS), Android, Windows and other platforms. It is also involved in the travel industry through its online and mobile platform for consumers and paying members of Travel America Visitor Guide.
Monster Arts, Inc. completed the acquisition of all the asset related to cloud-based aviation application and software branded as CaminoAero from Flight Time Aviation Group, Inc.
MONSTER ARTS, INC. 
