Valmie Resources Inc (OTCBB:VMRI) revealed that it has received an invitation to visit a aviation company in Zhuhai. The objective of the trip is to explore potential opportunities related with its unmanned aerial vehicle technology. The trip to Zhuhai is the first visit in a series of planned meetings in China as the company explores lucrative partnerships, acquisition targets, and source of production for V-1 Drone.
While in China, Valmie wants to locate potential opportunities which can serve as an effective strategic fit within UAV technology. The President Gerald B. Hammack expressed that the Chinese have started to expand their market position in the international UAV industry. The technology is now getting attention even in the segment of hobby to civil applications.
Valmie Resources reported that drones served as means of delivering parcels in some Chinese towns. The management intends to make substantial progress in expansion of its offering. It will maintain focus on accretive growth as they work on UAV’s to get a bigger pie of the UAV commercial market.
Zhuhai is a Special Economic Zone in China and therefore it becomes easier for the foreign and domestic firms to invest and trade in city. There are less regulations and foundations as compared to other parts of China. These zones are specially prepared to attract overseas investment and support country’s economic growth.
In other news, Valmie Resources confirmed that it bought Vertitek, Inc. a privately owned tech firm active in the growing UAV sector. The company is working in association with Vertitek in the advancement of leading product, known as V-1 Drone. It has been approved for agricultural application by a renowned international crop monitoring customer.
Valmie Resources Inc (OTCBB:VMRI) lost 18.84% yesterday but that pales in comparison to the extent it lost from the 52 week high of $6 in just 10 weeks, a staggering 94%. On March 23, 2015 the stock rallied to $6 from $3 levels but crashed in the same session to end the day at $2.76. That day was the major signal and the beginning of the bear market the stock currently finds itself in. The last part of the decline is contained in a perfect channel and unless that is broken on the upside, the bulls can’t expect much.