Valmie Resources Inc (OTCBB:VMRI) could land itself a potential business partner in the form of a high-tech aviation company from China. Valmie has been invited by the aviation company to discuss the potential cooperation, which the reports state is for Valmie’s UAV technology. However, there has been a lot of distrust developing between the company and analysts, due to the recent wave of press releases being found as inaccurate.
Valmie is seeking potential acquisitions and partnerships in China, for the production of its V-1 drone. China has become a growing force in the drone manufacturing industry, with a number of its company’s targeting commercial applications. While the drone delivery systems are still under development in the US, some Chinese cities have adopted it the prime method for package delivery.
Valmie Resources aims to make use of these factors to develop their own drones, which are better suited to the needs of the market. Additionally, Valmie’s potential partner is based in the Zhuhai zone, which is a Special Economic Zone in China. This would mean that Valmie can move forth with its cooperation, without any interference from the central Chinese government.
However, investor interest in the company has been greatly affected by discrepancies in the recent press releases. The only accurate information from the company was the acquisition of Vertitek. The former has been a privately held company, with operations targeting the UAV sector. The acquisition granted Valmie additional resources and manpower to complete its V-1 drone, which is being marketed as an agricultural platform for international markets.
Unfortunately, the company’s poor financial health does not help its case with the investors and analysts. VMRI, in its last 10-Q reported just $5,000 in cash, no revenues since the company was founded and a quarterly net loss of $135,000. Although the recent acquisition has pushed Valmie’s product out of the pipeline and into the market, it still remains to be seen whether there is potential interest in the product.
The May 28 session saw Valmie Resources Inc (OTCBB:VMRI) drop by 27.21%, to close at $0.456, with 63.88 million shares changing hands.
