ZenaTech Completes Velocity Geomatics Acquisition, Taps $500B Canadian Energy Investment Wave
ZENA is trading near its 52-week low of $1.15 (10% above the low).
Summary
ZenaTech closed its acquisition of Velocity Geomatics, a drone-based surveying firm serving oil and gas producers in Western Canada. The deal gives ZenaTech an established platform with 80% of projects already using drones, and a customer base of regional and international producers. The timing aligns with a 45% year-over-year jump in Q2 oil prices and RBC's forecast of over US$500 billion in Canadian energy investment over the next decade, which should drive demand for regulatory and environmental surveying. This follows the company's aggressive acquisition strategy and recent $25 million offering; the Velocity deal adds immediate revenue and positions ZenaTech to scale its DaaS business in a strengthening market.
At the time of this announcement, ZENA was trading at $1.27 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $110.4M. The 52-week trading range was $1.15 to $7.11. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.