Google Partner Novacore Labs and AIBotics Complete Acquisition of Assets, Expanding AI, Drone, Mapping and Automation Platform in Jamaica

The deal includes up to $3.0 million in additional preferred-stock consideration tied to four cumulative gross-revenue milestones.

Rhea-AI Summary

AIBotics (AIBT) completed its acquisition of NovaCore Labs’ operating assets from PlayJamaica Limited, expanding its technology operations in Jamaica.

Consideration comprises 22,500 Series B preferred shares with an aggregate stated value of $225,000. An earn-out provides up to $3.0 million in additional preferred stock over four years, conditional on cumulative gross-revenue milestones of $500,000, $1.5 million, $3.0 million and $5.0 million. Each milestone corresponds to $750,000 in additional consideration.

The assets include the NovaCore brand, software, customer data, contracts, 10 service robots, six commercial drones and mapping equipment. NovaCore plans to expand mapping, drone services, automation, institutional programs and technical laboratory capabilities. AIBotics and Gregory Moore, who is to lead the acquired business, are to develop a budget targeting $1.0 million of capital deployment over 12 months.

9 points · 1 major

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1 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointCompleted NovaCore operating-asset acquisition expands AIBotics’ technology operations in Jamaica.
• Moderate point. Forward-looking: it has not happened yet and may not happen.AIBotics and Moore are to develop a budget targeting $1.0 million of capital deployment over 12 months. 53% of market cap
• Minor pointAcquired operating equipment includes 10 service robots, six commercial drones and mapping assets.
• Minor pointAcquired brand, intellectual property, software, customer data and contracts add operating capabilities.
• Minor point. Forward-looking: it has not happened yet and may not happen.NovaCore plans to expand AI- and LiDAR-enabled mapping services for public- and private-sector applications.

4 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.NovaCore intends to broaden commercial drone operations across selected public- and private-sector markets.
• Minor point. Forward-looking: it has not happened yet and may not happen.Acquired robotics assets and customer relationships can support continued automation deployments.
• Minor point. Forward-looking: it has not happened yet and may not happen.NovaCore intends to expand institutional programs with the University of the West Indies Global Campus and University of Technology.
• Minor point. Forward-looking: it has not happened yet and may not happen.NovaCore intends to expand technical laboratory capabilities for demonstrations, deployments and workforce development.

Negative

• Major pointAcquisition consideration issues 22,500 Series B preferred shares with an aggregate stated value of $225,000. 12% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Conditional earn-out adds up to $3.0 million in preferred stock over four years if revenue milestones are achieved.

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Asset acquisition adds the NovaCore brand, intellectual property, software, customer data, contracts, drone and mapping assets, and operating capabilities positioned for growth across Jamaica and the broader Caribbean

NovaCore intends to expand institutional programs with the University of the West Indies Global Campus and the University of Technology through its relationship with PlayJamaica Limited

MIAMI and KINGSTON, Jamaica, Oct. 19, 2026 (GLOBE NEWSWIRE) -- AIBotics, Inc. (OTCID: AIBT) ("AIBotics" or the "Company"), a global technology company building a platform around AI-enabled robotics, autonomous systems and intelligent automation, today announced the completion of its acquisition of the operating assets associated with NovaCore Labs ("NovaCore") from PlayJamaica Limited under an Asset Sale and Purchase Agreement.

The transaction provides AIBotics with a tangible operating platform to complete its expansion plans in Jamaica and the CARICOM. The Caribbean Economic Outlook 2026 projects a combined regional GDP of approximately US$420 billion with an average real GDP growth rate of 3.4% across major economies.

The acquired assets include 10 service robots, six commercial drones, three field generators, Google Street View mapping equipment and a dedicated mapping vehicle, together with the NovaCore brand and proprietary operating methodologies.

The acquisition expands AIBotics’ technology platform and operating presence in Jamaica while creating a foundation for broader growth across the CARICOM region. Through NovaCore, AIBotics intends to build on established capabilities in AI-enabled mapping and geospatial services, drone operations, automation, digital infrastructure, institutional technology programs and workforce development, with the goal of creating a scalable regional technology platform.

Ben Kaplan, Chief Executive Officer of AIBotics, commented, "NovaCore has established a presence in Jamaica through Google-related mapping initiatives, commercial technology deployments and relationships with leading academic and institutional organizations. Those capabilities can provide a practical platform for converting technology into recurring commercial activity rather than building a Caribbean operation from the ground up."

Following the acquisition, NovaCore intends to prioritize the expansion of business lines that present near-term revenue opportunities in Jamaica and the broader region. These initiatives include:

• AI, LiDAR and geospatial services: Building on NovaCore's mapping work, the business plans to expand into AI- and LiDAR-enabled asset management, surface classification and related geospatial services for public- and private-sector applications.
• Drone services: NovaCore intends to broaden commercial drone operations across selected public- and private-sector verticals, supported by acquired drone systems, field equipment, operating methodologies and drone-management software.
• Automation and robotics: The acquired asset package includes robotics equipment, operating methodologies, software and customer relationships that can support continued automation deployments across commercial environments.
• Education and workforce development: NovaCore intends to expand institutional programs with the University of the West Indies Global Campus and the University of Technology, including technical demonstrations, training, apprenticeship and internship initiatives designed to build local technical capacity.
• Technical infrastructure: NovaCore intends to expand its technical laboratory capabilities to support demonstrations, deployments, customer workflows and the development of a skilled regional workforce.
  
  

Under the Asset Sale and Purchase Agreement, AIBotics acquired the specified NovaCore assets from PlayJamaica Limited in exchange for 22,500 shares of AIBotics Series B Preferred Stock with an aggregate stated value of $225,000.

The agreement also provides for an earn-out of up to $3.0 million in additional Series B Preferred Stock over four years if the acquired business achieves specified cumulative gross-revenue milestones of $500,000, $1.5 million, $3.0 million and $5.0 million. Each revenue milestone corresponds to $750,000 of additional preferred-stock consideration.

Under the terms of the agreement, Gregory Moore is to lead the acquired business as President of the operating subsidiary. AIBotics and Moore are also to develop a budget targeting $1.0 million of capital deployment over a 12-month period.

Gregory Moore, co-founder of NovaCore Labs, commented, "This transaction gives NovaCore the opportunity to accelerate the work already underway in mapping, drones, automation, AI and institutional technology programs. Our focus now is execution - expanding services, deepening our technical capabilities, building revenue and creating solutions that can be deployed across Jamaica and the wider Caribbean."

Mr. Kaplan added, “NovaCore represents an important step in AIBotics’ evolution into a broader international technology platform. By expanding our presence in Jamaica and the Caribbean, we believe we can build meaningful businesses across AI, robotics, drones, mapping and automation while creating a foundation for long-term regional growth.”

NovaCore previously participated in Jamaica's Google Street View mapping initiative, providing a foundation for broader geospatial and digital-infrastructure applications. Management now intends to build on that work by incorporating AI and LiDAR technologies into services designed for asset management, surface classification, infrastructure analysis and other data-driven applications.

NovaCore also maintains relationships with the University of Technology and the University of the West Indies Global Campus. The Company intends to use those relationships to support training, demonstrations, workforce development and selected immersive-learning and simulation initiatives, while expanding the technical infrastructure available for client deployments and operational support.

AIBotics does not intend to identify public-sector agencies involved in active tender, evaluation or procurement processes unless and until disclosure is appropriate and authorized.

About AIBotics

AIBotics, Inc. is a global technology company building a platform around AI-enabled robotics, autonomous systems and intelligent automation. The Company focuses on applying advanced technologies to real-world environments through strategic partnerships, technology development and international market relationships. AIBotics seeks to identify, develop, implement and scale solutions that improve how machines operate, automate business processes and extend the practical application of artificial intelligence into the physical world. Through a scalable, partnership-driven model, AIBotics is building a diversified robotics and autonomous-systems platform designed to support commercial, industrial and other mission-driven applications across global markets. For more information on AIBotics, visit www.aibotics.ai.

About NovaCore Labs

NovaCore Labs is a Jamaica-based technology business focused on AI systems, automation, drone services, mapping and digital infrastructure. Its operating platform includes technology assets, software, customer relationships, geospatial capabilities and institutional partnerships that support public- and private-sector modernization initiatives across Jamaica and the Caribbean. For more information on NovaCore Labs, visit www.novacorelabs.com.

Forward-Looking Statement Disclaimer

This press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements include, among other things, statements regarding the integration and expansion of the acquired NovaCore assets; future revenue opportunities; the achievement of earn-out milestones; the development and commercialization of drone, mapping, AI, LiDAR, automation and other services; the continuation or expansion of customer, supplier, educational and institutional relationships; the transfer or assignment of contracts requiring third-party consent; future public- and private-sector opportunities; technical-laboratory expansion; training, apprenticeship and internship programs; the contemplated deployment of $1.0 million of capital; the Company's Regulation A offering and ability to raise capital; and AIBotics' broader growth strategy in Jamaica and the Caribbean. Forward-looking statements are based on current expectations, assumptions and estimates and are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, among others, the Company's ability to raise sufficient capital, integrate and operate the acquired assets, obtain required third-party consents, retain customers and strategic relationships, win competitive tenders, execute technology deployments, generate revenue, achieve earn-out milestones and successfully expand into new markets. There can be no assurance that planned projects, partnerships, deployments, capital raises, customer opportunities or revenue targets will be completed or achieved. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update them except as required by law.

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David L. Kugelman
Atlanta Capital Partners, LLC
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FAQ

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What did AIBotics acquire from PlayJamaica in the NovaCore deal?

AIBotics acquired NovaCore’s operating assets, including its brand, intellectual property, software, customer data, contracts and equipment. The equipment includes 10 service robots, six commercial drones, three field generators, Google Street View mapping equipment and a dedicated mapping vehicle.

How much is AIBotics paying for NovaCore’s assets?

The consideration is 22,500 Series B preferred shares with an aggregate stated value of $225,000, plus a conditional earn-out. Up to $3.0 million in additional preferred stock is payable over four years if cumulative gross-revenue milestones of $500,000, $1.5 million, $3.0 million and $5.0 million are achieved. Each milestone corresponds to $750,000 of additional consideration.