Ideaforge subsidiary forms US drone joint venture

On September 23, 2025, IdeaForge Technology Inc. (IF) entered into a joint venture agreement with First Breach Inc. (FB) to establish a joint venture (JV) for the licensing, sourcing, designing, manufacturing, and distribution of specific IF UAVs in the USA. Both IF and FB will hold equal shares (50%) in the JV, with each party having the right to appoint two directors to its board.

IF's stake in the JV will be acquired in consideration for licensing specified intellectual property, technology, and know-how, while FB will acquire its 50% stake through a cash contribution. The JV is expected to be completed by the end of the financial year 2025-26.

The transaction is not classified as a related party transaction. Turnover and size for the new JV entity cannot be determined at this stage as it is yet to be incorporated.