Drone Delivery Canada Announces Commercial Agreement with Vision Profile
TORONTO, Sept. 10, 2019 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT, OTC: TAKOF) (the "Company" or "DDC") is pleased to announce that with the assistance of its sales agent Air Canada Cargo (TSX: AC), it has entered into a commercial agreement dated September 9, 2019 (the "Agreement") with Vision Profile Extrusions Limited ("Vision"), a prominent manufacturing company, to deploy a drone delivery platform for the use of Vision between its properties in Vaughan, Ontario.
Pursuant to the terms of the Agreement, DDC will deploy its DroneSpot takeoff and landing zones as well as additional drone flight infrastructure on the Vision sites, and deploy its Sparrow cargo drone, with a capacity of up to 10lbs, on defined flight routes between Vision's properties in Vaughan, Ontario, which routes have already been approved by Transport Canada. Flights will be remotely monitored by DDC from its new commercial operations centre also located in Vaughan, Ontario. DDC expects to begin providing drone delivery services under the Agreement in Q4, after deployment of the client site infrastructure is completed.
In consideration for the drone delivery services platform that DDC will provide to Vision, Vision will pay DDC a monthly fee for each drone route. Vision will also allow DDC to showcase its services platform on the Vision sites so that DDC and Air Canada Cargo may promote drone delivery services. The services will be provided by DDC for an initial term of twelve months, with additional successive one year terms to follow unless the Agreement is formally terminated.
"We are pleased to be working with Vision Profile Extrusions Limited and our sales agent Air Canada Cargo to roll out our first paid commercial project using our proven Sparrow drone, patented FLYTE system, and newly built commercial operations centre," said Michael Zahra, President & CEO of DDC. "Our focus is to commercialize our industry-leading solution. We are pleased to see the first green shoots of our plans realized and drive revenue for our shareholders. We have a robust funnel of opportunities and we expect this will be the first of many to come globally. I would like to thank our employees and partners whose dedication has allowed us to achieve this first, albeit important milestone".
About Drone Delivery Canada Corp.
Drone Delivery Canada Corp. is a drone technology company focused on the design, development and implementation of its proprietary logistics software platform, using drones. The Company's platform will be used as a Software as a Service (SaaS) model for government and corporate organizations globally.
Drone Delivery Canada Corp. is a publicly listed company trading on the TSX.V Exchange under the symbol FLT, on the U.S. OTC Q B market with Nasdaq International Designation under the symbol TAKOF and on the Frankfurt exchange in Germany under the symbol A2AMGZ.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals (both in Canada and internationally). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
SOURCE Drone Delivery Canada
For further information: Richard Buzbuzian, Capital Markets, Telephone: (647) 501-3290, Email: [email protected]; Bill Mitoulas, Investor Relations, Telephone: (416) 837-7147, Email: [email protected]
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