TORONTO, March 4, 2020 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT; OTC: TAKOF; Frankfurt: ABB.F) (the "Company" or "DDC") is pleased to announce, further to its press release dated October 23, 2019, that implementation of the DSV Air & Sea Inc. Canada ("DSV") project is well underway and is expected to be operational March 2020.
On October 23, 2019 DDC announced that it had entered into a commercial agreement with DSV (the "Agreement"), through its sales agent Air Canada (TSX: AC), to provide its drone delivery platform for the use of DSV commencing at DSV's head office in Milton, Ontario. Infrastructure equipment (including DroneSpotTM depots, Battery Management Systems, and Sparrow drones) is currently being installed and numerous successful test flights have already been conducted. The Company expects to begin full operational and revenue-generating flights pursuant to the terms of the Agreement in March 2020. After the initial on-premises route is operational, the Company expects multiple subsequent inbound/outbound routes for DSV's customers with time-sensitive cargo.
"This will be a major milestone for the Company - our first operational, commercialized customer and first revenue. DSV is a global leader in the logistics industry and a perfect fit as a long-term, scalable customer for us," said Michael Zahra, President & CEO of DDC. "DDC continues to lead the drone logistics industry and we have a very strong funnel of global opportunities and expect to see continued customer announcements in 2020 for deployment & revenue generation this year."
Customers pay DDC a monthly fee for each drone route deployed, pursuant to the terms of their respective agreements.
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 or ABB.F.
Read more at: www.DroneDeliveryCanada.com or on DDC's social media.
DSV – Global Transport and Logistics provides and manages supply chain solutions for thousands of companies every day – from the small family run business to the large global corporation. Our reach is global, yet our presence is local and close to our customers. 60,000 employees in more than 90 countries work passionately to deliver great customer experiences and high-quality services. Read more at: www.ca.dsv.com
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: Capital Markets: Mr. Richard Buzbuzian, Telephone: (647) 501-3290, Email: [email protected]; Investor Relations: Mr. Bill Mitoulas, Telephone: (416) 837-7147, Email: [email protected]; Media Relations: Mr. Nelson Hudes, Hudes Communications International, Telephone: (905) 660-9155, Email: [email protected]