DDC RELEASES 2024 Q1 FINANCIAL RESULTS AND ANNOUNCES APPOINTMENT OF NEW CFO
TORONTO, ONTARIO – May 27, 2024 – Drone Delivery Canada Corp. (TSXV: FLT; OTC QX: TAKOF; Frankfurt: A3DP5Y or ABBA.F) (the “Company” or “DDC”) is pleased to report its financial results for the first quarter of 2024.
The Company recorded quarterly revenue in the first quarter of 2024, amounting to $103,522, which represents a decrease of over 80% compared to the same period of the prior year. This decrease was driven by the Condor contract with Transport Canada announced in first quarter of the prior year that did not reoccur, partially offset by revenue contribution from the second milestone of the DND contract.
In addition, the Company decreased its cash used in operating activities by over $1,200,000 or 54% and reduced its operating loss by almost $800,000 or 30% compared to the same period of the prior year.
“Although our revenue levels are not where we want them to be we have done a solid job reducing our costs to the business,” said Steve Magirias, CEO of Drone Delivery Canada.
The Company also announces the appointment of Mike McKeon as the Company’s Chief Financial Officer effective as of May 30, 2024. Mike brings more than 35 years of experience in finance, strategic and operational best practices working for several large multinational corporations such as Coca Cola and McCain Food Limited.
“Mike has transitioned into his new role seamlessly and has a good understanding of our business and what our finance needs are going forward. His good-natured yet professional approach makes him a great fit for our team and our company as we move forward,” says Steve Magirias, the Company’s Chief Executive Officer.
About Drone Delivery Canada Corp.
Drone Delivery Canada Corp. is an award-winning drone technology company focused on the design, development, and implementation of its proprietary logistics software platform, using drones. The Company’s platform is intended to 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 Venture Exchange under the symbol FLT, on the U.S. OTC QX market 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:
https://www.linkedin.com/company/drone-delivery-canada
https://www.youtube.com/dronedeliverycanada
https://www.facebook.com/dronedeliverycanada
https://www.instagram.com/dronedeliverycanada
https://twitter.com/DroneDeliveryCa
For further information:
Investor Relations: Mr. Steve Magirias, Chief Executive Officer, and Mr. Bill Mitoulas, Telephone: (416) 479-9547, Email: billm@dronedeliverycanada.com;
Media Relations: Mr. Steve Magirias, Chief Executive Officer, Email: steve.magirias@dronedeliverycanada.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. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “expect,” “may,” “can,” “believe,” “forecast,” “estimate,” “goal,” “target,” “will,” and other similar expressions, and variations or negatives of these words or phrases. 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, market acceptance, 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. Except as may be required by applicable securities law, the parties undertake no obligation to update forward-looking information, whether as a result of new information, future events or otherwise.
