DDC ANNOUNCES LETTER OF INTENT WITH OVERSEAS EXPRESS CONSOLIDATORS INC.
TORONTO, ONTARIO – December 10th, 2020 – Drone Delivery Canada Corp. (TSXV: FLT; OTC: TAKOF; Frankfurt: A2AMGZ or ABB.F) (the “Company” or “DDC”) is pleased to announce that, with the assistance of its sales agent Air Canada (TSX: AC), it has executed a non-binding Letter of Intent (“LOI”), effective December 9th, 2020, with Overseas Express Consolidators Inc. (“OEC”).
Under the terms of the LOI, the parties are cooperating to work towards a binding definitive agreement (the “Agreement”). The Agreement will set out the terms and conditions respecting the Company’s drone delivery solution using DDC’s Sparrow, Robin XL and Condor drones and the Company’s patented and proprietary FLYTE system, in a Software as a Service (SaaS) model. DDC will provide implementation & commissioning of the systems, training, technical support, ongoing managed services and remote monitoring from its Operations Control Centre in Vaughan, Ontario. Anticipated projects on which the parties are focusing are routes for: First Nations communities across Canada, Canadian ports including shore-to-ship applications, and transactional routes connecting various airports in Canada, with potential subsequent expansion to other applications. All operations will be conducted in accordance with the Canadian Aviation Regulations and Transport Canada flight authorizations.
“OEC was the main funder of our currently operating GlobalMedic / Beausoleil First Nation project and we are pleased that they see the value of drone logistics and they are now looking for subsequent projects with DDC. Market response to our solution has been very favourable in Canada and internationally, and we are pleased with our ongoing momentum. OEC’s vision for a very broad range of drone delivery applications fits perfectly with the wide-ranging capabilities and use cases that the DDC solution can deliver,” said Michael Zahra, President & CEO of Drone Delivery Canada.
“The OEC Group continues to explore opportunities to expand drone capabilities to help essential goods reach remote and challenging destinations. Our initiative with the Beausoleil First Nation can be replicated to other remote communities across northern Canada. We also envision other exciting drone applications such as shore to ship and offshore facilities that require emergency tools or medical supplies. Drone technology is ideal to accelerate the transfer of goods in these scenarios. We are just scratching the surface of drone technology and how it will enhance our daily tasks. The future is exciting,” said Landon Bibeau, Chief Marketing Officer, OEC Inc.
About Overseas Express Consolidators Inc.
Founded in 1984, the OEC Group expanded throughout Canada and emerged as a global logistics provider in over 260 locations throughout Asia, the Indian sub-continent, Europe, the Middle East, Russia, Central and South America, Africa and Australia. Its highly-skilled professionals arrange the most complex air and ocean shipments, door deliveries, custom clearance, insurance, IT solutions, consulting, warehousing, and distribution services. Using best-in-class carriers, it seeks to accommodate any request, from a local delivery to major logistical projects throughout the world.
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 under the symbol TAKOF and on the Frankfurt exchange in Germany under the symbol A2AMGZ or ABB.F .
Read more about the Company 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. Michael Zahra, Chief Executive Officer, and Mr. Bill Mitoulas, Telephone: (416) 479-9547, Email: billm@dronedeliverycanada.com;
Media Relations: Mr. Nelson Hudes, Hudes Communications International, Telephone: (905) 660-9155, Email: nelson@hudescommunications.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.
