DDC ANNOUNCES LETTER OF INTENT WITH DRONES EXPRESS INC. FOR CONDOR PROJECT
TORONTO, ONTARIO – November 24th, 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 Letter of Intent (“LOI”), effective November 23rd, 2020, with Drones Express Inc. (“DEI”), for an expected multi-year, multi-route, Condor project in Quebec.
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 a drone delivery solution using multiple DDC Condor drones, and the Company’s proprietary DroneSpotTM depots to service multiple coastal communities on multiple routes along the Lower North Shore region of Quebec. The solution will use DDC’s patented and proprietary FLYTE system, in a SaaS model, and DDC will provide implementation & commissioning of the system, training, technical support, managed services and remote monitoring from its Operations Control Centre in Vaughan, Ontario. The expected term of the Agreement is to be 10 years with a total revenue over the term to DDC of CAD$3.6 million, plus other potential service revenues. DEI expects to expand this initial solution to more Condor drones, more communities, and more routes over time as this first project gains momentum during the term. Subject to the execution of the Agreement, implementation of the project is expected to commence in early summer 2021. All operations would be conducted in accordance with the Canadian Aviation Regulations and Transport Canada flight authorizations.
“Market response to our pre-selling of the Condor solution has been favourable in Canada and internationally, and we are excited to announce our first potential Condor project. This is a pivotal milestone for us. We are pleased to be working with Drones Express on this innovative commercial opportunity to service the needs of rural communities in Quebec, with potential further network growth in the future,” said Michael Zahra, President & CEO of DDC.
“We are very thrilled to partner with Drone Delivery Canada on this very innovative new service. The current Canadian regulation regulatory framework allows the use of drones operating beyond visual line of sight (BVLOS), only in rural Canada for low-risk operations in remote and isolated regions of Canada. Our expertise lies in servicing remote communities in Québec. Using drones to transport cargo and courier parcels is an innovative, reliable, economical and fast transport solution, and the Lower North Shore of Quebec is an ideal region for the implementation of such an initiative. We are ready for the challenge, a first in Canada,” said François Bertrand, CEO of Drones Express Inc.
About Drones Express Inc.
The shareholders of Drones Express Inc. have strong expertise in transportation to remote regions of Quebec. Drones Express Inc. aims to provide to private & public sectors and residents drone transport of cargo and courier parcels to/from and between communities on the Lower North Shore and Anticosti Island. The company’s vision is to provide Quebec’s remote and isolated communities with a reliable, fast, and affordable drone delivery transportation network, thereby contributing to the improvement of the quality of life of these communities. For more information on Drones Express Inc, please visit: www.dronesexpress.ca.
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.
