Drone Delivery Canada Bolsters its Board and Management Teams and Provides Update
TORONTO, Nov. 9, 2020 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTC: TAKOF) (Frankfurt: A2AMGZ or ABB.F) (the "Company" or "DDC") is pleased to announce that it has bolstered its board of directors (the "Board"), welcoming the additions of Ms. Debbie Fischer and Mr. Larry Taylor.
Ms. Fischer joins the Board and will assume the role of Chair of the Company's newly established Governance and Human Resources Committee. Ms. Fischer is a seasoned executive with deep business experience in healthcare, government, human resources and consulting, having worked with such organizations as Cap Gemini Ernst & Young, KPMG, Mount Sinai Hospital and the Ontario Ministry of Health and Long Term Care, as well as having served as Director or Chair on several boards. She has a B.Sc. in Neurobiology, a Master's degree in Health Administration, a CHRE designation, and an ICD.d designation from the Institute of Corporate Directors.
Mr. Taylor joins the Board and will assume the role of Chair of the Company's Audit Committee. Mr. Taylor is also a seasoned executive with extensive business and board experience in consulting, financial services and technology, having worked with such organizations as Cap Gemini Ernst & Young, Travelex, Dollar Financial Group, and numerous publicly-traded technology companies as Director or Chair. He has attended business and leadership programs at Northwestern University and Harvard University. Mr. Taylor has Certified Management Consultant, Certified Professional Accountant and Certified Management Accountant designations.
The Company is also pleased to announce that Mr. Steve Bogie has joined the Company's management team as Vice President – Flight Operations and Technology. Mr. Bogie will oversee Flight Operations, Flight Safety, Canada & International Regulatory Relations, the Company's Operations Control Centre, and IT. Mr. Bogie is a seasoned executive with decades of experience in the aviation industry most recently with Air Canada and Air Canada Jazz. He has experience in systems operations control, customer service, business strategy & innovation and operations information systems. He has a Bachelor's degree in Business Administration & Economics from Kwantlen Polytechnic University and M.B.A.-level studies with the Edinburgh School of Business. He has his Six Sigma Green Belt and Private Pilot License Ground School.
With the addition of Mr. Bogie to the Company, Mr. Paul Di Benedetto will transition into a non-executive role as Engineering Strategist with the Company focusing on R&D Engineering.
Additionally, the Company is pleased to announce that it has also expanded its Advisory Board, with the addition of Mr. Nico Buchholz and Mr. Robert Montemarano.
Mr. Buchholz is an experienced executive with a background in civil and military aviation, aircraft leasing, aircraft fleet management, procurement, strategic development and technical operations, having worked with such organizations as Airbus, Rolls-Royce, Lufthansa, Bombardier, Delta Airlines, Southwest Air Cargo, and German Operating Aircraft Leasing. He received university education at the Technical University of Berlin in Air & Space Technology Engineering as well as Air Transport Management at Cranfield University (M.Sc.) and has taken management programs at the London Business School and Columbia University.
Mr. Montemarano has resigned from the Company's Board and accepted a position on the Company's Advisory Board. Mr. Montemarano is active in corporate finance in various industries such as mining, technology and real estate, and served as a director of several publicly traded companies.
"We are very pleased to make such strong additions to our board and management teams as the business matures and evolves. Debbie, Larry, Nico and Steve bring a considerable amount of experience that will benefit the Company as we continue to focus on commercial growth in Canada and internationally and add technological enhancements to our solution with the Robin XL and Condor. We thank Rob for his contributions to the board of directors and look forward to continuing to work with him in his new role on the Advisory Board," said Michael Zahra, President & CEO of DDC.
The Company also wishes to provide an update on its marketing and awareness campaigns. Due to the COVID-19 pandemic, previously planned and budgeted trade shows, conferences, marketing and awareness-raising campaigns have unavoidably been delayed or cancelled until travel and person-to-person contact becomes safer. However, the Company is pleased to announce that, in lieu of these previously planned initiatives, it engaged the following services in order to continue the Company's marketing and awareness efforts using alternative methods during this period in which traditional conferences, trade shows and conventions are not able to occur:
The Company engaged Native Ads, Inc. to provide digital media services, vendor management, marketing and data analytics services to the Company, and the Company budgeted USD$300,000 for such services over an expected twelve-month period. Native Ads is a full-service advertising agency, that owns and operates a proprietary ad exchange with over 80 integrated SSPs (supply side platforms) resulting in access to 3-7 billion daily North American ad impressions. Neither Native Ads nor any of its directors and officers own any securities of the Company.
The Company engaged Venture North Capital Inc., a full-service capital markets consulting firm headquartered in Toronto, to provide marketing, investor relations and business consulting services to the Company on a month-to-month basis unless earlier terminated by either party. In consideration for such services, the Company pays a monthly retainer fee of CAD$7,000 plus applicable taxes per month, and previously granted an aggregate of 625,000 stock options to purchase common shares of the Company (of which 425,000 stock options are exercisable at a price of $0.50 per share expiring on July 20, 2022 and 200,000 stock options are exercisable at a price of $1.00 per share expiring on August 30, 2024).
The Company also intends on engaging Hybrid Financial Ltd. to provide investor relations services to the Company for an initial six-month period. Hybrid would be engaged to increase market awareness of the Company and its products and services within the investment community. In consideration for such services, the Company has agreed to pay Hybrid a monthly fee of CAD$50,000 plus applicable taxes during the initial term. Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid has offices in Toronto and Montreal, and neither Hybrid nor any of its directors and officers own any securities of the Company.
The Company announces that it has granted an aggregate of 740,000 stock options to purchase common shares of the Company, exercisable at a price of $0.70 per share for a period of five years to certain directors, officers, consultants and employees. The options are subject to a vesting schedule and will be released 1/3 every six months from the date of grant.
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
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
Investor Relations: Mr. Michael Zahra, Chief Executive Officer, and Mr. Bill Mitoulas, Telephone: (416) 479-9547, Email: [email protected]; Media Relations: Mr. Nelson Hudes, Hudes Communications International, Telephone: (905) 660-9155, Email: [email protected]
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