TORONTO, Sept. 14, 2023 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTCQX: TAKOF) (Frankfurt: A3DP5Y or ABBA.F) (the "Company" or "DDC") is pleased to announce that it has restarted the execution of the contract with the Canadian Government to operate and evaluate DDC's proprietary drone delivery platform using DDC's heavy-lift Condor remote piloted aircraft, the largest drone currently being developed by DDC. The Contract initially announced in March 2023, with a value up to approximately $1.2 million is with the Canadian government's Innovative Solutions Canada program.
The Company has prepared a second Condor to continue with the execution of the contract. The Company has completed the investigation of the incident with the first Condor and has made the required adjustments and improvements to the second Condor to improve overall reliability and flight performance.
Under the terms of the Contract, DDC will restart the operation, testing, and evaluation of the capabilities of the Condor drone solution. The contract consists of 3 phases:
Short range flights
Long range endurance flights
Extreme environmental testing
The multi-package payload compartment of the Condor is designed to carry approximately 20 cubic feet of cargo. The Condor measures 22 feet long, 5 feet wide and 7 feet tall. It has a rotor diameter of approximately 20 feet and is capable of vertical takeoff and landing. The Condor is equipped with the Company's proprietary FLYTE management system which is the same platform used in all the Company's cargo delivery drones. The turnkey solution is expected to be marketed in a managed service SaaS business model in Canada and potentially as a licensed managed service internationally, subject to applicable regulation.
Subject to all required regulatory approvals, the increased size and payload capacity of the Condor is expected to unlock a significant number of new potential use case opportunities, including in sectors such as mining, oil and gas, inspection, and emergency preparedness.
"We are excited to restart the execution of the ISC contract. We look forward to once again displaying the full capabilities of the improved Condor and to potentially offer the Condor platform to all interested government of Canada parties" said Steve Magirias, CEO of DDC. "The DDC team has worked diligently to make the necessary improvements to the Condor in order to restart the execution of this important contract for DDC."
A successful outcome of this contract could lead DDC to enter the Pathway to Commercialization which is a new program launched by Innovative Solutions Canada to speed up the rate at which Government of Canada departments can access tested and approved Canadian technologies and services for their own use. Once in the Pathway to Commercialization, the program allows any Canadian government entity to purchase an unlimited number of Condor contracts with an individual contract value up to $8 million.
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.
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.
SOURCE Drone Delivery Canada Corp.
Investor Relations: Mr. Steve Magirias, Chief Executive Officer, and Mr. Bill Mitoulas, Telephone: (416) 479-9547, Email: [email protected]; Media Relations: Mr. Steve Magirias, Chief Executive Officer, Email: [email protected]
Drone Delivery Canada Corp. is an award-winning drone technology company focused on the design, development, and implementation of its proprietary logistics software platform. The Company's platform is used as a Software as a Service (SaaS) model for government and...
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