TORONTO, March 21,
2023 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT)
(OTC QX: TAKOF) (Frankfurt:
A3DP5Y) (Frankfurt: ABBA.F) (the "Company" or "DDC") is pleased to
announce its 2022 financial results, and to provide a general
corporate update.
The Company is pleased to report that it achieved its highest
revenue to date in 2022, earning revenue of $826,446, which represents an increase of over
140% in year over year revenue growth. In addition, the Company
reduced its net loss in 2022 by almost $1,300,000 or 8.7% from the previous year.
DDC is also pleased to provide the following general corporate
update on its activities:
Condor Development
The Company reports that the enhancements made to the avionics
components of the Condor heavy-lift drone have tested successfully
and the Company reports the completion of the alpha Condor drone,
which is currently located at the Company's Commercialization
Center dedicated completely to the development and
commercialization of the Condor drone. With the successful
completion of the alpha Condor drone, the Company has begun
retrofitting the 2nd and 3rd Condor drones in
preparation for commercialization, while continuing to seek to
enhance the technology of the Condor.
Canary Development
The Company has completed numerous successful deployments of the
Parachute Recovery System during testing at the Company's other
testing location, which is dedicated to the development and
commercialization of the Company's smaller drones. The Company also
completed drop tests at an independent test facility in accordance
with ASTM F3389 standard (Standard Test Method for Assessing the
Safety of Small Unmanned Aircraft Impacts), as part of the
Transport Canada requirements to achieve validation to fly over
people. With the data collected to date, along with the successful
tests, the Company expects the final validation of flight over
people to be completed in Q2 2023, subject to Transport Canada
review.
Detect and Avoid Technology
The Company is also working towards the further development of
detect-and-avoid ("DAA") systems, which are intended to facilitate
beyond visual line of sight operations, which accordingly has the
potential to significantly reduce operational costs and provide a
robust solution to meet the demands of the Company's prospective
customers. The Company previously announced the deployment of a
ground-based DAA system acquired from Canadian UAVs Inc. at the
location of its strategic partner DSV Air & Sea Inc.
Canada in Milton, Ontario, which is intended to support
the Sparrow and Canary drones, both of which are drones that fall
in the under 25kg category. The Company has integrated the
ground-based DAA system into its proprietary FLYTE software which
manages all DDC drone flights. The Company is also pursuing the
development of an onboard DAA system for its Condor heavy lift
drone.
Operational Improvements
The Company has made improvements in its complete turnkey
logistics system every year since its initial commercialization
efforts in 2019. Improvements in the platform itself, along with
the volume of flights and distance flown have increased every year
to date. In 2022, the Company realized an almost 200% increase in
the number of flights completed with almost 3,000 flights completed
and a 240% increase in the distance flown with over 7,000km flown
by DDC drones.
"We have been very busy over the last year reorganizing the
organization and adding new leadership talent in key areas
including engineering, sales, marketing and human resources. As a
result of these changes and the efforts to date, we are in a
position to realize the benefits of these changes going forward.
The continued dedication and hard work of the DDC team will ensure
that we are put in the best position to succeed and achieve our
planned future milestones," said Steve
Magirias, CEO of DDC.
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
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.