TORONTO, May 27, 2024
/CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTC QX: TAKOF)
(Frankfurt: A3DP5Y)
(Frankfurt: ABBA.F) (the "Company" or "DDC") is pleased to
report its financial results for the first quarter of 2024.
The Company recorded quarterly revenue in the first quarter of
2024, amounting to $103,522, which
represents a decrease of over 80% compared to the same period of
the prior year. This decrease was driven by the Condor contract
with Transport Canada announced in first quarter of the prior year
that did not reoccur, partially offset by revenue contribution from
the second milestone of the DND contract.
In addition, the Company decreased its cash used in operating
activities by over $1,200,000 or 54%
and reduced its operating loss by almost $800,000 or 30% compared to the same period of
the prior year.
"Although our revenue levels are not where we want them to be we
have done a solid job reducing our costs to the business," said
Steve Magirias, CEO of Drone
Delivery Canada.
The Company also announces the appointment of Mike McKeon as the Company's Chief Financial
Officer effective as of May 30, 2024.
Mike brings more than 35 years of experience in finance, strategic
and operational best practices working for several large
multinational corporations such as Coca Cola and McCain Food
Limited.
"Mike has transitioned into his new role seamlessly and has a
good understanding of our business and what our finance needs are
going forward. His good-natured yet professional approach makes him
a great fit for our team and our company as we move forward," says
Steve Magirias, the Company's Chief
Executive Officer.
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.