TORONTO, Dec. 20, 2023 /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTC QX: TAKOF) (Frankfurt: A3DP5Y) or (Frankfurt: ABBA.F) (the "Company" or "DDC") is pleased to announce, further to it's press release dated September 7, 2023, that it has completed the first of two milestones as part of the contract (the "Contract") with the Department of National Defence and the Canadian Armed Forces' ("DND/CAF") Innovation for Defence Excellence and Security ("IDEaS") program. The Company has been authorized to move to the second phase of the Contract which is expected to be completed in the first quarter of 2024.
The completion of the first milestone of the project involved nine test objectives pursuant to which the Company completed a total of 145 flights with an overall flight distance of almost 800km.
With the completion of the test environment milestones during the first phase of the Contract, the Company will move to the real-world operation phase of the Contract to demonstrate the Canary's ability to deliver just in time medical equipment and supplies.
As part of the IDEaS program, DDC's Canary drone has been selected to potentially play a crucial role in supporting the DND/CAF's delivery of medical equipment and other necessary supplies during mission-critical operations. The Contract, with a value of $200,000, will run for a 6-month duration and contains two milestones. A successful outcome of this initial Contract could lead to a follow on 12-month contract valued up to $1 million.
"We are immensely proud of the achievement in completing the first phase of the DND contract. This success is a result of the hard work, dedication, and exceptional skills of the entire DDC team. We look forward to continuing this successful effort as we move into the next phase of the Contract." said Steve Magirias, CEO of Drone Delivery Canada.
The Company also announces that Debbie Fisher has resigned from the Company's Board of Directors effective December 31, 2023. "We thank Debbie for her support of DDC during her tenure on our board specifically around the establishment of our people governance and compliance procedures," said Michael Della Fortuna, Chairman of the Board of Director for Drone Delivery Canada.
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
Innovation for Defence Excellence and Security (IDEaS) is a defence innovation program which invests in research and technology aimed at meeting the demands of today's complex global defence and security environment. Since launching in April 2018, IDEaS has been working with Canadian innovators to develop the science and technology landscape, and is helping turn innovative thinking into tangible solutions for the Department of National Defence and the Canadian Armed Forces (DND/CAF), as well as Canadians. Visit the IDEaS website to get updates on the latest challenges issued by the program.
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.
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.
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