Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8)
(“
Draganfly” or the “
Company”),
an award-winning, industry-leading manufacturer within the
commercial Unmanned Aerial Vehicle (“
UAV”),
Remotely Piloted Aircraft Systems (“
RPAS”), and
Unmanned Vehicle Systems (“
UVS”) sectors, is
pleased to announce that its wholly-owned subsidiary Dronelogics
Systems Inc. (“
Dronelogics”) has signed an
exclusive option to acquire 100% of the assets of the wholly-owned
subsidiaries of Global UAV Technologies: Pioneer Arial Surveys Ltd.
(“
Pioneer”) and High Eye Aerial Imaging Inc.
(“
High Eye”, together with Pioneer the
“
Global UAV Subsidiaries”) once certain closing
conditions are met.
Global UAV Technologies is a leader within the
commercial UAV sector. Through the Global UAV Subsidiaries,
Global UAV Technologies provides a full spectrum of UAV-based
services and products, including light detection and ranging
(“LiDAR”) services. These opportunities include
production, research and design of professional grade UAV’s,
geophysics and remote sensing survey services, and regulatory
consulting and management.
"Global UAV Technologies is a market leader in
the UAV sector,” said Scott Larson, Draganfly President. “This
transaction allows us to expand our service offering, branch into
new industries, particularly the mining and resource sector, and
continue to be an innovation leader".
Transaction Highlights
-
Reinforces Draganfly’s position as an industry leading,
diversified drone organization: The combined market
share will cement Draganfly as a leading industry participant, able
to offer a premium suite of services.
-
Strategically Positioned to Leverage Draganfly’s
Brand: The acquisition of the Global UAV Subsidiaries
will be a complementary business to Draganfly and expand
Draganfly’s total addressable market and enhance its position as a
leader in the UAV and UVS industry.
-
Established History of Providing Drone
Services: The Global UAV Subsidiaries have been
operating since 2017.
-
Expansion of Services Offered: Pioneer Aerial
Surveys is a global leader in providing UAV based geophysical
surveys to the mining and industrial sectors with a focus on
providing magnetic data to clients around the globe. High Eye
Aerial Imaging provides LiDAR services.
Material Terms of the
Agreement
-
Dronelogics has entered into lease agreements dated November 10,
2020 with each of the Global UAV Subsidiaries (the “Lease
Agreements”), pursuant to which Dronelogics will lease all
of the assets of the Global UAV Subsidiaries (the
“Assets”) with an exclusive option to purchase the
Assets at any time during the term of the Lease Agreements (the
“Option”).
- Pursuant
to the Lease Agreements, Dronelogics paid an initial deposit of
CAD$50,000 (the “Deposit”) upon signing and will
pay four quarterly lease payments to each of the Global UAV
Subsidiaries for an aggregate amount of CAD$31,500 per quarter (for
a total amount of CAD$126,000 (the “Lease
Payments”) during the term of the Lease Agreements).
- Should
Dronelogics choose to exercise the Option, Dronelogics is required
to pay the remainder of the Lease Payments outstanding as well as
CAD$220,000 in common shares of Draganfly based on a thirty (30)
day volume weighted average price per common share of Draganfly
following the execution of the Lease Agreements (the
“Option Price”), for aggregate consideration of
CAD$396,000 (consisting of the Deposit, Lease Payment, and the
Option Price)
-
Closing is subject to the approval from the shareholders of Global
UAV and a number of closing conditions customary for a transaction
of this nature, including the filing of required forms with and the
approval of the Canadian Securities Exchange.
“Draganfly is an industry-leading manufacturer
within the commercial UAV space and this acquisition is highly
complementary to their business, service offering and customer
client base,” said James Rogers, President Global UAV.
About Global UAV Technologies
Ltd.
Global UAV Technologies Ltd. is a diversified,
vertically integrated drone technology company within the
commercial Unmanned Aerial Vehicle (“UAV”) sector. Through its
wholly owned subsidiaries - Pioneer Aerial Surveys Ltd., High Eye
Aerial Imaging Inc., UAV Regulatory Services Inc., and NOVAerial
Robotics Inc.– Global UAV Technologies Ltd. provides a full
spectrum of UAV-based services and products including drone
research and development and manufacturing, flight services and
regulatory compliance. Global UAV Technologies Ltd. will continue
its growth through technology development, expanding the business
of its current divisions and the continued evaluation of potential
acquisitions. Global UAV is well positioned for growth as a
vertically integrated drone technology company.
About Draganfly
Draganfly Inc. (OTCQB: DFLYF; CSE: DFLY; FSE:
3U8) is the creator of quality, cutting-edge UVS and software that
revolutionize the way people do business. Recognized as being at
the forefront of technology for over 22 years, Draganfly is an
award-winning, industry-leading manufacturer within the commercial
UAV, RPAS, and UVS space, serving the public safety, agriculture,
industrial inspections, security, and mapping and surveying
markets. Draganfly is a company driven by passion, ingenuity, and
the need to provide efficient solutions and first-class services to
its customers around the world with the goal of saving time, money,
and lives.
For more information on Draganfly, please visit us
at www.draganfly.com. For additional investor information,
visit
https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.otcmarkets.com/stock/DFLYF/overview or https://www.boerse-frankfurt.de/aktie/draganfly-inc.
Media Contact Arian Hopkins email: media@draganfly.com
Company Contact Email: info@draganfly.com
Forward-Looking Statements
This release contains certain “forward looking
statements” and certain “forward-looking information” as
defined under applicable Canadian securities laws. Forward-looking
statements and information can generally be identified by the
use of forward-looking terminology such as “may”, “will”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”,
“continue”, “plans” or similar terminology. Forward-looking
statements and information are based on forecasts of future
results, estimates of amounts not yet determinable and
assumptions that, while believed by management to be
reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
Forward-looking statements include, but are not limited to,
statements with respect the successful exercise of the option, the
closing of the transactions described herein and the acceptance of
the Canadian Securities Exchange. Forward-looking statements
and information are subject to various known and unknown risks
and uncertainties, many of which are beyond the ability of the
Company to control or predict, that may cause the Company’s
actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are
developed based on assumptions about such risks, uncertainties
and other factors set out here in, including but not limited to:
the potential impact of epidemics, pandemics or other public
health crises, including the current outbreak of the novel
coronavirus known as COVID-19 on the Company’s business,
operations and financial condition, the successful integration
of technology, the inherent risks involved in the general
securities markets; uncertainties relating to the availability
and costs of financing needed in the future; the inherent
uncertainty of cost estimates and the potential for unexpected
costs and expenses, currency fluctuations; regulatory
restrictions, liability, competition, loss of key employees and
other related risks and uncertainties disclosed under the heading
“Risk Factors“ in the Company’s most recent filings filed with
securities regulators in Canada on the SEDAR website at
www.sedar.com. The Company undertakes no obligation to update
forward-looking information except as required by applicable
law. Such forward-looking information represents managements’
best judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised
not to place undue reliance on forward-looking statements or
information.
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