Draganfly Enters Agreement with Applied Research and Innovations Services at Southern Alberta Institute of Technology to Advance UAV Delivery Technology

by | Mar 10, 2021

Los Angeles, CA.- Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8) (Draganfly or the Company), award-winning, industry-leading drone solutions, and systems developer, today announced that it has entered into an agreement with the Southern Alberta Institute of Technology (SAIT) to advance UAV delivery technology. 

Draganfly, SAIT Centre for Innovation and Research into Unmanned Systems (CIRUS), and SwissDrones AG will work towards the development of an integrated payload system to be used in direct collaboration with other heavy-duty and long-haul UAV manufacturers. 

This will include:

  • Designing, developing, and testing of a cargo system for medical delivery to be mounted on a variety of drones including VTOL rotary and fixed-wing platforms. 
  • Developing test protocols, operational procedures, and standards for Beyond Visual Line of Sight (BVLOS) medical delivery operation within the framework of Transport Canada (TC), US Federal Aviation Agency (FAA), and European Union Aviation Safety Agency (EASA) procedures and protocols.
  • Developing an operational manual for BVLOS operation of heavy lifting and long endurance RPASS to be used for commercial application under an Air Operator's Certificate (AoC). 

Our team is looking forward to the outcome of this project, which is to build the ultimate payload system which expands the capability for UAV delivery, said Tom Bornhorst, VP CDARI at SAIT. 

We are bringing together the best in tech and engineering to advance UAV delivery technology, said Cameron Chell, CEO of Draganfly. We are super excited for what these advancements will mean for Draganfly's current and future customers.

This national and international collaboration was only possible through a common vision to apply advanced technology for the benefit of people affected by the pandemic. The team at SAIT/ CIRUS is proud and excited to use their expertise to support medical delivery and humanitarian aid to people in remote communities. (Shahab Moeini, Senior Lead Researcher & Operations Manager at SAIT/CIRUS).

The Company announces that it has completed the final closing of its Regulation A+ offering of units Žsold pursuant to the Company's Regulation A+ offering circular (Offering Document) filed with the ŽU.S. Securities and Exchange Commission. The Company issued Ž32,443,457 units at the offering price set out in Žthe Offering Document for gross proceeds in the Žamount of approximately US$Ž15.3 million in the final closing. Each unit is Žcomprised of one common share of the Company ŽŽand one common share purchase warrant, with each Žwarrant entitling the Žholder to acquire one common share at a price of US$0.71 per common share for a Žperiod of two years from the date of issuance. The common shares and warrants issued in connection Žwith the offering are subject to a nine month Žhold Žperiod.Ž In total, the Company issued 35,000,000 units Žunder its Offering Document (which is the Žmaximum number of securities qualified to be sold in the offering) for aggregate gross proceeds of ŽUS$16,450,000.Ž The offering was conducted to the public under an offering statement on Form 1-A, Žwhich includes an Offering Circular (the “Offering Statement”), pursuant to Regulation A under the United ŽStates Securities Act of 1933, as amended (the “1933 Act”), filed with the United States Securities and ŽExchange Commission (the “SEC”). The securities sold pursuant to the offering have not been approved Žor disapproved by the SEC, nor has any such regulatory authority passed upon the accuracy or Žadequacy of the Offering Statement. This news release shall not constitute an offer to sell or the Žsolicitation of an offer to buy any securities, nor shall there be any offer or sale of any securities, in any Žstate or jurisdiction in which the offer, solicitation, or sale of securities would be unlawful. Copies of the ŽOffering Statement (including the Offering Circular contained therein), are available at www.sedar.com Žand www.sec.govŽ

The Company also announces that it has entered into an asset purchase agreement with Vital Intelligence ŽInc. (Vital) to purchase all the assets of Vital in consideration for: (a) a cash payment of $500,000 with ŽŽ$50,000 paid upon execution of the asset purchase agreement, $200,000 to be paid at closing and ŽŽ$250,000 to be paid on the six-month anniversary date of Žclosing; and (b) Ž6,000,000 units of the ŽCompany with each unit being comprised of one common share of the Company and one common share Žpurchase warrant. Each warrant will entitle the holder to acquire one common share for a period of 24 Žmonths following closing at an exercise price of $2.67 per common share and the Company will be able Žto accelerate the expiry date of the warrants after one year in the event the underlying common shares Žhave a value of at least 30% greater than the exercise price of the warrants. The units will be held in Žescrow following closing with 1,500,000 units being released at closing and the remainder to be released Župon the Company reaching certain revenue milestones received from the purchased assets. The closing Žof the acquisition is expected to occur on or about March 30Ž, 2021.Ž

About SAIT

Established in 1916, SAIT was the first publicly funded technical school of its kind in North America. Today, SAIT is a global leader in applied education, serving 50,000 students annually through more than 100 career programs and 1,300 part-time courses. Action-based learning, solution-focused research, and enterprising collaborations with industry partners ensure SAIT students are career-ready when they graduate. SAIT is honored to be selected by Mediacorp Canada Inc. as one of Alberta's Top Employers for 2020. sait.ca

About Draganfly

Draganfly Inc. (CSE: DFLY; OTCQB: DFLYF; FSE: 3U8) is the creator of quality, cutting-edge drone solutions, software, and AI systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 22 years, Draganfly is an award-winning, industry-leader serving the public safety, agriculture, industrial inspections, security, 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-inchttps://www.otcmarkets.com/stock/DFLYF/overview or https://www.boerse-frankfurt.de/aktie/draganfly-inc.

Media Contact
Arian Hopkins
email: [email protected]

Company Contact
email: [email protected]

Forward-Looking Statements

This release contains certain forward looking statements and certain forward-looking ŽŽŽŽŽinformation as Ždefined under Žapplicable Canadian securities laws. Forward-looking statements ŽŽŽŽŽand information can Žgenerally be identified by the use Žof forward-looking terminology such as ŽŽŽŽŽŽmay, will, expect, intend, ŽŽestimate, anticipate, believe, continue, ŽŽplans or similar ŽŽŽŽŽterminology. Forward-looking statements Žand information are based on forecasts of future ŽŽŽŽŽresults, Žestimates of amounts not yet determinable and Žassumptions that, while believed by ŽŽŽŽŽmanagement to be reasonable, are Žinherently subject to significant Žbusiness, economic and ŽŽŽŽŽcompetitive uncertainties and contingencies. Forward-looking Žstatements Žinclude, but are not ŽŽŽŽŽlimited to, statements with respect to the partnership with SAIT and the closing of the acquisition of the Vital assets. ŽForward-ŽŽŽŽlooking statements and information are subject to various Žknown and unknown Žrisks and ŽŽŽŽŽuncertainties, many of which are beyond the ability of the ŽCompany to control or predict, that ŽŽŽŽmay cause Žthe ŽCompany's actual results, performance or Žachievements to be materially different ŽŽŽŽfrom those Žexpressed or implied Žthereby, and are Ždeveloped based on assumptions about such ŽŽŽŽrisks, uncertainties Žand other factors set out here Žin, Žincluding but not limited to: the potential ŽŽŽŽimpact of epidemics, Žpandemics or other public Žhealth crises, including the Žcurrent outbreak of ŽŽŽŽthe novel coronavirus known as ŽCOVID-19 on the ŽCompany's business, operations and financial ŽŽŽŽŽcondition, the successful integration of ŽŽtechnology, the inherent risks involved in the general ŽŽŽŽsecurities markets; Žuncertainties relating to Žthe Žavailability and costs of financing needed in the ŽŽŽŽfuture; the inherent uncertainty of cost ŽŽestimates and the Žpotential for unexpected costs and ŽŽŽŽexpenses, currency fluctuations; regulatory Žrestrictions, liability, ŽŽcompetition, loss of key ŽŽŽŽemployees and other related risks and uncertainties Ždisclosed under the Žheading Risk Factors ŽŽŽŽŽin the Company's most recent filings filed with Žsecurities regulators in Canada on Žthe SEDAR ŽŽŽŽwebsite at www.sedar.com. ŽThe Company Žundertakes no obligation to update forward-Žlooking ŽŽŽŽinformation except as required by applicable Žlaw. ŽSuch forward-looking information represents ŽŽŽŽŽmanagements' best judgment based on Žinformation currently available. No Žforward-looking ŽŽŽŽstatement Žcan be guaranteed and actual Žfuture results may vary materially. Accordingly, readers ŽŽŽŽare Žadvised not to Žplace undue reliance Žon forward-looking statements or information.Ž


May Issue 2024