Los Angeles, CA, May 19, 2021 (GLOBE NEWSWIRE) — Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading drone manufacturer and systems developer, is pleased to announce today that Integrated Launcher Solutions (“ILS”) has signed a contract with Draganfly to provide engineering and development services for a drone-based non-lethal multi-launching system.
The contract provides for the development, prototyping, and eventual production of a non-lethal 40mm multi-launching systems that can be mounted and deployed from drones, drone systems, robots, robotic systems, and other stationary platforms or similar systems. The main use case of the launch system is public disturbance management for military and public safety organizations. Draganfly will provide ILS with its development and engineering expertise in connection with the project.
ILS is a systems development and technical integration services company headquartered in Ontario with operations in Florida, with a vision to continually improve launch, range, and space systems for its client base of US defense organizations and contractors.
“We are excited to combine our engineering efforts and innovate a North American developed and made solution,” said Greg Sullivan, CEO, ILS. “Draganfly’s ability to ideate, innovate and commercialize systems and products is unparalleled.”
“The Draganfly team is honored to be providing the right set of expertise, engineering, and management on the development of this very important drone technology for ILS,” said Cameron Chell, CEO of Draganfly. “I am confident that the Draganfly team will provide the right set of expertise and management to develop the non-lethal ILS Air support Defense System.”
As part of the contract Draganfly has provided ILS with strategic vendor financing of US$150,000 to assist in the development of the project and in consideration ILS has granted Draganfly a worldwide royalty equal to 8% of the gross revenue received from the project for a period of five years from earlier of the repayment date or maturity date of the loan. The loan is secured against the intellectual property related to the project.
Draganfly Inc. (CSE: DFLY; OTCQB: DFLYF; FSE: 3U8) is the creator of quality, cutting-edge and software, and 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-leading manufacturer and technology developer 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.
email: [email protected]
Email: [email protected]
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 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.