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  • May 21, 2020
  • Comments Off on DRAGANFLY ANNOUNCES LETTER OF INTENT WITH GLOBAL UAV TECHNOLOGIES TO ACQUIRE PIONEER AERIAL SURVEYS AND HIGH EYE AERIAL IMAGING
  • Corporate, News
  • 273 Views

May 21st, 2020
DRAGANFLY ANNOUNCES LETTER OF INTENT WITH GLOBAL UAV TECHNOLOGIES TO ACQUIRE PIONEER AERIAL SURVEYS AND HIGH EYE AERIAL IMAGING

Vancouver, British Columbia – Draganfly Inc. (CSE: DFLY) (OTCQB: DFLYF) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading systems developer within the commercial Unmanned Aerial Vehicle (“UAV”) and the Unmanned Vehicle Systems (“UVS”) industry, is pleased to announce that it has entered into a letter of intent (the “LOI”) with Global UAV Technologies Inc. (“Global UAV”) to acquire (the “Proposed Transaction”) two-wholly owned subsidiaries, being Pioneer Aerial Surveys Ltd. and High Eye Aerial Imaging Inc. (the “Global UAV Subsidiaries”). The Proposed Transaction, if completed, will constitute a fundamental change of Global UAV within the meaning of the policies of the Canadian Securities Exchange Inc. (the “CSE“) and will be subject to approval by the shareholders of Global UAV.

Transaction Highlights

  • Continues to establish Draganfly as a leading, diversified drone organization: The Global UAV Subsidiaries have total revenues in excess of CAD$4.0 million since 2017, with Pioneer Aerial Surveys having gross revenue of $1,936,501 in the financial year ended 2019.
  • 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.

Cameron Chell, Chairman and CEO, stated, “Pioneer Aerial and High Eye Aerial are premier aerial service providers in the mining industry. With the increase in global mining activity and the anticipated regulatory clarity of being able to deploy Beyond Visual Line Of Sight use of drones in the mining industry, we see an exponential growth opportunity for Draganfly to become the #1 or #2 global provider of aerial and data services in the mining industry”.

Material Terms of the Agreement

  • On closing of the transaction (the “Closing”), the Company will have paid to Global UAV CAD$350,000, which will consist of the following: (i) a cash payment of CAD$125,000, and (ii) CAD$225,000 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 LOI.
  • Draganfly will grant Global UAV a royalty of 7.5% of gross revenue generated from UAV magnetometer and LiDAR systems for a period of eighteen months from Closing and assume $50,000 in liabilities that have been incurred by the Global UAV Subsidiaries.
  • Closing is subject to shareholder 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 the Canadian Securities Exchange.

About the Global UAV Subsidiaries

Pioneer Aerial Surveys is leading the industry in UAV remote sensing for mineral exploration, mine site surveys, agricultural and forestry related services and safety inspections and developing the first UAV-MAG system on the market and have deployed it in mineral exploration and unexploded ordinance surveys. Pioneer Aerial Surveys pushes the limits and capabilities of remote sensing in the exploration industry for our global client list including major, mid tier, and junior mining and exploration clients. High Eye Aerial Imaging is committed to providing high quality aerial images from a unique perspective that cannot be obtained by aircraft. High Eye specializes in LiDAR data acquisition.

About Draganfly

Draganfly Inc. (CSE: DFLY; OTCQB: DFLYF; FSE: 3U8) is the creator of quality, cutting-edge, unmanned vehicle systems and software that revolutionizes 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 and UVS space, serving the public safety, agriculture, industrial inspections 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 www.thecse.com searching DFLY or visit https://www.boerse-frankfurt.de/ searching 3U8.