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Drone Delivery Canada Announces Letter of Intent With Drones Express Inc. for Condor Project
Drone Delivery Canada Announces Letter of Intent With Drones Express Inc. for Condor Proj...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"\n \n \n \n Drone Delivery Canada Announces Letter of Intent With Drones Express Inc. for Condor Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Nov. 24, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 24, 2020\n \n /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTC: TAKOF) (Frankfurt: A2AMGZ) or (Frankfurt: ABB.F) (the \"\n \n Company\n \n \" or \"\n \n DDC\n \n \") is pleased to announce that, with the assistance of its sales agent Air Canada (TSX: AC), it has executed a Letter of Intent (\"\n \n LOI\n \n \"), effective\n \n November 23\n \n \n rd\n \n , 2020, with Drones Express Inc. (\"\n \n DEI\n \n \"), for an expected multi-year, multi-route, Condor project in\n \n Quebec\n \n .\n \n \n \n \n \n \n \n \n \n Under the terms of the LOI, the parties are cooperating to work towards a binding definitive agreement (the \"\n \n Agreement\n \n \"). The Agreement will set out the terms and conditions respecting a drone delivery solution using multiple DDC Condor drones, and the Company's proprietary DroneSpot\n \n TM\n \n depots to service multiple coastal communities on multiple routes along the Lower North Shore region of Quebec.  The solution will use DDC's patented and proprietary FLYTE system, in a SaaS model, and DDC will provide implementation & commissioning of the system, training, technical support, managed services and remote monitoring from its Operations Control Centre in\n \n Vaughan, Ontario\n \n . The expected term of the Agreement is to be 10 years with a total revenue over the term to DDC of\n \n CAD$3.6 million\n \n , plus other potential service revenues. DEI expects to expand this initial solution to more Condor drones, more communities, and more routes over time as this first project gains momentum during the term.  Subject to the execution of the Agreement, implementation of the project is expected to commence in early summer 2021.  All operations would be conducted in accordance with the Canadian Aviation Regulations and Transport Canada flight authorization...