Business
DRONE DELIVERY CANADA CORP. RELEASES 2022 FINANCIAL RESULTS AND PROVIDES GENERAL CORPORATE UPDATE
DRONE DELIVERY CANADA CORP. RELEASES 2022 FINANCIAL RESULTS AND PROVIDES GENERAL CORPORATE UPDATE...
About this update from Volatus Aerospace Inc.
[{"type":"text","content":"\n \n \n \n DRONE DELIVERY CANADA CORP. RELEASES 2022 FINANCIAL RESULTS AND PROVIDES GENERAL CORPORATE UPDATE\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 \n \n \n \n TORONTO\n \n \n ,\n \n \n March 21, 2023\n \n \n /CNW/ - Drone Delivery Canada Corp. (TSXV: FLT) (OTC QX: TAKOF) (\n \n Frankfurt\n \n : A3DP5Y) (Frankfurt: ABBA.F) (the \"Company\" or \"DDC\") is pleased to announce its 2022 financial results, and to provide a general corporate update.\n \n \n The Company is pleased to report that it achieved its highest revenue to date in 2022, earning revenue of\n \n $826,446\n \n , which represents an increase of over 140% in year over year revenue growth. In addition, the Company reduced its net loss in 2022 by almost\n \n $1,300,000\n \n or 8.7% from the previous year.\n \n \n DDC is also pleased to provide the following general corporate update on its activities:\n \n \n \n Condor Development\n \n \n \n The Company reports that the enhancements made to the avionics components of the Condor heavy-lift drone have tested successfully and the Company reports the completion of the alpha Condor drone, which is currently located at the Company's Commercialization Center dedicated completely to the development and commercialization of the Condor drone. With the successful completion of the alpha Condor drone, the Company has begun retrofitting the 2\n \n nd\n \n and 3\n \n rd\n \n Condor drones in preparation for commercialization, while continuing to seek to enhance the technology of the Condor.\n \n \n \n Canary Development\n \n \n \n The Company has completed numerous successful deployments of the Parachute Recovery System during testing at the Company's other testing location, which is dedicated to the development and commercialization of the Company's smaller drones. The Company also completed drop tests at an independent test facility in accordance with ASTM F3389 standard (Standard Test Method for Assessing the Safety of Small Unmanned Aircraft Impacts), as part of the Transport Canada requirements to achieve validation to fly ov...