Announce Transformative Merger V.FLT - 50/50 merger of equals, creating a global diversified drone technology and services leader.
- Combined company will be called "Volatus Aerospace Corp.", leveraging the Volatus global name and brand, while maintaining Drone Delivery Canada's name and brand for cargo operations.
- Shared management team led by Glen Lynch (CEO of Volatus) and Steve Magirias (CEO of Drone Delivery Canada) with current Volatus board chairman, Ian McDougall, to become chairman of the combined company's board.
- Combined company anticipated to be cash flow neutral by the fourth quarter of 2024 and accelerate achievement of profitability goals in 2025, through a combination of immediate cost synergies and identified revenue opportunities.
- Transaction anticipated to close in the third quarter of 2024.
TORONTO, ON / ACCESSWIRE / May 21, 2024 / Drone Delivery Canada Corp. ("Drone Delivery Canada") (TSXV:FLT)(OTCQX:TAKOF)(Frankfurt:A3DP5Y)(Frankfurt:ABBA.F), an award-winning drone technology company focused on the design, development, and implementation of its proprietary technologies for remotely piloted aircraft operations with an emphasis on cargo delivery and Volatus Aerospace Corp. ("Volatus") (TSXV:VOL)(OTCQB:VLTTF), a leader in the operation of piloted and remotely piloted aircraft systems (drones), are both pleased to announce that they have entered into a business combination agreement (the "Business Combination Agreement") to combine the companies in a merger of equals transaction (the "Merger"), with the combined company to continue under the name "Volatus Aerospace Corp." and, subject to approval of the TSX Venture Exchange (the "TSXV"), continue trading under the ticker "FLT".
Drone Delivery Canada and Volatus Aerospace Corp. Announce Transformative Merger of Equals Creating Global Leader in Drone Technology and Services (accesswire.com)