Global UAV Technologies Ltd. (CSE:UAV) (the “Company”) is pleased to announce that it has posted its financial statements for the quarter ending July 31, 2017 – its second quarter operating within the unmanned aerial vehicle (UAV) sector. Highlights from the financial statements are:
- Revenues totalling $333,529 - an 84% increase over the previous quarter.
- Operating profits of $66,954
“For the Company to be able to post an operating profit in only its second full quarter is testament to the hard work and dedication of our team and I thank them for their commitment,” stated Jason Springett, president of Global UAV Technologies, “it also speaks to the potential for the emerging UAV sector and I’m very excited about the Company’s future.”
Other corporate highlights from the quarter ending July 31, 2017 include the rebranding of the Company to better reflect its commitment to the unmanned aerial vehicle sector; the purchase of UAV Regulatory Services Ltd.; and the signing of the definitive agreement for the purchase of NOVAerial Robotics Ltd.
It was a significant period of growth and change for the Company’s wholly owned subsidiaries, High Eye Aerial Imaging and Pioneer Aerial Surveys, as well. High Eye continued with its ongoing association with the University of Guelph and positioning itself as a go-to UAV services company. Pioneer Aerial expanded its staff and fleet to meet the increasing demand for its services and reported its best month to date. Pioneer Aerial also signed its first South American contract.
Michael Burns, president of Pioneer Aerial Surveys, stated, “the rapid growth of Pioneer Aerial speaks to the potential for the company, and reflects the strong exposure of Global UAV Technologies’ group of companies. In the 3rd quarter, Pioneer Aerial was able to exceed our growth goals by significantly expanding our equipment inventory and field crews by only using operating cash flow, in addition to posting record profits and expanding into new markets internationally and new industries.”
About Global UAV Technologies Ltd.:
With its growing technical expertise and expanding reach globally, Global UAV Technologies is the leader within the commercial Unmanned Aerial Vehicle (UAV) sector. Through its wholly owned subsidiaries – Pioneer Aerial Surveys, High Eye Aerial Imaging, UAV Regulatory Services, and NOVAerial Robotics – Global UAV Technologies provides a full spectrum of UAV-based services and products.
Global UAV Technologies will continue its growth through expanding the business of its current subsidiaries and the continued evaluation of potential acquisitions with the goal of creating a consortium of businesses that, when fully integrated, will cover all aspects of the UAV industry.
On behalf of the Board,
President & CEO
For additional information on Global UAV Technologies please contact
Mr. Stephen Litwin, Investor Relations, at 514-708-3456
Neither Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.