Global UAV Technologies Ltd. (CSE: UAV, OTC: YRLLF, FSE: YAB2) (the “Company” or “Global UAV”), a vertically integrated drone technology company, is pleased to provide a shareholder update on the Company and its subsidiaries. Several changes resulting from the growth to-date have been implemented to support the expansion of Global UAV and our subsidiary companies throughout the world. Global UAV and its Board of Directors, along with Management and staff, are pleased to provide this Shareholder Update as a synopsis of the events and developments within the Company during the past 12 months.
A Message from Management:
“Along with the growth of Global UAV and our operating divisions comes the need to constantly evaluate and streamline the operational processes and company structures. These measures of change intend to decrease operating expenses and strengthen our top line revenue and margins for the companies. Of significance, High Eye Aerial and Pioneer Aerial have begun to realize self-supporting revenue as a result of strong growth. In the near future, the initial launch of scaled production of the Procyon 800E helicopter from NOVAerial is also planned. We anticipate further revenue growth towards profitability as sales increase in the coming year. We look forward to keeping our shareholders informed as the progress continues.”
Global UAV is the parent company of four UAV companies which are separated into three operating divisions including Manufacturing and Engineering, Services and Regulatory Compliance:
Global UAV – Parent Corporation
Global UAV has recently implemented streamlined accounting and reporting in addition to consolidating many of the operational and management activities of the Company. These changes will result in increased management oversight, operational efficiencies, a reduction of overhead costs, and increased support for the revenue and business growth of the subsidiary companies. The Company currently has a total of 31 personnel within the Services, Manufacturing and Engineering, and Regulatory Compliance divisions of Global UAV.
The changes include:
- Appointment of Mr. Andrew Male as Chief Operating Officer of the Company
- The appointment of Mr. Jonathan Richards as CFO
- Consolidation of legal representation across all business units to McMillan LLP
- Centralizing accounting across all business units
- Formation of the Advisory Board with initial members
- Initiation of marketing and investor exposure activities
- Updated marketing materials, website and social media pages
- Reduction of corporate overhead expenditures through consultant contract renegotiations
- Consolidation of physical operations and facilities for Services and Engineering/Manufacturing divisions
The above changes all have a positive and immediate impact on the overall business operations and the financial position of Global UAV. The reductions in cost and increase in margins on earned revenue will provide the Company with additional resources and structure to support current and future growth.
The Company’s services division, comprised of Pioneer Aerial Surveys Ltd. (“Pioneer Aerial”) and High Eye Aerial Imaging Inc. (“High Eye”), have recently experienced growth and expansion of drone operations to international locations across 10 countries and four continents. Both Pioneer Aerial and High Eye have growing client lists with repeat customers, including major, multinational companies, cities, municipalities and local governments. These client sectors include mining, energy, transportation, agriculture and environmental.
Pioneer Aerial has recently restructured its internal operations and personnel to increase cashflow margins, increase management efficiency and customer service and reduce expenses on earned revenue. These changes will provide long term sustainable benefit to the company in terms of operational efficiencies and revenue growth. Pioneer Aerial has demonstrated strong growth in annual revenues with continued expansion into new markets and regions such as Europe, Africa and South America. Diversifying services remains a key growth strategy with the addition of unexploded ordanance (“UXO”), pipe line and well head infrastructure detection surveys to the existing mineral exploration survey solutions. Pioneer Aerial is well recognized and highly respected as the leading service provider for drone-based geophysics worldwide.
High Eye acquired a Phoenix Ranger LR LiDAR sensor, which is one of the highest quality UAV capable LiDAR sensors available. Client base expansion continues with services growth in the aggregate, construction, municipalities, transportation and infrastructure verticals. At this time, High Eye has operated on two continents and three countries and continues to expand into new industry and geographical markets.
Engineering and Manufacturing Division
NOVAerial Robotics Inc. (“NOVAerial”) achieved significant milestones in the development and final prototype production of the Procyon 800E helicopter in addition to completing several high-profile drone technology R&D projects. The Procyon 800E prototype refinement included several hardware and software upgrades including a tail rotor re-design to upgrade the helicopter to a maintenance-free fixed-pitch tail which is more robust and reliable than the previous version. Other achievements made by NOVAerial’s Procyon development is 4G network flight capabilities, multiple payload integrations, and improvements to weight reduction and flight endurance. The helicopter is now undergoing assessment for commercial production by a US-based third party manufacturer specializing in building systems for several defense suppliers. In parallel, several commercial enterprise-level sales relationships are evolving with OEM sensor manufacturers, both domestically and internationally, to build a pre-launch sales demand for the Procyon 800E. Last month, the company secured a new facility which combines High Eye and Pioneer Aerial field offices with NOVAerial. This facility provides several advantages and cost savings, including access to an on-site flight-testing range and the ability to collaborate directly with the Global’s services division.
All of these improvements have contributed to the Procyon 800E and future Procyon models as a best-in-class helicopter Unmanned Aerial System (“UAS”) that is ready for commercial production and sales.
Global UAV sees a significant potential for the sales of the Procyon System to sensor manufacturer OEM’s and resellers as the ideal UAV platform to mount specialized heavy payloads, such as LiDAR and remote sensing sensors. As the Company realizes the ability to manufacture multiple units in a streamlined and controlled environment, Global UAV has begun developing reseller relationships in preparation for sales, distribution and support of the Procyon System.
The Company is actively demonstrating the Procyon in Europe and North America to potential resellers and direct sales customers. Once the Procyon 800E moves to production, Novaerial will focus on further development of additional Procyon product systems and specialized projects for customers.
Regulatory Compliance Division
UAV Regulatory Services Ltd. (“UAV Regulatory”), the Global UAV compliance division achieved several key milestones for Global UAV, including successfully managing the first ever Transport Canada sanctioned drone flight over a Canadian City by High Eye Aerial. UAV Regulatory also participated in the Canadian House of Commons Transportation Committee hearings in Ottawa by providing representation and a verbal statement for the unmanned aerial vehicle industry. The company worked with Pioneer Aerial recently to obtain a Beyond Visual Line of Sight (“BVLOS”) Special Flight Operating Certificate (“SFOC”) for flight operations at the test range in Foremost, Alberta.
About Global UAV Technologies Ltd.
Global UAV Technologies Ltd. is a diversified, vertically integrated drone technology company within the commercial Unmanned Aerial Vehicle (“UAV”) sector. Through its wholly owned subsidiaries - Pioneer Aerial Surveys Ltd., High Eye Aerial Imaging Inc., UAV Regulatory Services Inc., and NOVAerial Robotics Inc.– Global UAV Technologies Ltd. provides a full spectrum of UAV-based services and products including drone research and development and manufacturing, flight services and regulatory compliance. Global UAV Technologies Ltd. will continue its growth through technology development, expanding the business of its current divisions and the continued evaluation of potential acquisitions. Global UAV is well positioned for growth as a vertically integrated drone technology company.
On behalf of the Board of Directors,
CEO & Director
For additional information please contact:
Global UAV Technologies Ltd.
Telephone: 1 888-905-7011
We invite all shareholders and stakeholders to join the Global UAV Technologies Ltd. portal on 8020 Connect. Connect here https://www.8020connect.com/groups/global-uav-technologies
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 public markets, service industries, manufacturing and the UAV Sector. As a result, actual results may vary materially from those described in the forward-looking statements.