Connect with us

Technology

DRONE DELIVERY CANADA CORP. RELEASES 2024 Q1 FINANCIAL RESULTS AND ANNOUNCES APPOINTMENT OF NEW CFO

Published

4 months ago

on

TORONTO, May 27, 2024 /CNW/ – Drone Delivery Canada Corp. (TSXV: FLT) (OTC QX: TAKOF) (Frankfurt: A3DP5Y) (Frankfurt: ABBA.F) (the “Company” or “DDC”) is pleased to report its financial results for the first quarter of 2024.

The Company recorded quarterly revenue in the first quarter of 2024, amounting to $103,522, which represents a decrease of over 80% compared to the same period of the prior year. This decrease was driven by the Condor contract with Transport Canada announced in first quarter of the prior year that did not reoccur, partially offset by revenue contribution from the second milestone of the DND contract.

In addition, the Company decreased its cash used in operating activities by over $1,200,000 or 54% and reduced its operating loss by almost $800,000 or 30% compared to the same period of the prior year.

“Although our revenue levels are not where we want them to be we have done a solid job reducing our costs to the business,” said Steve Magirias, CEO of Drone Delivery Canada.

The Company also announces the appointment of Mike McKeon as the Company’s Chief Financial Officer effective as of May 30, 2024. Mike brings more than 35 years of experience in finance, strategic and operational best practices working for several large multinational corporations such as Coca Cola and McCain Food Limited.

“Mike has transitioned into his new role seamlessly and has a good understanding of our business and what our finance needs are going forward. His good-natured yet professional approach makes him a great fit for our team and our company as we move forward,” says Steve Magirias, the Company’s Chief Executive Officer.

About Drone Delivery Canada Corp.

Drone Delivery Canada Corp. is an award-winning drone technology company focused on the design, development, and implementation of its proprietary logistics software platform, using drones. The Company’s platform is intended to be used as a Software as a Service (SaaS) model for government and corporate organizations globally.

Drone Delivery Canada Corp. is a publicly listed company trading on the TSX Venture Exchange under the symbol FLT, on the U.S. OTC QX market under the symbol TAKOF and on the Frankfurt exchange in Germany under the symbol A2AMGZ or ABB.F.

Read more at: www.DroneDeliveryCanada.com or on DDC’s social media:

https://www.linkedin.com/company/drone-delivery-canada
https://www.youtube.com/dronedeliverycanada
https://www.facebook.com/dronedeliverycanada
https://www.instagram.com/dronedeliverycanada
https://twitter.com/DroneDeliveryCa

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward Looking Information

Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “expect,” “may,” “can,” “believe,” “forecast,” “estimate,” “goal,” “target,” “will,” and other similar expressions, and variations or negatives of these words or phrases. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, market acceptance, and dependence upon regulatory approvals (both in Canada and internationally). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. Except as may be required by applicable securities law, the parties undertake no obligation to update forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE Drone Delivery Canada Corp.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Tulufan, Xinjiang: For the first time, a new energy plant and station has achieved “all-green electricity” operation

Published

16 mins ago

on

September 20, 2024

By

TULUFAN, China, Sept. 20, 2024 /PRNewswire/ — On September 19, employees of State Grid Tulufan Electric Power Supply Company came to State Power Investment Zhongli Tenghui Qiquanhu Photovoltaic Power Station to provide comprehensive technical support and guidance for new energy enterprises.

Seven wind power and photovoltaic power generation enterprises, including Xinjiang Jize Power Generation Company in Tulufan, have obtained 6.035 million KWH of grid electricity by purchasing 6,035 “green certificates” to achieve “green electricity – green electricity” and achieve green energy use in the whole link of new energy power generation.

The green power certificate, referred to as “green certificate”, is the only certificate that identifies the production and consumption of renewable energy power. Promoting the all-green operation of new energy power generation is an important measure to promote the green consumption of renewable energy.

“Before, we were just ‘producers’ of green electricity. Now the buyers of green certificates have become green electricity consumers, and the production process is fully green.” Qiquan Lake photovoltaic power station inspection officer Forzati Dilishati said.

Since the launch of the green electricity and green certificate market, State Grid Tulufan Electric Power Supply Company has actively promoted green electricity trading, promoted the supply of green electricity and green certificates in multiple scenarios, promoted the rapid promotion and popularization of related services in Tulufan, and helped build a new power system.

In the first eight months of this year, the cumulative volume of green electricity transactions in Xinjiang reached 1.174 billion KWH, 93.83 times that of the whole year of 2022.

 

View original content:https://www.prnewswire.com/apac/news-releases/tulufan-xinjiang-for-the-first-time-a-new-energy-plant-and-station-has-achieved-all-green-electricity-operation-302253902.html

SOURCE State Grid Tulufan Electric Power Supply Company

Continue Reading

Technology

KuCoin’s Alicia Kao Shares Insights on How AI is Accelerating Mass Crypto Adoption at TOKEN2049 Singapore

Published

17 mins ago

on

September 20, 2024

By

VICTORIA, Seychelles, Sept. 20, 2024 /PRNewswire/ — Alicia Kao, Managing Director at leading global cryptocurrency exchange, KuCoin, shared her vision on how crypto exchanges are the drivers that hold the keys to unlocking mainstream crypto adoption. Speaking at the OKX Main Stage at TOKEN2049 in Singapore on a panel session titled “Exchanges at the Helm: Driving Crypto from Niche to Mainstream,” Alicia shared that “accessing information about blockchain has become significantly easier…at KuCoin, we leverage complex data analysis algorithms using our trading bots to help users trade more efficiently.”

Industry stakeholders from all groups were in attendance for the panel, comprising investors, crypto enthusiasts, and more. The focus was on the crucial role of cryptocurrency exchanges in paving the way for crypto adoption and the eventual integration of digital assets into mainstream financial systems. Alicia and her fellow panelists explored both the challenges and opportunities that lay ahead for the crypto industry.

Alongside Alicia, the panel also featured leaders from leading crypto exchanges such as Ben Zhou, Co-Founder and CEO of Bybit; Gracy Chen, CEO of Bitget; Vivien Lin, Chief Product Officer of BingX; and Sonia Shaw, President of CoinW, and moderated by Michael Casey, Chairman of the Decentralized AI Society.

In addition to the panel discussion, KuCoin cemented its position as a leading centralised exchange (CEX) with a prominent presence on the show floor and activations that showcased the platform’s latest developments. The KuCoin Arcade also drew significant attention, offering an engaging and immersive experience with interactive crypto-themed games and activities.

“As we wrap up another edition of TOKEN2049 in Singapore, I’m once again filled with optimism for the future of the crypto industry. The energy, innovation, and collaboration displayed over the past two days have been immensely inspiring. At KuCoin, we will continue striving to be the driving force in this ever evolving space to build a more inclusive, decentralised, and prosperous financial future” added Alicia as TOKEN2049 concluded.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/kucoins-alicia-kao-shares-insights-on-how-ai-is-accelerating-mass-crypto-adoption-at-token2049-singapore-302253908.html

SOURCE KuCoin

Continue Reading

Technology

PayPal Ventures Reinforces Support of Chaos Labs with Additional Investment

Published

17 mins ago

on

September 20, 2024

By

SINGAPORE, Sept. 20, 2024 /PRNewswire/ — Today, PayPal Ventures, the global venture capital arm of PayPal, announced an additional investment in Chaos Labs, an industry leader in onchain risk management. This investment underscores PayPal Ventures’ confidence in Chaos Labs’ potential and their blockchain products.

Chaos Labs’ recent launch of Edge, a new decentralized oracle protocol, has garnered significant attention within the industry. Edge has already secured a remarkable $30B over the last 2 months and has been adopted by leading exchanges such as Jupiter, the top perpetuals exchange on Solana, and GMX, the leading exchange on Arbitrum.

Edge offers a comprehensive, low-latency oracle solution, combining accurate price data with actionable market intelligence. Its advanced architecture ensures the security and efficiency of DeFi applications while providing insights into market dynamics and security risks. Edge monitors the market for specific risk signals, performs the offchain data parsing and computation, and outputs one actionable data point.

Omer Goldberg, CEO and Founder of Chaos Labs, said, “We’re excited to receive the strong confidence and additional support from the PayPal Ventures team. Edge by Chaos is the culmination of our entire company’s work and expertise. Edge Price, Risk, and Proofs deliver meaningful and unmatched contextualized risk and price data for assets including stablecoins and other real-world-assets, in addition to the crypto assets and venues that provide access to them.”

Last month, Chaos Labs announced a $55 million Series A funding round led by Haun Ventures, including prominent new investors such as F-Prime Capital, Slow Ventures, and Spartan Capital, and existing investors including PayPal Ventures. Chaos Labs has experienced significant growth, tripling its customer base and securing billions in trading volume, loans, and incentives.

PayPal Ventures’ investment aligns with PayPal’s ongoing commitment to the blockchain ecosystem. In May 2024, PayPal launched its stablecoin, PYUSD, on the Solana blockchain.

Amman Bhasin, Partner at PayPal Ventures, said, “Our continued investment in Chaos Labs reflects our belief in their vision to create a safer crypto ecosystem and move more financial services on chain. Chaos Labs has emerged as a leading risk authority in the sector and we are thrilled to witness their evolution as they launch innovative products like Edge to mitigate oracle vulnerabilities.”

Chaos Labs will receive the total investment in PYUSD on-chain. A simulation will be shown live on-stage on September 20th at the annual Solana Breakpoint conference in Singapore.

About Chaos Labs

Chaos Labs leads the blockchain risk management industry with innovative solutions for the evolving onchain financial landscape. Chaos Labs enables protocols to verify stability across all market conditions, merging offchain observability with onchain risk parameter adjustments. Backed by leading venture capital firms, Chaos Labs continues to set new standards for security and responsiveness in onchain finance. Founded in 2021, Chaos Labs is headquartered in New York City.

About PayPal Ventures

PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/paypal-ventures-reinforces-support-of-chaos-labs-with-additional-investment-302253911.html

SOURCE Chaos Labs, Inc.

Continue Reading

Trending