Posted by AGORACOM
at 2:35 PM on Tuesday, April 20th, 2021
British Columbia government selects Maitri as provincial HealthTech leader; Virtual event designed to open doors, facilitate partnerships, expand business
VANCOUVER, BC , April 20, 2021 /CNW/ – Maitri Health Technologies Corp. (” Maitri “) (CSE: MTEC) (FRA: D84), a global platform for healthcare supply security, today announced it has been asked by the British Columbia Ministry of Jobs, Economic Recovery & Innovation to join a government-supported virtual trade mission to the United Kingdom.
The virtual trade mission will showcase an exclusive group of innovative B.C. HealthTech companies which are expanding business and development in the U.K., the world’s fifth largest economy.
“We’re honoured to be selected by B.C. Trade and Invest to represent B.C. HealthTech leadership,” said Andrew Morton , CEO of Maitri. “A government-supported trade mission can help opens doors, make connections and accelerate our existing European efforts to expand awareness and drive sales.”
“The timing is also opportune to help a market in transition. The U.K. is ramping up vaccinations but still fighting the long-term spread of COVID-19. Our digital strategy is to help protect people today with data intelligence and transition into to a fully functioning economy. Our goal is to provide a safe return to workplaces with long-term security that they stay open,” said Morton.
The trade mission, scheduled for April 26-30 , will be delivered in association with GTM Global and Vita Healthcare Solutions. B.C. Trade and Invest, which chose just 15 companies to participate, helps provincial companies access the U.K. markets and facilitate new partnerships.
Posted by AGORACOM-JC
at 2:06 PM on Tuesday, April 20th, 2021
Will present at the SNN Planet MicroCap Showcase on Thursday, April 22nd at 10:00 AM EST.
TORONTO, ON / April 20, 2021 /Novamind Inc. (CSE:NM)(OTC PINK:NVMDF)(FSE:HN2) (“Novamind” or the “Company”), a leading mental health company specialized in psychedelic medicine, will present at the SNN Planet MicroCap Showcase on Thursday, April 22nd at 10:00 AM EST.
Yaron Conforti, Novamind’s CEO, will present at the event, outlining Novamind’s vision for scaling access to psychedelic medicine and taking questions from investors. The presentation will cover Novamind’s clinical and research infrastructure, recent milestones, and its expansion plans for 2021.
Novamind will also be featured on a panel discussion titled, “Past, Present and Future of Psychedelics” on Tuesday, April 20th at 7:00 PM EST.
Presentation information:
To tune in to the webcast, please visit this link.
To book a one-on-one investor meeting with Novamind or to watch the Company’s presentation, please register for the virtual event here. One-on-one meetings will be scheduled and conducted via private, secure video conference through the conference event platform.
About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics, retreats, and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.
About SNN.Network
SNN.Network is your multimedia financial news platform for discovery, transparency and due diligence. This is your one-stop hub to find new investment ideas, check in on watchlist, gather the most up-to-date information on the Small-, Micro-, Nano-Cap market with the goal to help you towards achieving your wealth generation goals. Follow the companies you want to know more about; read and watch content from your favorite finance and investing influencers; create your own watchlist and screen for ideas you’re interested in; find out about investor conferences you want to attend – all here on SNN.Network.
Contact Information:
Novamind Yaron Conforti, CEO and Director Telephone: +1 (647) 953 9512
Posted by AGORACOM-JC
at 12:34 PM on Tuesday, April 20th, 2021
Will present at the Planet MicroCap Showcase: VIRTUAL on Thursday, April 22 nd at 12:00 PM EDT
MedX Health Corp. (TSXV: MDX) (“ MedX ” or the “ Company ”), a global leader in teledermatology, will present at the Planet MicroCap Showcase: VIRTUAL on Thursday, April 22 nd at 12:00 PM EDT.
Mike Druhan, President of Dermatology Services, will present at the event, outlining MedX’s vision for scaling access to its unique dermatological image capture technology and its fully integrated telemedicine platform, DermSecure®. Unlike other teledermatology screening tools available, MedX’s DermSecure® Screening Platform features high-resolution image capture technology for moles, lesions and other skin conditions, providing a complete, virtual dermatological assessment by a certified dermatologist within just 72 hours.
To access the live presentation, please use the following details:
To book a one-on-one investor meeting with MedX or to watch the Company’s presentation, please register for the virtual event here: https://planetmicrocapshowcase.com/signup
One-on-one meetings will be scheduled and conducted via private, secure video conference through the conference event platform.
For those unable to attend the live presentation, all company presentation webcasts will be available directly on the conference event platform on this link under the tab “Agenda”: https://planetmicrocapshowcase.com/agenda
About MedX
MedX, headquartered in Mississauga, Ontario, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also embedded in its products SIAMETRICS™, SIMSYS™, and MoleMate™, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS™, SIMSYS™, and MoleMate™ include hand-held devices that use patented technology utilizing light and its remittance to view up to 2 mm beneath suspicious moles and lesions in a pain-free, non-invasive manner, with its software then creating real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are Health Canada, FDA, TGA and CE cleared for use in Canada, the US, Australia, New Zealand, the European Union, Brazil and Turkey. MedX also designs, manufactures and distributes quality photobiomodulation therapeutic and dental lasers to provide drug-free and non-invasive treatment of tissue damage and pain.
SNN.Network is your multimedia financial news platform for discovery, transparency and due diligence. This is your one-stop hub to find new investment ideas, check in on watchlist, gather the most up-to-date information on the Small-, Micro-, Nano-Cap market with the goal to help you towards achieving your wealth generation goals. Follow the companies you want to know more about; read and watch content from your favorite finance and investing influencers; create your own watchlist and screen for ideas you’re interested in; find out about investor conferences you want to attend – all here on SNN.Network.
Posted by AGORACOM
at 8:47 AM on Tuesday, April 20th, 2021
Mountain Valley MD Holdings Inc.(the “Company” or “MVMD“) (CSE: MVMD) (FRA:20MP) (OTCQB: MVMDF) is pleased to announce that it is proceeding with the application for the listing of its shares for trading on the TSX Venture Exchange (“TSXV”). The Company’s board of directors has approved the move and the Company intends to submit an application to the TSXV this week.
“We believe that pursuing a listing on the TSX-V is a great step for Mountain Valley MD Holdings Inc. and will provide increased liquidity and trading capabilities in MVMD’s common shares for both institutional and retail investors,” stated Dennis Hancock, President and CEO of Mountain Valley MD. “This is a significant part of our efforts to broaden our appeal to a larger shareholder base and continue to raise the Company’s profile among the North American investment community.”
Completion of the listing on the TSXV is subject to the satisfaction of listing requirements and the approval of the TSXV. In the meantime, MVMD’s shares will continue to trade on the Canadian Securities Exchange under the ticker symbol “MVMD”. Further updates will be provided as they become available.
ABOUT MOUNTAIN VALLEY MD HOLDINGS INC Mountain Valley MD is building a world-class biotech and life sciences company organization centred around the implementation of its patented Quicksome™ oral drug formulation and delivery technologies and its Quicksol™ solubilization technology for macrocyclic lactones, to innovate industry leading products that are sought out globally.
MVMD’s proposition for delivering Quicksome™ formulations that have rapid onset, high bioavailability, low variability and precision dosing is core to the Company’s success across key health and wellness categories. Consistent with its vision towards “Helping People Live Their Best Life”, MVMD applies its Quicksome™ and Quicksol™ technologies to its ground-breaking work for advanced delivery of vaccines and pharmaceutical drugs as well as the development of products for pain management, weight loss, energy, focus, sleep, anxiety, and more.
The Company’s patented Quicksome™ desiccation technology utilizes advanced liposomes and other stabilizing molecules to encapsulate and formulate active ingredients into highly efficient product formats that are consumed orally. The result is a new generation of product formulations that are capable of delivering vaccines, drugs and nutraceuticals into the body faster, with greater impact, efficiency and accuracy.
Posted by AGORACOM-JC
at 8:24 AM on Tuesday, April 20th, 2021
PyroGenesis’ metal powders selected based on quality, cost and production advantages of NexGen™ production line
Announced the signing of a qualification agreement with a premier global aerospace company for the production of metal powders
Qualification process has now formally commenced, and the first powder samples are expected to be delivered within the next several weeks
MONTREAL, April 20, 2021 — PyroGenesis Canada Inc. ( http://pyrogenesis.com ) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY) (the “Company” or “PyroGenesis”), a high-tech company that designs, develops, manufactures and commercializes plasma atomized metal powder, environmentally friendly plasma waste-to-energy systems and clean plasma torch products, is pleased to announce the signing of a qualification agreement (the “Agreement”) with a premier global aerospace company (the “Client”) for the production of metal powders.
Under this Agreement, the Client will perform a standard qualification process typically required before a company can become an approved supplier. The process will, amongst other things, evaluate the Company’s manufacturing methods, test samples of powder for batch-to-batch consistency and determine mechanical and chemical properties. Subsequently, larger volumes of powder will be used to print test coupons to further evaluate mechanical and chemical properties. It is expected that testing with real parts under real time conditions would be in order before final acceptance. Upon passing all acceptance tests, the process will be locked down specifically for the Client, with no additional modifications permitted. Upon successful completion of the testing, PyroGenesis would expect to receive formal acceptance as an approved supplier.
The qualification process has now formally commenced, and the first powder samples are expected to be delivered within the next several weeks.
“This Agreement with one of the world’s largest aerospace companies is a very significant achievement in further validating PyroGenesis’ additive manufacturing powder offering utilizing our NexGen™ production, which provides significant cost and production advantages,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “This Agreement has been a long time in the making. The Client has visited our facilities and has evaluated our production process, and both parties have been eagerly awaiting the completion of our NexGen™ production line, which we announced earlier this week. It is important to realize that the qualification process is not only exhaustive and time-consuming, but also quite costly for this aerospace Client which we believe underscores their confidence in the added value and competitive differentiation of our offering. With the previously announced improvements now incorporated into our game-changing powder production line, we are all highly confident in our ability to meet, if not exceed, this Client’s stringent requirements. We fully expect to enter into similar agreements with other major players in the industry over the next several months.”
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m 2 and 2,940 m 2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. For more information, please visit www.pyrogenesis.com .
This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward- looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation’s current expectation and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found atwww.sedar.com, or atwww.sec.gov. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws. Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the NASDAQ Stock Market, LLC accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna Kafal, Vice President, IR/Comms. and Strategic BD Phone: (514) 937-0002, E-mail: [email protected]
Posted by AGORACOM
at 8:12 AM on Tuesday, April 20th, 2021
Mr. Wolfgang Probst appointed as the Chief Operations Officer (COO) of XPhyto
Addition of Mr. Manfred Buchberger as the Head of Corporate Development
XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)(FSE:4XT) (“XPhyto” or the “Company”) is pleased to announce the appointment of Mr. Wolfgang Probst as the Chief Operations Officer (COO) of XPhyto and the addition of Mr. Manfred Buchberger as the Head of Corporate Development at XP Diagnostics GmbH (“XP Diagnostics”), a wholly owned German subsidiary of the Company. With European CE-IVD approval announced March 18, 2021, for the Company’s lead diagnostic product, Covid-ID Lab, XPhyto continues to enhance its commercial team as it anticipates near-term distribution and sales.
Mr. Probst is an experienced management and finance consultant with expertise in mergers and acquisitions, corporate re-organizations, and divestitures. He has a proven track record of leadership, strategic planning, and organizational restructuring having guided multiple startups from inception to financial success. Mr. Probst was responsible for successfully structuring XPhyto’s European operations and establishing associated partnerships and collaborations, both commercial and academic. As the newly appointed COO of XPhyto, Mr. Probst will be responsible for managing the Company’s global operations. Mr. Probst will remain a director of XPhyto and the managing director of XP Diagnostics.
Mr. Buchberger is a global leader in the medical diagnostics industry. For almost a decade, he was the CEO and a member of the Global Management Board of a major European medical diagnostics and analytics company with annual revenues of over 600 million Euro. His addition to the Company brings decades of diagnostics industry experience focused on international business development, sales, marketing, and product management. Mr. Buchberger has successfully created, implemented, and managed business growth strategies across Europe, North and South America, Middle East and Asia, including the successful launch of new medical diagnostic products.
On March 18, 2021, XPhyto announced European commercial approval of Covid-ID Lab, a rapid 25-minute point-of-care PCR test for COVID-19. Mr. Probst and Mr. Buchberger will be responsible for executing the global product launch and businesses development of Covid-ID Lab.
Covid-ID Lab is a multiplex viral RNA probe kit based on the reverse transcriptase-polymerase chain reaction (RT-PCR) method. Covid-ID Lab requires only a single 20-minute PCR thermal cycle for assay performance without prior RNA extraction as part of the sample preparation. Many widely available standard PCR instruments are suitable to run the test. Results are collected after the PCR cycle via easy-to-read optical indicator strips on a simple fluidics platform. The elimination of RNA extraction for sample preparation reduces cross-contamination risk and minimizes the need for lab materials and trained personnel. The rapid results, minimal laboratory equipment, and ease of use are expected to translate into reduced operating costs, greater convenience and portability.
Posted by AGORACOM-JC
at 12:18 PM on Monday, April 19th, 2021
Will present at the SNN Planet MicroCap Showcase on Thursday, April 22nd at 10:00 AM EST.
Yaron Conforti, Novamind’s CEO, will present at the event, outlining Novamind’s vision for scaling access to psychedelic medicine and taking questions from investors.
The presentation will cover Novamind’s clinical and research infrastructure, recent milestones, and its expansion plans for 2021.
TORONTO, ON / April 19, 2021 /Novamind Inc. (CSE:NM)(OTC PINK:NVMDF)(FSE:HN2) (“Novamind” or the “Company”), a leading mental health company specialized in psychedelic medicine, will present at the SNN Planet MicroCap Showcase on Thursday, April 22nd at 10:00 AM EST.
Yaron Conforti, Novamind’s CEO, will present at the event, outlining Novamind’s vision for scaling access to psychedelic medicine and taking questions from investors. The presentation will cover Novamind’s clinical and research infrastructure, recent milestones, and its expansion plans for 2021.
Novamind will also be featured on a panel discussion titled, “Past, Present and Future of Psychedelics” on Tuesday, April 20th at 7:00 PM EST.
Presentation information:
To tune in to the webcast, please visit this link.
To book a one-on-one investor meeting with Novamind or to watch the Company’s presentation, please register for the virtual event here. One-on-one meetings will be scheduled and conducted via private, secure video conference through the conference event platform.
About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics, retreats, and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.
Contact Information
Novamind Yaron Conforti, CEO and Director Telephone: +1 (647) 953 9512
Posted by AGORACOM
at 10:54 AM on Monday, April 19th, 2021
Company’s common shares will begin trading on the OTCQB® Venture Market (“OTCQB”) today, April 19, 2021 under the current stock symbol “DTMXF”
Marshall Gunter, CEO of Datametrex AI Limited, “With the Company’s shares now quoted on the OTCQB, it will enhance our visibility and make the Company’s shares available to a much larger group of U.S. investors. “
Toronto, Ontario–(Newsfile Corp. – April 19, 2021) – Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the “Company” or “Datametrex”) is pleased to announce that after a successful application process for the OTCQB® Venture Market (“OTCQB”), the Company’s common shares will begin trading on the OTCQB today, April 19, 2021, at the opening of the market under the current stock symbol “DTMXF” and will remain listed on the TSX Venture Exchange under the ticker symbol “DM”.
Existing U.S. shareholders of Datametrex AI Limited shares, previously quoted on the OTC® Pink Open Market, will now be quoted on the OTCQB without any further action needed.
Marshall Gunter, CEO of Datametrex AI Limited, “With the Company’s shares now quoted on the OTCQB, it will enhance our visibility and make the Company’s shares available to a much larger group of U.S. investors. The quotation on the OTCQB is anticipated to enhance liquidity by providing current and prospective investors with an easily accessible and transparent trading platform where they go and obtain Real Time quotes and market information.”
About OTCQB
The OTCQB® Venture Market is the premier marketplace for entrepreneurial and development stage US and international companies that are committed to providing a high-quality trading and information experience for their US investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors. The ability to have the Company’s shares electronically transferred between brokerages in the US is significantly more convenient and reduces the costs incurred in trading shares. When shares are able to trade electronically, existing investors benefit from greater liquidity and execution speeds, while opening the door to new investors that may have been previously restricted from the Company’s shares.
Posted by AGORACOM
at 10:39 AM on Monday, April 19th, 2021
George Scorsis, WeedMD’s CEO and Executive Chair, is scheduled to participate at The Planet MicroCap Showcase Virtual Event and Prohibition Partners LIVE
TORONTO, April 19, 2021 (GLOBE NEWSWIRE) — WeedMD Inc. (TSX-V:WMD) (OTCQX:WDDMF) (FSE:4WE) (“WeedMD” or the “Company”), a federally-licensed producer and distributor of medical-grade cannabis, is pleased to announce that George Scorsis, WeedMD’s CEO and Executive Chair, is scheduled to participate in the following upcoming investor events.
Planet MicroCap Showcase Virtual Panel – The Global Cannabis Industry in 2021
The Planet MicroCap Showcase Virtual Event brings together the most promising companies and the top dealmakers in MicroCap Finance for three (3) days of company presentations, 1:1 meetings and educational panels in the premier virtual event in MicroCap finance.
Prohibition Partners LIVE 2021 Global Virtual Cannabis Conference
Prohibition Partners LIVE is a global virtual cannabis conference and has seen 500+ industry-leading speakers, hosted agenda-defining content, and welcomed thousands of attendees from every continent. Prohibition Partners LIVE provides entrepreneurs, investors, and operators the edge in this rapidly moving market.
For more information or to schedule a one-on-one meeting with WeedMD, please contact KCSA Strategic Communications at [email protected] or the event organizers directly.
Posted by AGORACOM-JC
at 9:58 AM on Monday, April 19th, 2021
Total revenue for the year ended December 31, 2020, increased by 216.1% to $4.36 million, compared to $1.38 million in 2019
Vancouver, BC., April 19, 2021 — Draganfly Inc. (OTCQB: DFLYF) (CSE: DFLY) (FSE: 3U8) (“ Draganfly ” or the “ Company ”), an award-winning, industry-leading manufacturer and systems developer, is pleased to announce its fourth quarter and fiscal 2020 financial results. Revenue growth for the fourth quarter and the year was driven by a combination of organic growth, the acquisition of Dronelogics Systems Inc. (“ Dronelogics ”), and sales from COVID-19 screening products.
The financial year 2020 was another milestone year for Draganfly. The Company successfully closed and integrated its Dronelogics acquisition which, as planned, became the driver of the bulk of Draganfly new product revenue sales. The Company’s main custom engineering customer effectively shut down this portion of its business in Q1 2020 primarily due to COVID-19; however, services revenues were successfully offset by other drone services work. 2020 revenues were up 216% year over year coming in at $4,363,511 versus $1,380,427 in the previous year. $645,756 represents custom engineering services work, $630,532 represents drone services work and the balance of revenue was from its hardware sales.
The Company recently added health monitoring and prevention to its product and service offering. Securing some key clients in this business line was key to proving out this new vertical. These clients were important for validation of this new technology, but more importantly, it demonstrated the Company’s ability to evolve and offer products and services that have global applicability.
Financial Highlights – 2020:
● Total revenue for the year ended December 31, 2020, increased by 216.1% to $4.36 million, compared to $1.38 million in 2019.
● As a result of increased product sales and service revenue, the Company’s gross profit increased by $597,973, or 51.5%. As a percentage of sales, gross margin ( 1) decreased from 84.1% in 2019 to 40.3% in 2020. This shift in gross margin is due to a higher percentage of hardware sales.
● The Company recorded a comprehensive loss of $8,015,709 compared to a comprehensive loss of $11,095,057 in 2019. The decreased loss was largely the result of the lack of listing expense resulting from the 2019 amalgamation and the funds received from the disposition of an investment that had been previously written off.
● The Company’s cash balance on December 31, 2020, was $1.98 million compared to $2.43 million on December 31, 2019.
For the year ended December 31,
2020
2019
Total revenues
$
4,363,511
$
1,380,427
Gross Profit (as a % of revenues)
40.3
%
84.1
%
Net loss
(8,015,813
)
(11,095,057
)
Net loss per share ($)
– Basic
(0.10
)
(0.23
)
– Diluted
(0.10
)
(0.23
)
Comprehensive loss
(8,015,709
)
(11,095,057
)
Comprehensive loss per share ($)
– Basic
(0.10
)
(0.23
)
– Diluted
(0.10
)
(0.23
)
Change in cash and cash equivalents
(447,063
)
2,349,954
Total assets
7,100,567
3,221,783
Working capital
1,214,371
2,037,906
Total non-current liabilities
104,885
93,073
Shareholder’s equity (deficiency)
$
3,848,205
$
2,191,353
Number of shares outstanding
86,093,361
69,670,613
Financial Highlights – Fourth Quarter 2020:
● Revenue for Q4 2020, increased by 202.3% to $1.49 million, compared to $492 thousand for Q4 2019. The substantial increase in revenue is largely due to the Company’s acquisition of Dronelogics and the retail sales and services business that the acquisition brought partially offset by a decrease in custom engineering services due to the downturn caused by COVID-19.
● Gross margin percentage for Q4 2020 was 22.2% compared to 91.4% in Q4 2019. The decrease is due to the sales mix as product sales tend to have a much lower margin than those of custom engineering services.
●Total comprehensive loss for the Q4 2020, was $3.74 million compared to $2.03 million for the same period in 2019. The increase was due to higher office and miscellaneous expenses.
2020 Q4
2020 Q3
2019 Q4
Revenue
$
1,486,009
$
1,453,905
$
491,520
Cost of goods sold
$
(1,155,491
)
$
(893,441
)
$
(42,401
)
Gross profit
$
330,518
$
560,464
$
449,119
Gross margin – percentage
22.2
%
38.5
%
91.4
%
Operating expenses
$
(3,359,508
)
$
(2,852,003
)
$
(2,983,115
)
Operating loss
$
(3,028,990
)
$
(2,291,539
)
$
(2,533,996
)
Operating loss per share – basic
$
(0.04
)
$
(0.03
)
$
(0.04
)
Operating loss per share – diluted
$
(0.04
)
$
(0.03
)
$
(0.04
)
Other income (expense)
$
(713,885
)
$
91,228
$
506,080
Comprehensive loss
$
(3,741,640
)
$
(2,201,543
)
$
(2,027,916
)
Comprehensive loss per share – basic
$
(0.05
)
$
(0.03
)
$
(0.03
)
Comprehensive loss per share – diluted
$
(0.05
)
$
(0.03
)
$
(0.03
)
Cameron Chell, CEO of Draganfly, said: “We have seen tremendous growth in the first quarter of 2021 around some key initiatives including education, military, security, mining, telehealth, and our 24hr pathogen sequestration and kill sanitizing spray applied via patented drone technology. The Draganfly team is looking forward to continuing to build on those relationships, technologies, and innovations.”
Q4 2020 and Q1 2021 milestones include the following:
● Secured $1 MM flight services contract to deploy EagleEye ™ AI flight services with Windfall Geotek Inc. Windfall Geotek flies mining prospect with magnetometers with data placed into EagleEye ™ and provides recommended targets for mining companies to drill.
● Raised US$16,450,000 million through the issuance of securities under the Company’s Regulation A offering filed with the U.S. Securities and Exchange Commission.
● Entered into an agreement with Southern Alberta Institute of Technology to advance UAV delivery technology, which will include (i) designing, developing, and testing of a cargo system for medical delivery to be mounted on a variety of drones including VTOL rotary and fixed-wing platforms, (ii) developing test protocols, operational procedures, and standards for Beyond Visual Line of Sight medical delivery operation within the framework of Transport Canada, US Federal Aviation Agency, and European Union Aviation Safety Agency procedures and protocols and (iii) developing an operational manual for BVLOS operation of heavy lifting and long endurance RPASS to be used for commercial application under an Air Operator’s Certificate.
● Partnership with Steve Wozniak’s K-12 program Woz ED to be the exclusive supplier of drones to Woz ED’s drone program across its national K-12 curriculum and received orders for the sale of 2,000 drones. To clarify the Company’s news release dated March 2, 2021, the Company entered into a memorandum of understanding with Woz ED with the objective to create the terms and conditions surrounding a business agreement. The memorandum of understanding automatically terminates after 60 days; however, the Company anticipates entering into a definitive agreement with Woz ED during Q2 2021.
● Talladega College implemented Vital Intelligence Smart Vital assessment platform, Vital Signs Assessment Stations, and Social Distancing awareness technologies to be used campus-wide to detect potential symptoms of COVID-19.
● Portage County Sheriff’s Department deployed Vital Intelligence Technology to be used to pre-screen inmates and detainees before bringing them into detention.
● Barrett-Jackson Auction Company implementing Draganfly’s Safely Opening Sites protocol for its March 2021 collector car auction in Scottsdale, AZ. including patented drone technology of the Varigard one-of-a-kind, revolutionary organic sanitizer that provides up to 24-hour of pathogen sequestration and kill-efficacy.
● Design and deliver Vital Intelligence technology into The 517 Group’s Hospitality and Entertainment Service Organization.
● Selected by Coldchain Technology Services, LLC (“ Coldchain ”) to develop and provide flight services for drone delivery of the COVID-19 vaccine. To clarify the Company’s news release dated December 22, 2020, the Company entered into a letter of intent with Coldchain with the objective to create the terms and conditions surrounding a business agreement for the development of a vaccine delivery payload system and associated flight services. The letter of intent automatically terminates after 90 days; however, the Company anticipates entering into a definitive agreement with Coldchain during Q2 2021.
● Providing engineering and development services for drone-based air support defense system for Integrated Launcher Solutions (“ ILS ”). To clarify the Company’s news release dated January 21, 2021, the Company entered into a memorandum of understanding with ILS with the objective to create the terms and conditions surrounding a project management and development agreement for the production of ILS’s multi-launching air support defense system. The memorandum of understanding automatically terminates after 60 days; however, the Company anticipates entering into a definitive agreement with ILS during Q2 2021.
● Draganfly selected by Knightscope to integrate mobile Vital Sign Screening technology into its autonomous security robots.
● Issued new delivery drone patent for variable center of gravity vertical take-off and landing aircraft. US Patent No. 10,807,707 is an unmanned aircraft system (UAS) configured for both vertical take-off and landing (VTOL) and fixed-wing flight operations includes forward, and aft wing assemblies mounted to the fuselage, each wing assembly including port and starboard nacelles terminating in motor-driven rotors powered by an onboard control system capable of adjusting rotor speeds.
● Closed an acquisition of assets from Vital Intelligence Inc. on March 25, 2021, in consideration for (a) a cash payment of $500,000 with $250,000 paid at closing and $250,000 to be paid on the six-month anniversary date of closing; and (b) 6,000,000 units of the Company with each unit being comprised of one common share of the Company and one common share purchase warrant. The units are subject to escrow with 1,500,000 units released at closing and the remainder to be released upon the Company reaching certain revenue milestones received from the purchased assets. Each warrant entitles the holder to acquire one common share for a period of 24 months at an exercise price of $2.67 per common share and the Company can accelerate the expiry date of the warrants after one year in the event the underlying common shares have a value of at least 30% greater than the exercise price of the warrants.
All financial information in this press release is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The Company will file its consolidated financial statements for the year ended December 31, 2020, and associated management discussion and analysis under the Company’s profile on SEDAR at www.sedar.com .
Note 1: this press release refers to “gross margin” which does not have any standardized meaning prescribed by generally accepted accounting principles in Canada (” GAAP “). Gross margin is defined as gross profit divided by revenue and is often presented as a percent. Draganfly’s management believes that gross margin and other non-GAAP measures provide useful information to investors as it provides them with supplemental measures of the Company’s operating performance and liquidity and thus highlights trends in the Company’s business that may not otherwise be apparent when relying solely on GAAP measures. Management also uses non-GAAP measures and metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of executive compensation. For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the “Non-GAAP Measures and Additional GAAP Measures” section of the Company’s most recent MD&A which is available on SEDAR.
AboutDraganfly
Draganfly Inc. (CSE: DFLY; OTCQB: DFLYF; FSE: 3U8) is the creator of quality, cutting-edge software, and systems that revolutionize the way organizations can do business and service their stakeholders. Recognized as being at the forefront of technology for over 22 years, Draganfly is an award-winning, industry-leading manufacturer and technology developer serving the public safety, agriculture, industrial inspections, security, and mapping and surveying markets. Draganfly is a company driven by passion, ingenuity, and the need to provide efficient solutions and first-class services to its customers around the world with the goal of saving time, money, and lives.
Company Contact Cameron Chell, CEO PH: 310-658-4413 Email: [email protected]
Forward-Looking Statements
This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the potential impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s business, operations and financial condition, the successful integration of technology, the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties disclosed under the heading “Risk Factors“ in the Company’s most recent filings filed with securities regulators in Canada on the SEDAR website at www.sedar.com. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements’ best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
