TORONTO, ON / ACCESSWIRE / November 1, 2023 / Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF) (“Volatus” or “the Company”) today announced that they have secured a three-year contract on Oct 24, 2023 with a potential value of up to $60M with a major U.S. Power Utility to provide drone inspection services and reporting on their Transmission and Distribution towers (T&D), expanding the Company’s already growing T&D inspection activities in the US. Under the contracts, Volatus will collect and process drone data and perform analytic reporting services. The expected margins from this contract align with our past performance in this services segment.
“This past year, we have demonstrated our ability to scale rapidly, bringing significant value to our clients,” said Rob Walker, COO of Volatus Aerospace. “In 2023, we’ll inspect over 10,000 T&D structures for various utility clients. Starting January 2024, we will add work on the West Coast and anticipate inspecting upward of 25,000 structures in North America, more than doubling this year’s volume. This is a result of adding to our portfolio, expanding existing contracts, and building capacity.”
“What makes this announcement particularly important is the timetable for the execution of these contracts,” began Glen Lynch, CEO of Volatus Aerospace. “Q1 is typically a seasonal quarter for Volatus, due to the winter weather in Canada and Northern U.S. These contracts are being flown in regions that will enable us to launch early in Q1 of 2024, generating material revenue during a traditionally slower time for drone services.”
This contract places electric utilities alongside oil and gas as the Company’s top two operating sectors. As future regulations standardize beyond visual line of sight and autonomous operations, the Company’s expertise in winning regulatory authorizations and its track record in aerial intelligence and long linear inspections, will put it in a strong strategic position to capture the market.
About Volatus Aerospace:
Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. Through our subsidiary, Volatus Aviation, we are introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
Forward-Looking Information
This news release contains statements that constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the anticipated benefits of, and estimated revenue to be generated by, the master service agreement; (ii) the business plans and expectations of the Company; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company’s current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the anticipated benefits and revenues of the master service agreement to the Company; the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; meeting the continued listing requirements of the TSXV; and including, but not limited to, those factors set forth in the Company’s Annual Information Form under the section “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
TSXV:VOL
Contact Details
Rob Walker
+1-579-977-5066, ext. 92003
Rob.Walker@volatusaerospace.com
SOURCE: Volatus Aerospace Corp.
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