Global UAV Provides Corporate Update
/ TheNewswire / November 8, 2017 - Global UAV Technologies Ltd. (CSE: UAV, OTC: YRLLF, FSE: YAB2) (the “Company” or “Global UAV”) is pleased to provide the following corporate update.
Board of Directors
Mr. Robert Lefebvre has been appointed as director of the Company.
Mr. Lefebvre is one of the foremost experts in UAV technology in Canada. He is a mechanical engineer with a diverse set of skills including product development and program management gained in the automotive industry. Mr. Lefebvre was one of the original developers of Ardupilot, the world's leading open-source UAV/drone operating system with now over 1,000,000 systems in operation around the world. A frequent invited speaker at UAV industry conferences, he has also consulted to the UAV industry internationally, assisting clients to deploy Ardupilot on their commercial systems. Sensing a need for more robust UAV platforms for commercial applications, Mr. Lefevbre founded NOVAerial Robotics Inc. and successfully launched commercial production of their first aircraft, the Procyon 800E helicopter.
Mr. Jason Springett has stepped down as a director. Mr. Springett has contributed greatly to the growth and rebranding of Global UAV Technologies and the Board thanks Mr. Springett for his hard work and efforts and being instrumental in bringing Global UAV Technologies to its current state of profitability.
Loan Repayment
Pioneer Aerial Surveys Ltd. has paid back to Global UAV Technologies in full, $126,024 of interest- free loans that were provided to accelerate Pioneer Aerial’s growth plans. Pioneer Aerial repaid the loans faster than expected.
“Global UAV is excited to welcome Mr. Lefebvre onto the Board of Directors. Robert is extremely dedicated to the growth and success of NOVAerial and Global UAV, and brings vast industry knowledge and insight to the Company. We are also pleased to report the full payback of loans by Pioneer Aerial. The success of Pioneer is a true testament to their rapid growth and emergence as the top UAV geophysics survey company in the world,” stated Michael Burns, CEO of Global UAV Technologies.
Warrants
1,042,000 of the warrants set to expire on November 5 were exercised for total proceeds of $78,150. 3,560,000 warrants at $0.075 have since expired.
Marketing Making Services
The Company also announces that it has retained market-making services.
The Company has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
In addition, the Company reports that Mr. Stephen Litwin is no longer acting as investor relations for the Company. The Company thanks Mr. Litwin for his hard work and wishes him well in his future endeavours.
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. These opportunities include production and research and design of professional grade UAV’s, geophysics and remote sensing survey services, and regulatory consulting and management.
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 of Directors,
Michael Burns
CEO & Director
For additional information please contact:
Global UAV Technologies
Telephone: 1-778-809-7009
Email: ir@globaluavtech.com
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.
Forward-Looking Statement
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.