Vancouver, British Columbia, March 10, 2020 (GLOBE NEWSWIRE) -- Draganfly Inc. (CSE: DFLY) (OTCQB: DFLYF) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading manufacturer within the commercial Unmanned Aerial Vehicle (“UAV”), Remotely Piloted Aircraft Systems (“RPAS”), and unmanned vehicle sector, today announced they have been selected by Windfall Geotek (TSX-V: WIN) and have entered into a letter of intent with Windfall Geotek (the “LOI”), to help develop an Artificial Intelligence (“AI”) driven unmanned aerial systems (“UAS”) solution for landmine detection in the defense, humanitarian, and other sectors which the companies have expertise in.
Windfall Geotek has been a data services company and a leader in the use of AI and advanced knowledge-extraction techniques since 2005. The terms of the LOI include Windfall Geotek contracting Draganfly to conduct research, development and engineering support of hardware that can interface with Windfall’s AI software.
The purpose of the LOI is to further commercialize Windfall Geotek’s AI driven solution for the detection and elimination of Land Mines, Unexploded Ordinance, and Improvised Explosive devices via the use of UAS. Governments and Non-profits allocated nearly US$700 million in combined international and national support for mine action in 2018 and the economic impact of landmines is estimated at $100 billion1. The closing of the transaction is subject to the parties achieving certain milestones prior to closing.
“We are extremely excited to be working with Draganfly to help enhance our core product offering. AI and machine learning together can transform how mining exploration is done. When you add to it Draganfly’s engineering expertise, their industry-leading products and technology we feel the possibilities in mining, oil and gas and military applications are endless,” said Dinesh Kandanchatha, Chairman of Windfall Geotek.
“Windfall Geotek has been in business for over 15 years and their leadership has a proven track record. We are excited to be working with their team on a commercialization strategy that uses Draganfly drones, technology and expertise.” said Cameron Chell, CEO of Draganfly.
About Windfall Geotek
Windfall Geotek (TSX-V: WIN) is the leader in the use of Artificial Intelligence (AI) and advanced knowledge-extraction techniques since 2005 in the mining sector. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence (AI), and mathematics. The Company's objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining.
Draganfly Inc. (CSE: DFLY; OTCQB: DFLYF; FSE: 3U8) is the creator of quality, cutting-edge, UVS and software that revolutionizes the way people do business. Recognized as being at the forefront of technology for over 21 years, Draganfly is an award-winning, industry-leading manufacturer within the commercial UAV and UVS space, serving the public safety, agriculture, industrial inspections 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.
For more information on Draganfly, please visit us at
For additional investor information, visit https://www.thecse.com/en/listings/technology/draganfly-inc, https://www.otcmarkets.com/stock/DFLYF/overview or https://www.boerse-frankfurt.de/aktie/draganfly-inc.
1 Landmine Monitor 2019-
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 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. 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.