Brossard, Quebec – TheNewswire – March 10, 2020 – Windfall Geotek (TSXV:WIN), a technology services company and a leader in the use of Artificial Intelligence (AI) and advanced knowledge-extraction techniques since 2005 in the mining sector is pleased to announce that they have signed a Letter of Intent with Draganfly (CSE:DFLY) (OTCQB:DFLYF) (FSE:3U8) an award-winning, industry-leading manufacturer within the commercial Unmanned Aerial Vehicle (“UAV”), Remotely Piloted Aircraft Systems (“RPAS”), and unmanned vehicle sector. The terms of this agreement include joint research, development and engineering support, drones and equipment. The purpose of this agreement is to further commercialize an AI driven drone solution for the detection and elimination of Land Mines, Unexploded Ordinance, and Improvised Explosive devices. Governments and Nonprofits 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 billion. The terms of this LOI are subject to the parties achieving certain milestones prior to closing.
“Windfall Geotek is the industry leader in AI based digital exploration for mining. When they approached us on this project it seemed like a natural fit to partner our best in class engineering and drone capabilities, with their proven software and AI expertise. The two companies share a mission of saving lives through technology. We expect this partnership to generate new and expanded revenue streams for both companies in the Defense sector, public safety, and other markets where both companies have expertise.”
Cameron Chell, CEO of Draganfly
“We have been evaluating drone solutions for nearly a year, and after an exhaustive analysis of the market and providers, it is exciting to select Draganfly as our first drone systems partner for this worthwhile initiative. The depth of the Draganfly engineering team, North American supply chain, best in class products, and access to military and public safety experts are exactly what we need to advance our tests and field trials.”
Dinesh Kandanchatha, Chairman of Windfall Geotek
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.
About Windfall Geotek
Windfall Geotek (TSXV: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.
Website – https://windfallgeotek.com/
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President and CEO of Windfall Geotek
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.
Additional information about the Company is available under Windfall Geotek’s profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.