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Volatus AerospaceCorp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "theCompany") is pleased to report that it has completed theacquisitions of Synergy Aviation of Edmonton Alberta, first announcedon October 13, 2022 and iRed Remote Sensing of Emsworth, England,first announced on October 28, 2022. Synergy Aviation provides Volatuswith a strong position in Oil and Gas infrastructure monitoring withthe ability to introduce green drone technologies to provide acompetitive advantage for growth in that sector. The addition of iRedreinforces the company’s offering in infrared inspection and expandsits geographic presence in UK and Europe.
“The addition of these two companies adds approximately$7.5MM in proforma revenue and $1MM in proforma EBITDA for the firstnine months bringing Volatus proforma revenue to $30MM with a proformaEBITDA of ($1.63MM) for the first 3 quarter,” said Abhinav Signhvi,Chief Financial Officer for Volatus Aerospace. “The strong sales andpositive EBITDA are particularly encouraging on the heels of ourrecently reported Q3 2022 revenue of $11.12MM with an EBITDA of$39,547.”
“OurM&A strategy of adding accretive companies such as these to ourportfolio provides added financial strength and strategic advantageconsistent with our long-term vision,” added Glen Lynch, CEO ofVolatus Aerospace.
*Non-IFRS measure. Earnings before interest, taxes,depreciation and amortization ("EBITDA") should not beconstrued as alternatives to comprehensive loss or income determinedin accordance with IFRS. EBITDA does not have any standardized meaningunder IFRS and, therefore may not be comparable to similar measurespresented by other issuers. The Company defines EBITDA as IFRS netloss excluding interest expense, depreciation and amortizationexpense. The Company believes that EBITDA is a meaningful financialmetric as it measures cash generated from operations which the Companycan use to fund working capital requirements, service future interestand principal debt repayments and fund future growthinitiatives.
About Volatus Aerospace:
VolatusAerospace Corp. is a leading provider of integrated drone solutionsthroughout North America and growing into Latin America and globally.Volatus serves civil, public safety, and defense markets with imagingand inspection, security and surveillance, equipment sales andsupport, training, as well as R&D, design, and manufacturing.Through our subsidiary, Volatus Aviation, we are introducing green andinnovative drone solutions to supplement and replace traditionalaircraft and helicopters for long-linear inspections such as pipeline,energy, rail, and cargo services. Volatus is committed to carbonneutrality; the fostering of a safe, equitable and inclusiveworkplace; and responsible governance.
Forward-LookingInformation
This news release contains statements thatconstitute “forward-looking information” and “forward-lookingstatements” within the meaning of applicable securities laws,including statements regarding the plans, intentions, beliefs, andcurrent expectations of the Company with respect to future businessactivities and operating performance. Often, but not always,forward-looking information and forward-looking statements can beidentified 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 andphrases, or statements formed in the future tense or indicating thatcertain actions, events or results “may”, “could”,“would”, “might” or “will” (or other variations of theforegoing) be taken, occur, be achieved, or come to pass.Forward-looking information includes information regarding: (i) thebusiness plans and expectations of the Company; and (ii) expectationsfor other economic, business, and/or competitive factors.Forward-looking information is based on currently availablecompetitive, financial, and economic data and operating plans,strategies, or beliefs as of the date of this news release, butinvolve known and unknown risks, uncertainties, assumptions and otherfactors that may cause the actual results, performance or achievementsof the Company to be materially different from any future results,performance or achievements expressed or implied by theforward-looking information. Such factors may be based on informationcurrently available to the Company, including information obtainedfrom third-party industry analysts and other third-party sources, andare based on management’s current expectations or beliefs. Any andall forward-looking information contained in this news release isexpressly qualified by this cautionary statement. Investors arecautioned that forward-looking information is not based on historicalfacts but instead reflects expectations, estimates or projectionsconcerning future results or events based on the opinions, assumptionsand estimates of management considered reasonable at the date thestatements are made. Forward-looking information and forward-lookingstatements reflect the Company’s current beliefs and is based oninformation currently available to it and on assumptions it believesto be not unreasonable in light of all of the circumstances. In someinstances, material factors or assumptions are discussed in this newsrelease in connection with statements containing forward-lookinginformation. Such material factors and assumptions include, but arenot limited to: the commercialization of drone flights beyond visualline of sight and potential benefits to the Company; and meeting thecontinued listing requirements of the TSXV. Although the Company hasattempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking information, there may be other factors that causeactions, events or results to differ from those anticipated, estimatedor intended. The forward-looking information contained herein is madeas of the date of this news release and, other than as required bylaw, the Company disclaims any obligation to update anyforward-looking information, whether as a result of new information,future events or results or otherwise. There can be no assurance thatforward-looking information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information.Neither the TSXV nor itsRegulation Services Provider (as that term is defined in the policiesof the TSXV) accepts responsibility for the adequacy or accuracy ofthis news release.
Source: Volatus Aerospace Corp.
TSXV:VOL
Contact Details
Abhinav Singhvi
+1514-447-7986
abhinav.singhvi@volatusaerospace.com
CompanyWebsite
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