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Global UAV 3rd Quarter Results
October 01, 2018 10:10 PM EDT | Source: Global UAV Technologies Ltd.
Vancouver, British Columbia--(Newsfile Corp. - October 2, 2018) - Global UAV Technologies Ltd., (CSE: UAV) (OTC: YRLLF) (FSE: YAB2), (the "Company" or "Global UAV"), a diversified, vertically integrated drone technology company, is pleased to announce its 3rd Quarter financial results.
For complete details of the unaudited condensed consolidated interim financial statements and associated management's discussion and analysis, please refer to the company's filings on SEDAR. All amounts are in Canadian dollars unless otherwise indicated.
Revenue highlights of the 3rd Quarter financials ended July 31, 2018 include the following;
| Period | July 31, 2018 | July 31, 2017 | Increase |
| Quarterly Comparison | $401, 197 | $333,529 | 20% increase |
| Year-to-Date Comparison | $1,288,101 | $537,118 | 140% increase |
During the third quarter period ended July 31, 2018 the Company executed a number of key corporate actions, including the closing of the acquisition of Aerial Imaging Resources Inc., and a non-brokered private placement of $1.77million. During this period of time the Company also continued to work on streamlining corporate operations, which included the installation of new consulting and management contracts to ensure the Company had the correct team in place to continue the growth of revenue.
On a topline basis the Company continues an aggressive growth trajectory, while the Company has, and will continue to absorb the costs of multiple business unit acquisitions and the related operational improvements relating to the five business units that Global consolidated over the past 18 months.
The Company incurred a considerable number of one-time costs focused on growing the business, such as capital acquisitions, operational improvements, and contract and asset resolutions during the third Quarter. The Company expects to continue to focus on key corporate actions, such as acquisitions and operational improvements for the next 6 to 12 months as Global UAV continues to integrate business units and processes."We are extremely pleased with these results and the progress we have made to date. The Company believes it has made significant improvements and will continue to work on streamlining operations which the Company expects will result in significant cost reductions over the long run. The revenue growth of the consolidated business units is nothing short of impressive for a company that has been in operation for approximately 18 months. With a number of operational improvements complete, further improvements scheduled over the next 6-12 months, and various one-time costs absorbed, the Company believes it will see significant bottom line improvements over the coming months.", said Mike Burns, CEO of Global UAV.
About Global UAV Technologies Ltd.
Global UAV Technologies Ltd. is a diversified, vertically integrated drone technology company within the commercial Unmanned Aerial Vehicle ("UAV") sector. Through its wholly owned subsidiaries - Pioneer Aerial Surveys Ltd., High Eye Aerial Imaging Inc., UAV Regulatory Services Inc., and NOVAerial Robotics Inc.— Global UAV Technologies Ltd. provides a full spectrum of UAV-based services and products including drone research and development and manufacturing, flight services and regulatory compliance. Global UAV Technologies Ltd. will continue its growth through technology development, expanding the business of its current divisions and the continued evaluation of potential acquisitions. Global UAV is well positioned for growth as a vertically integrated drone technology company.
On behalf of the Board of Directors,
"Michael Burns"
Michael Burns
CEO & Director
For additional information please contact:
Global UAV Technologies Ltd.
Investor Information
Telephone: 1 888-905-7011
Email: ir@globaluavtech.com
www.globaluavtech.com
We invite all shareholders and stakeholders to join the Global UAV Technologies Ltd. portal on 8020 Connect. Connect here http://bit.ly/GlobalUAV
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.