Expanding Service Offering in Agriculture and Forestry into the U.S.
TORONTO, ON / ACCESSWIRE / February 13, 2024 / Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF) ("Volatus" or "the Company"), a leader in the operation of piloted and remotely piloted aircraft systems (drones), announced that it has received authorization from the Federal Aviation Administration (FAA) in the USA for Commercial Agricultural Aircraft Operations using drones. The Operating Certificate, issued under FAA Part 137, integrated with an exemption received in September 2023, allows the Company's US subsidiary, Volatus Aerospace USA Corp., to operate any drone approved for agricultural operations, including drones weighing 55 pounds (25kg) or greater.
Volatus currently generates revenue from the agricultural sector through the sale of equipment and provision of data services relating to crop management. The addition of the operating authority for heavy agricultural spray drones allows Volatus to offer farmers the ability to capitalize on the benefits of precision spraying while Volatus ensures regulatory compliance and safety. By simplifying the process, this solution is expected to increase revenues from the sale, charter, or operational support of agricultural drones in addition to providing recurring revenue resulting from the operation, management, and maintenance of these drones. In effect, Volatus becomes the aerial partner to its agricultural customers.
In addition, this FAA Operating Authority in the United States, combined with Volatus' Special Flight Operating Certificate in Canada (May 2023), allows the Company to offer these services to large scale clients in agriculture and forestry throughout North America.
"By continuing to align our drone operations with our commercial aircraft and helicopter operations, we are building confidence with global regulators," said Glen Lynch, CEO of Volatus. "This has allowed Volatus to obtain numerous special approvals for operations requiring Beyond Visual Line of Sight flights, higher altitude flights, and heavier aircraft operations not currently covered by today's regulations both in Canada and the United States. Each authority allows us to increase our service offering and generate greater revenues using advanced drone technology."
"Climate change alone is causing major challenges for agriculture," explained John Johnstone, Agriculture Product Lead for Volatus. "Agricultural drones are helping farmers adapt to today's reality by scanning every corner of a field to monitor crop health, soil conditions, and plant health and plan appropriate and timely treatment with the precision application of ag products enabling agronomists to increase crop yields and improve margins, while simultaneously reducing the negative impacts on the environment."
According to a recent MarketsandMarkets report, the agricultural drone market size is predicted to grow at a CAGR of 31.5% between 2023 and 2028, reaching a value of $17.9 billion by 2028 from a projection of $4.5 billion in 2023. Drones are used in various applications of agriculture, such as precision farming.
As Volatus Aerospace paves the way for the integration of cutting-edge drone technology into agricultural practices and beyond, the company remains committed to fostering sustainable solutions for the challenges facing industry. With this FAA approval, marking a pivotal moment in our journey, we look to redefine the future of aerial intelligence and cultivate a landscape where innovation meets sustainability.
About Volatus Aerospace:
Volatus Aerospace Corp. is a leading provider of integrated drone solutions throughout North America and growing into Latin America and globally. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. Through our subsidiary, Volatus Aviation, we are introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
Forward-Looking Information
This news release contains statements that constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified 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 and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the anticipated benefits of, and estimated revenue to be generated by, the master service agreement; (ii) the business plans and expectations of the Company; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company's current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the anticipated benefits and revenues of the master service agreement to the Company; the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; meeting the continued listing requirements of the TSXV; and including, but not limited to, those factors set forth in the Company's Annual Information Form under the section "Risk Factors". Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
TSXV: VOL
Contact Details:
John Johnstone
Agriculture Product Lead
Volatus Aerospace
jj@volatusaerospace.com
Website: https://volatusaerospace.com
SOURCE: Volatus Aerospace
View the original press release on accesswire.com
