Global UAV Technologies Increases Revenue by 84% and Posts First Profitable Quarter
(via TheNewswire)
Vancouver, BC / TheNewswire / September 21, 2017 - Global UAV Technologies Ltd. (CSE:UAV) (the “Company”) is pleased to announce that it has posted its financial statements for the quarter ending July 31, 2017 - its second quarter operating within the unmanned aerial vehicle (UAV) sector. Highlights from the financial statements are:
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Revenues totalling $333,529 - an 84% increase over the previous quarter.
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Operating profits of $66,954
“For the Company to be able to post an operating profit in only its second full quarter is testament to the hard work and dedication of our team and I thank them for their commitment,” stated Jason Springett, president of Global UAV Technologies, “it also speaks to the potential for the emerging UAV sector and I’m very excited about the Company’s future.”
Other corporate highlights from the quarter ending July 31, 2017 include the rebranding of the Company to better reflect its commitment to the unmanned aerial vehicle sector; the purchase of UAV Regulatory Services Ltd.; and the signing of the definitive agreement for the purchase of NOVAerial Robotics Ltd.
It was a significant period of growth and change for the Company’s wholly owned subsidiaries, High Eye Aerial Imaging and Pioneer Aerial Surveys, as well. High Eye continued with its ongoing association with the University of Guelph and positioning itself as a go-to UAV services company. Pioneer Aerial expanded its staff and fleet to meet the increasing demand for its services and reported its best month to date. Pioneer Aerial also signed its first South American contract.
Michael Burns, president of Pioneer Aerial Surveys, stated, “the rapid growth of Pioneer Aerial speaks to the potential for the company, and reflects the strong exposure of Global UAV Technologies’ group of companies. In the 3rd quarter, Pioneer Aerial was able to exceed our growth goals by significantly expanding our equipment inventory and field crews by only using operating cash flow, in addition to posting record profits and expanding into new markets internationally and new industries.”
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