Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) (“Volatus” or “the Company”) is pleased to report that it has completed the acquisitions of Synergy Aviation of Edmonton Alberta, first announced on October 13, 2022 and iRed Remote Sensing of Emsworth, England, first announced on October 28, 2022. Synergy Aviation provides Volatus with a strong position in Oil and Gas infrastructure monitoring with the ability to introduce green drone technologies to provide a competitive advantage for growth in that sector. The addition of iRed reinforces the company’s offering in infrared inspection and expands its 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 first nine months bringing Volatus proforma revenue to $30MM with a proforma EBITDA of ($1.63MM) for the first 3 quarter,” said Abhinav Signhvi, Chief Financial Officer for Volatus Aerospace. “The strong sales and positive EBITDA are particularly encouraging on the heels of our recently reported Q3 2022 revenue of $11.12MM with an EBITDA of $39,547.”
“Our M&A strategy of adding accretive companies such as these to our portfolio provides added financial strength and strategic advantage consistent with our long-term vision,” added Glen Lynch, CEO of Volatus Aerospace.
*Non-IFRS measure. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) should not be construed as alternatives to comprehensive loss or income determined in accordance with IFRS. EBITDA does not have any standardized meaning under IFRS and, therefore may not be comparable to similar measures presented by other issuers. The Company defines EBITDA as IFRS net loss excluding interest expense, depreciation and amortization expense. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
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.
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 business plans and expectations of the Company; and (ii) 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 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 commercialization of drone flights beyond visual line of sight and potential benefits to the Company; and meeting the continued listing requirements of the TSXV. 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.
Source: Volatus Aerospace Corp.