Technology

Artificial Intelligence Big Data Cloud Computing Cyber Security Data Management Electronics Enterprise & Network Technology Financial Technology Hardware Mobile & Wireless Nanotechnology Semiconductor Software Telecommunications
News Release Digital Asset Direct

Drivetrain Raises $15M to Help Companies Drive Predictable Growth

Drivetrain

Drivetrain AI, Inc., a next-generation financial planning, monitoring and decision-making platform announced today that it has secured $15M in funding from Elevation Capital, Jungle Ventures, and Venture Highway. Over 25 renowned angel investors, advisors, founders, and CXOs of marquee technology companies have participated in this round. Drivetrain will use the funds to accelerate product development and expand its go-to-market team. Drivetrain helps businesses scale and achieve their targets predictably. With only 13% of organizations identifying performance issues before they hit financials (Gartner research), timely response is critical. Drivetrain’s platform helps finance teams build integrated plans, budgets and forecasts, track their progress against targets, and identify bottlenecks to growth. The platform seamlessly integrates with over 200 common business tools such as Salesforce, Netsuite, Quickbooks, Workday, and Looker. Built as a ‘system of metrics’ defined using simple English formulas, Drivetrain enables companies to quickly build easy-to-understand financial models simplifying business performance measurement and visualization. The platform offers a host of features like tracking real-time budget versus actuals, modeling what-if scenarios, and root cause analysis, to name a few. Alok Goel, Co-founder & CEO of Drivetrain, observed the challenges leaders face in scaling their businesses while serving on the board of several digital-first companies. Commenting on the company’s vision, he said, “ Drivetrain is like Google Maps for business growth. It helps build plans, informs you whether you’re on track, and simplifies course-correction. Many leaders manage their business plans and multimillion-dollar budgets on spreadsheets that are cumbersome and error-prone. Gauging your business health in real-time and applying course corrections is impossible on spreadsheets. Instead, with Drivetrain, you can make better, confident decisions in days, not months—a key strategic advantage." Tarkeshwar Thakur, Co-founder & CTO of Drivetrain, added, “ Every business is a little different. We’ve designed Drivetrain to be flexible from the ground up. Behind the scenes, the system creates a program for the business that captures all nuances. This approach centralizes metric and data definitions, making versioning, sandbox, and assumption inspections straightforward. Coupled with rich integrations and a powerful compute engine, Drivetrain is an ideal platform for planning, data analysis, and decision-making. ” The observations and approach of the founders resonated with investors at Elevation Capital, Jungle Ventures and Venture Highway, all of whom have experienced similar pain points with their portfolio companies. “ Today, finance teams spend up to four weeks every quarter tracking key business metrics and generating reports for their stakeholders. You can’t make decisions on such stale data. Drivetrain enables these companies to consolidate their data and get insights in near real-time. This helps them focus more on forward-looking questions during board meetings, ” said Deepak Gaur, Partner at Elevation Capital. “ We have struggled to put together Excel sheets for portfolio companies to predict revenue growth, structure the go-to-market plan, and understand levers that would affect revenue and margin growth. Spreadsheets and existing tools fail to do this in real-time, ” said Priya Mohan, Partner at Venture Highway. “ Drivetrain’s scientific approach to scaling business predictably resonated with us. Strong clarity of thought and deep connection to the problem make Alok, Tark and Saurav the perfect founding team to solve this. ” “ I see Drivetrain becoming a part of the core financial tech stack for growth-stage companies. You need a ‘metrics layer’ where you can simulate and implement your growth strategies, answer strategic questions like what they can do to increase revenue or reduce costs, and guide them towards more predictable outcomes. Drivetrain is delivering that today, ” said Arpit Beri, Principal at Jungle Ventures. About Drivetrain AI Drivetrain is a financial planning and decision-making platform that helps businesses scale and predictably achieve their targets. Companies can manage their business better and unlock sustainable growth using Drivetrain. The company was founded in 2021 by Alok Goel, Tarkeshwar Thakur and Saurav Bhagat. For more information, visit www.drivetrain.ai Contact Details Drivetrain Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.drivetrain.ai/

October 18, 2022 11:15 AM Pacific Daylight Time

Image

Clean Room Primer Group Releases White Paper at Inaugural Event in New York City During Advertising Week

Clean Room Primer

For more information and to register for the upcoming events, click here. The Clean Room Primer Group has released its initial piece of educational material – a co-authored white paper covering clean room taxonomy and definitions, use cases, and a look at the future. Clean Room Primer - A Definitive Guide for Marketing is a guide for marketers, agencies, and publishers to formulate and evaluate their plans for using data clean rooms with the intention of enhancing their odds for success. The white paper is the topic at the group’s inaugural event, held today in New York City during Advertising Week. It can be downloaded here. Use cases and data management practices in the Clean Room Primer cover topics such as campaign measurement and attribution; audience insights, planning segmentation, activation and analysis; and monetization of first-party data. “Data clean rooms are an incredibly complex new addition to the tech stack, and one that is also central for all stakeholders in the marketing industry to understand. With factors like privacy regulations, measurement, attribution and third-party data usage evolving, those who are not well versed with how to use data clean rooms will quickly be left behind and will find it much harder to derive value from digital marketing efforts,” said Rich Sobel, Founder and CEO at Marcato Solutions and Founding Member of Clean Room Primer. “The goal of the Clean Room Primer is to provide marketers, agencies and publishers with data clean room knowledge and know-how to empower them to feel confident about implementing best practices to yield successful results.” The Clean Room Primer was authored by a group of industry leading experts invested in seeing the marketing industry transition to new privacy realities. They include: Adam Gelles, CEO, The B2B Marketing Company Devon DeBlasio, Vice President, Product Marketing, InfoSum Ellen Oppenheim, Founder, Oppenheim Media Consulting John Baronello, VP Digital Transformation, Cardinal Path (Merkle) Michael Shearer, Senior Director, Digital Innovation and Strategy, Claravine Mike Moreau, co-Founder and COO, Habu Rich Sobel, Founder and CEO at Marcato Solutions Sam Shapiro-Klein, Director, Marketing, Identity, Neustar Veronica Luik, Director, Strategy and Market Intelligence, LiveRamp Following this event, The Clean Room Primer will commence a Roadshow in major cities throughout Q4 2022 including Chicago, San Francisco and Los Angeles where leading practitioners will share real-world insights on why and how to use data clean rooms for marketing and advertising. The Clean Room Primer Roadshow dates: New York City on October 18 @ New York Marriott Downtown (9:00 - 11:00 AM ET) Chicago on November 2 @ Chicago Marriott Magnificent Mile (4:00 - 7:00 PM CT) San Francisco on November 10 @ The W San Francisco (4:00 - 7:00 PM PT) Los Angeles on December 6 @ The Huntley Hotel Santa Monica (9:00 - 11:00 AM PT) About The Clean Room Primer Group The Clean Room Primer is an ad-hoc consortium of advertising industry executives with a shared mission of providing marketers, agencies, and publishers with a reliable and expert source on data clean rooms, their use and implementation best practices. Helping the industry prepare for a new privacy landscape. Inaugural participating companies include Habu, LiveRamp, InfoSum, Claravine, Kite Hill Public Relations, Marcato Solutions, The B2B Marketing Company, Neustar and Merkle. For more information, visit CleanRoomPrimer.com and follow on LinkedIn and Twitter. Contact Details Maggie Stasko cleandata@kitehillpr.com

October 18, 2022 09:00 AM Eastern Daylight Time

An Eclectic Ecosystem: Learn About The Society Pass (NASDAQ: SOPA) With COO, Pamela Aw-Young

Society Pass Incorporated

Contact Details Dennis Nguyen: Founder, Chairman & CEO +1 877-440-9464 dennis@thesocietypass.com Company Website https://thesocietypass.com

October 18, 2022 09:00 AM Eastern Daylight Time

Video

Is LASE Bringing Laser-Focus To A Rare Opportunity In The Industry?

Laser Photonics Corporation

At the end of September, Laser Photonics Corp. (NASDAQ: LASE) blasted its way onto the Nasdaq Stock Market. An industrial laser technologies and systems company, Laser Photonics (LPC) produces a variety of laser-based products for the specialized machinery industry. Its CleanTech laser is one of its products seeking to disrupt the abrasives cleaning market. In 2021, the global abrasive cleaning market was $46.4 billion, while sandblasting was $6.23 billion. Abrasive cleaning includes rust removal, contaminant removal, surface conditioning and finishing to machinery across a wide variety of industries, including electronics, medical equipment, manufacturing and the military. However, abrasive cleaners often include toxic chemicals, and sandblasting (where a high density of small particles are blown onto the surface) carries its own dangers, all of which are rubbing the market the wrong way. The National Institute for Occupational Safety and Health (NIOSH) has warned about the health hazards and safety risks that can be involved in abrasive blasting, and this creates pressure for industry companies to find a way to continue cleaning material without endangering their employees. Looking Photon-genic LPC is bringing change to this market with its CleanTech laser cleaning system. Laser blasting avoids the health hazards of the more risky abrasive treatments because workers are not exposed to a cocktail of chemicals. This also makes the blaster more eco-friendly, a quality increasingly important for both private and public companies looking to adopt environment-positive policies. The CleanTech lasers allow for a greater degree of control, which means they don’t damage the substrate material being cleaned, a frequent risk when using abrasive blasting treatment. They are also more energy and time-efficient, allowing companies to decrease labor costs. The company is working with a large addressable market by delivering a variety of laser products with diverse applications. Beyond cleaning, these lasers can be used for marking, engraving, cutting and 3D metal printing. LPC sees its 3D metal printing as a disruptive force in the manufacturing industry, and its printers use proprietary tech that will serve across the aerospace, manufacturing and automotive industries. Harnessing the power of photons, LPC is bringing cutting-edge technology to the market with its standardized and specialized laser-blasting equipment. The company works with both public- and private-sector clients, from Fortune 1000 companies to the U.S. military, serving domestic and international customers from North America to North Africa. It has established itself in the market with what it calls its “blue chip customer base” — key players across a range of industries, including Ford Motor Co. (NYSE: F), 3M Co. (NYSE: MMM), Dell Technologies Inc. (NYSE: DELL) and others. Other companies working to develop the laser industry include Coherent Corp. (NASDAQ: COHR), Lumentum Holdings Inc. (NASDAQ: LITE) and IPG Photonics Corp. (NASDAQ: IPGP). The company saw a 30% increase from the first half of 2021 to 2022, seeing over $2.5 million in sales from January to June this year. The company says it is positioned for continued rapid growth. “We have a rare opportunity to participate and lead the market for laser-blasting, an opportunity that could last decades,” LPC CEO Wayne Tupuola said. “We believe a perfect storm is brewing given the technological advancements, the regulatory and labor environment and access to the capital markets, and we look forward to capitalizing on this opportunity.” To learn more about Laser Photonics Corp., visit its website. Laser Photonics is a vertically-integrated manufacturer and R&D Center of Excellence for industrial laser technologies and systems. LPC seeks to disrupt the $46 billion, centuries old, sand and abrasives blasting markets, focusing on surface cleaning, rust removal, corrosion control, de-painting and other laser-based industrial applications. LPC's new generation of leading-edge laser blasting technologies and equipment also addresses the numerous health, safety, environmental, and regulatory issues associated with the old methods. As a result, LPC has quickly gained a reputation as an industry leader for industrial laser systems with a brand that stands for quality, technology and product innovation. Currently, world-renowned and Fortune 1000 manufacturers in the aerospace, automotive, defense, energy, industrial, maritime, space exploration and shipbuilding industries are using LPC's "unique-to-industry" systems. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Brian Siegel, IRC®, M.B.A. Senior Managing Director Hayden IR brian@haydenir.com Company Website https://www.laserphotonics.com/

October 18, 2022 08:56 AM Eastern Daylight Time

Rembrandt’s Famous Masterpiece Available In 8,000 Pieces (NFTs)

Curzon PR

Now, everyone has the opportunity to own a digital piece of one of Rembrandt’s most celebrated works, The Night Watch (1642). The painting has been divided into 8,000 pieces, which are available in the form of NFTs (non-fungible tokens) — a digital certificate of ownership. Not only will the sale of NFTs be a milestone step in making Rembrandt ownership accessible for all, but owners will also be granted exclusive access to the new, and soon to be open, MetaRembrandt Museum — the only place in the world where all the paintings of Rembrandt van Rijn can be found remastered, digitally restored to their original state, and in high definition. The Night Watch NFT initiative is the result of a collaboration between the Rembrandt Heritage Foundation and blockchain innovators HODL Finance. It was announced on the first anniversary of the death of world-renowned Rembrandt expert, Professor Dr Ernst van de Wetering, who worked tirelessly to preserve Rembrandt's collection and make it accessible for current and future generations. Professor van de Wetering made his life’s work to trace, authenticate and preserve all of Rembrandt’s works. His legacy with The Rembrandt Heritage Foundation was to have Rembrandt’s full art collection digitised and remastered, ensuring it remains immortalised. He even recreated the pieces from The Night Watch that were cut off in 1715 and feared lost forever. Jess Muntenaar, COO at HODL Finance, said: “We are proud that together with The Rembrandt Heritage Foundation, we have digitally reconstructed and captured Rembrandt’s paintings in high definition, and made them accessible to everyone through blockchain ownership. Digitising art is not a replacement for the real thing, but rather a way to preserve art, make it available to everyone, and ensure that Rembrandt will always be there for future generations.” NFTs cannot be copied, replaced or subdivided, ensuring absolute security and authenticity. Every NFT is recorded in a database (a blockchain) and can be stored for as long as the owner wishes, or sold. An owner of one of the 8,000 pieces of the Night Watch automatically becomes a founder of the MetaRembrandt Museum. Founders have lifetime access to the museum, and can also ‘rent out’ their NFT, which not only provides a return on investment, but also gives other art lovers the opportunity to gain access to this highly exclusive digital venue. Pim Slager, co-founder of The Rembrandt Heritage Foundation, says: "The MetaRembrandt Museum is the only place where people can view all the paintings of Rembrandt together and in high definition. I feel honoured that we can now share the life's work of Rembrandt van Rijn with the whole world." For more information and to register to own a piece of The Night Watch, visit www.metarembrandt.com. About HODL Finance The Hodl Finance ecosystem is designed to continue to fuel innovative projects. By providing funding, community and expertise for a wide range of forward-thinking initiatives, Hodl Finance believes that our future should not be determined by Big Tech, but rather by creators and communities. Put the power where it belongs and let the community share in the benefits. For more information, images or interview requests, please contact: Saiansha Panangipalli saiansha@curzonpr.com Or Gina Hollands gina@curzonpr.com T: +44 (0)7801 258 392 Contact Details Curzon PR Gina Hollands gina@curzonpr.com Company Website https://www.metarembrandt.com/

October 18, 2022 08:34 AM Eastern Daylight Time

Image

Plus One Robotics’ Parcel Handling Solutions Surpass 500 Million Picks

Plus One Robotics

Plus One Robotics, the fastest and most reliable parcel handling robotics platform, performing over one million parcel picks each day in production, has announced that its platform has reached over half a billion parcel picks globally – currently an industry leading metric. “Our north star will always be to increase our customers’ total picks per day,” said Erik Nieves, Plus One Robotics’ CEO and Founder. “To everyone at Plus One, 500M represents more than just parcels picked, it’s a milestone demonstrating that our clients have come to rely on our tech every day. That’s a half billion parcels that were sorted on time and at quality.” Ecommerce currently accounts for 20% of total retail globally and is expected to hit 30% by 2030. This growth, in combination with ongoing labor shortage issues, makes the implementation of automated solutions a key strategy for shipping and fulfillment companies across the world, with the global warehouse automation market estimated to grow at a CAGR of ~15% from 2022 – 2030. Plus One Robotics’ solutions for parcel induction and depalletization employ 3D sensors and AI-powered software with optimized robot grippers to pick and place disparate parcels within sortation or distribution centers. Key to Plus One Robotics’ effectiveness is its unparalleled human-in-the-loop (HITL) approach. Employees, remote or on premise, can supervise multiple robots from any location, speeding the robot’s ability to handle exceptions and facilitating machine learning that keeps downtime to a minimum, enabling 24/7 fulfillment. About PLUS ONE ROBOTICS Plus One Robotics provides the fastest and most reliable parcel handling robotics platform in the world. Founded in 2016 by computer vision and robotics industry experts, Plus One's intelligent solutions combine computer vision, AI, and supervised autonomy to pick parcels for leading logistics and ecommerce organizations in the Global 100. Plus One is headquartered in San Antonio with offices in Boulder, Pittsburgh, and The Netherlands. Visit www.plusonerobotics.com for more information, and follow us on LinkedIn, Twitter, YouTube, and Facebook. For additional information: Alex Patterson +1 210-404-4763 / alex.patterson@plusonerobotics.com Plus One Robotics 639 Bill Mitchell Blvd. Ste. 185 San Antonio, TX 78226 Web: www.plusonerobotics.com Tel: +1 210 664-3200 info@plusonerobotics.com Contact Details Alex Patterson +1 210-404-4763 alex.patterson@plusonerobotics.com

October 18, 2022 08:30 AM Eastern Daylight Time

Image

Long-Term Rental Startup Rentberry Raises Capital To Develop A Flexible Living Platform For Digital Nomads

Rentberry

A new app catering to digital nomads is in the works from pioneer long-term rental startup Rentberry. Launched in 2017, the San Francisco-based startup has raised more than $22 million in capital from investors to fund its patented long-term rental platform that digitizes the entire process from property search to rental management. Rentberry is raising an additional $12.4 million through the crowdfunding platform StartEngine. That, along with the $22 million already raised, will help fund the company’s expansion, including the development of a new Flexible Living concept. Built on the existing Rentberry platform, Flexible Living will offer high-quality, fully furnished long-term rentals in the hottest cities around the globe. The concept is aimed at the growing ranks of work-from-home millennials and digital nomads looking to make the most of the freedom in their new flexible work schedules. Rentberry’s Patented Mid-Term Rental Technology Delivers A Transparent, Streamlined Rental Process The current Rentberry platform already boasts 24 million properties across 137,000 locations serving over 8 million users. For tenants, it offers a fully digital and transparent way to search for properties, submit applications, pay rent and submit maintenance requests — all in one app. For landlords, Rentberry streamlines the application, screening and rental management process from end to end so they can do everything from listing their properties to handling service requests on one intuitive platform. Flexible Living Will Offer A Mid-Term Friendly Version of Rentberry’s Platform The rapidly growing population of digital nomads is overwhelmingly made up of millennials ( 44% ) and Gen Z adults (21%). This interest looks set to grow even further; a survey found that more than 80% of millennials are interested in learning more about the digital nomad lifestyle. These younger professionals crave flexibility and freedom in the places they rent, but so far, few rental services can deliver. Short-term rental platforms like Airbnb Inc. (NASDAQ: ABNB) or Expedia Group Inc. ’s (NASDAQ: EXPE) VRBO offer fully-furnished properties that feel more like home than a hotel room, but high daily rates make them costly for longer stays. At the same time, long-term rental platforms like Zillow Group Inc. ’s (NASDAQ: ZG) Trulia or Craigslist don’t offer an easy way to find furnished mid-term rentals and lack many of the digital features that Rentberry offers to streamline the entire application and rental process. To deliver a solution that better meets the needs of young professionals, Rentberry is working on acquiring properties throughout Europe, Asia and the United States — as well as onboarding homeowners to list their properties on the Flexible Living platform — that it can then rent out exclusively through its website on three- to 12-month leases that have no security deposit requirement. The high-quality properties will be equipped with digital locks and fully furnished with work-from-home millennials in mind. With this latest round of funding on StartEngine ending Oct. 28, Rentberry hopes to have the new Flexible Living concept operational in 2023. Rentberry is the first closed-loop platform that makes the long-term rental process transparent and safe, offers contactless rental experience, and helps properties realize their true market price. Its patented technology allows tenants to submit custom offers and potentially save $87 billion on move-in costs that are currently blocked as rental security deposits. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.The preceding information contains forward-looking statements that reflect the company’s and its management’s plans, estimates, and beliefs. Although the company makes such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those discussed in the forward-looking statements. Prospective investors are cautioned not to place undue reliance on these forward-looking statements, as they are speculative in nature and may prove incorrect. Additionally, the company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in any circumstances arising after the date hereof relating to any assumptions or otherwise. Contact Details Oleksii Humeniuk o.humeniuk@rentberry.com Company Website https://rentberry.com/

October 18, 2022 08:12 AM Eastern Daylight Time

TRUST & WILL PROBATE CREATES THE FIRST DIGITAL PLATFORM FOR BOTH ESTATE PLANNING AND SETTLEMENT

Trust & Will

Trust & Will, the leading digital estate planning platform, today announced the launch of Trust & Will Probate, which provides online estate settlement and probate assistance. This product addition makes Trust & Will the first U.S. company to offer both digital estate planning and estate settlement benefits in one platform. Probate is the legal process a person’s estate goes through after they pass away to distribute their assets to the proper heirs. There are estimated to be more than one million new probate cases in the U.S. each year, with up to 30% of deaths having to go through probate. The average time to settle an estate using a traditional attorney takes up to 14 months and roughly $10,000 in legal fees. “For most of us, the process of inheriting wealth is complicated and antiquated. Trust & Will has revolutionized the estate planning industry since 2017, and now we are working to make the probate process simple, affordable, and convenient,” said Cody Barbo, Founder and CEO of Trust & Will. “In launching Trust & Will Probate, we will provide heirs and estate executors with a clear path to receive an inheritance through our comprehensive estate planning and settlement platform.” The launch of Trust & Will Probate comes on the heels of the company’s recent acquisition of EZ-Probate, the nation’s leading digital probate settlement provider. It also coincides with the company’s fifth anniversary. Since its founding in 2017, Trust & Will has helped hundreds of thousands of families create an estate plan to leave their legacy. Trust & Will Probate offers three tiers of service to accommodate a variety of budgets and estate sizes, with plans starting at $275 and ranging from self-guided prompts to comprehensive attorney support. Probate is currently available in 17 states and will be nationwide by the end of 2022. To learn more, visit trustandwill.com/probate. ABOUT TRUST & WILL Trust & Will is simplifying estate planning and settlement with attorney-approved, legally valid documents and processes designed to adhere to individual state guidelines. Since 2017, we’ve helped hundreds of thousands of Trust & Will members leave their legacy with an affordable way to create an estate plan or settle the estate of a loved one. Our platform uses bank-level encryption that protects customer data and complies with the highest security standards, including SOC2. Trust & Will is the official estate planning benefit provider for AARP members, along with several leading financial institutions, who all believe in our mission of helping every family leave their legacy. To learn more, visit trustandwill.com. Trust & Will is an online service providing legal forms and information. We are not a law firm and we do not provide legal advice. Contact Details Trust & Will Danielle Nuzzo +1 631-807-7772 danielle@trustandwill.com Company Website https://trustandwill.com

October 18, 2022 07:30 AM Eastern Daylight Time

Volatus Aerospace Expands into UK with the Acquisition of iRed® Remote Sensing, a Leading Thermographic Survey Company

Volatus Aerospace Corp.

Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company") announced today that it has signed an arm’s length definitive agreement dated Oct 17, 2022 to acquire iRed Limited, a drone services and training company based in Emsworth, England (“iRed”). This acquisition provides a foundation for continued growth in the region and reinforces Volatus’ overall thermographic capabilities. “We began our expansion in the UK earlier this year with the addition of a seasoned business development executive, Steve Emerson, to build our presence and provide regional leadership. iRed is an established brand with a solid base of resources from which to grow that will enhance our global capabilities in thermography,” said Glen Lynch, CEO of Volatus Aerospace. “Thermography is in high demand in verticals like public safety, forestry, infrastructure, and agriculture. These use cases are only growing as drone capabilities mature and there is higher demand to reduce greenhouse gas emissions through early detection via thermographic imaging.” Founded in 2001, iRed started as a company specialized in infrared technologies, training, and services. While infrared training and inspection remains a core competency of the company, the advent of drones provided enhanced opportunity for thermography, which ultimately led to the expansion of the company into a variety of drone related services, equipment sales, and a diversified customer base. iRed is targeting year-end revenues of $1M with an EBITDA margin of 7%. “I’m very proud of what iRed has accomplished over the past 20 years,” said Ray Faulkner, President of iRed. “Joining Volatus will provide us with the resources necessary to take our company to the next level. We look forward to expanding our product offering, growing our service business, and pushing our training programs to the larger global market. Volatus Aerospace shares our commitment to sustainability and reducing our carbon footprint, and we look forward to what we can accomplish together.” Under the terms of the agreement, Volatus will make an equity investment of £100K in iRed in exchange for newly issued shares (treasury shares) that will represent 51% of all outstanding shares. The investment will be used by iRed for ongoing expansion activities. The transaction is scheduled to close October 31 st, subject to board of director, regulatory, and TSX approvals. Volatus will assume over all long-term debt obligations of £221K and the seller is subject to operational and financial metric as defined in the definitive agreement, at one year anniversary, the iRed investor(s) will have an option to sell remaining 49% for up to £125K in exchange of Volatus shares at a valuation of $0.65 per share or 12 months anniversary price, whichever is lower. This news marks another geographic expansion for Volatus following the announcement of their joint venture in Latin America in June of this year as well as their commitment toward offering green solutions to their clients. 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 Statement 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. TSXV: VOL Contact Details Abhinav Singhvi +1 833-865-2887 abhinav.singhvi@volatusaerospace.com Company Website https://volatusaerospace.com

October 18, 2022 06:30 AM Eastern Daylight Time

Image

1 ... 397 398 399 400 401 ... 644