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Drone Delivery Canada Corp. (TAKOF) Stock Rises After Signing Drone Initiative With Major University

Friday, July 16, 2021 01:27 PM | Kyle Depontes
Drone Delivery Canada Corp. (TAKOF) Stock Rises After Signing Drone Initiative With Major University

What is going on with TAKOF?

Drone Delivery Canada (TAKOF) stock jumped today after the company announced that, with the assistance of its sales agent Air Canada (AC), it has signed a commercial, definitive agreement, effective July 15, 2021, with the University of British Columbia ("UBC") to deploy DDC's drone delivery solution at the Stellat'en First Nation for UBC's 'Remote Communities Drone Transportation Initiative. Shares of TAKOF increased 3.88% to $0.9775 as of Friday at 12:53pm.

What does this mean for Drone Delivery Canada Corp?

Although the project will be DDC's fourth First Nations project, it is significant as it will be the company's first project in British Columbia. The initiative will allow for defined-route deliveries utilizing DDC's Sparrow drone and its DroneSpot takeoff and landing zones. It will allow for isolated communities to receive much needed necessities, and will be used to transport a variety of cargo for the benefit of the Stellat'en First Nation and the Village of Fraser Lake, located in Central Northern British Columbia, Canada.

"We're pleased to have finalized our contract with Drone Delivery Canada and to be moving on to the next stage of this project. As we transition into a new phase of the COVID-19 pandemic, and with the risk of wildfires, we are looking forward to learning about how this innovative transportation technology can be used to meet community needs and help address inequities in access to health-care supplies and services," said Dr. Michael Allard, Vice Dean, Health Engagement, UBC Faculty of Medicine.

DDC is expected to commence deployment of site infrastructure summer of 2021 and expects to begin providing drone delivery services under the agreement in the second half of 2021. The term of the agreement is 12 months.

Long-Term Technical Rank - 25

TAKOF has a Long-Term Technical Rank of 25. Find out what this means to you and get the rest of the rankings on TAKOF!

Drone Delivery Canada Corp is a developmental technology company. It focuses on designing, developing and implementing a commercially viable drone delivery system within Canada. The company develops drone technology to provide retailers, service organizations, and government agencies a just in time delivery service. It provides few service options such as Depot to Depot which is focused on rural applications providing services from warehouse to warehouse and Depot to consumer offering logistics services from a retailer and warehouse direct to a consumer's home or business location.

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