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Be the first with the news that moves the market- AI technology company Windfall Geotek (TSXV:WIN) has joined forces with drone company Draganfly (CSE:DFLY) for a noble cause
- The companies intend to develop an AI-driven drone solution for detection and elimination of landmines
- Windfall Geotek (WIN) is down 7.1 per cent, with shares trading for C$0.07 and a market cap of $6.2 million
- Draganfly Inc (DFLY) is down 1.27 per cent, with shares trading at $0.78
Windfall Geotek (TSXV:WIN) and Draganfly Inc (CSE:DFLY) have joined forces to develop drone technology for detecting and eliminating landmines.
The terms of the agreement include joint research, development, and engineering support, along with drones and other equipment.
There are some other unnamed terms both parties are subject to prior to closing of the deal.
The venture will hopefully develop a system capable of detecting and eliminating Land Mines, Unexploded Ordinance, and Improvised Explosive devices.
Unexploded ordinance costs the global economy around C$100 billion a year. In 2018, world governments invested nearly $700 million in mine action programs.
Chairman of Windfall Geotek, Dinesh Kandanchatha, said the company was excited to have Draganfly as their partner.
“We have been evaluating drone solutions for nearly a year. After an exhaustive analysis of the market and providers, it is exciting to select Draganfly as our first drone systems partner for this worthwhile initiative.
“The depth of the Draganfly engineering team, North American supply chain, best-in-class products, and access to military and public safety experts are exactly what we need to advance our test and field trials,” he said.
CEO of Draganfly, Cameron Chell, noted the two companies shared a mission in saving lives through technology.
“Windfall Geotek is the industry leader in AI-based digital exploration for mining.
“When they approached us on this project it seemed like a natural fit to partner our best-in class-engineering and drone capabilities, with their proven software and AI expertise.
“We expect this partnership to generate new and expanded revenue streams for both companies in the Defense sector, public safety, and other markets where both companies have expertise,” he said.
Windfall Geotek (WIN) is down 7.1 per cent, with shares trading for $0.07 and a market cap of $6.2 million
Draganfly Inc (DFLY) is down 1.27 per cent, with shares trading for $0.78 at 3:21pm EST.
