News Hub | News Direct

Volatus Aerospace Reports Preliminary Proforma Unaudited Revenue of Approximately C$38M for FY 2022 and Revenue Guidance of Approximately C$52M for FY 2023

Volatus Aerospace Corp.

Volatus anticipates unaudited proforma gross profit margin of approximately 31% in 2022 compared to 26% in 2021. Consequently, management is pleased to report preliminary full-year 2022 gross profit margin consistent with its original guidance. Volatus Aerospace Corp. (“ Volatus ” or “the Company ”) (TSXV:VOL) (OTCQB:VLTTF) is pleased to announce preliminary, unaudited proforma Net Revenue and Gross Profit results for the three-month period ended December 31, 2022 and year ended December 31, 2022 (“FY-2022”) and Revenue and Gross Profit guidance for the financial year ended December 31, 2023 (“FY-2023”). Volatus expects to report positive financial results underpinned by geographic and sector expansion. Based on preliminary unaudited proforma results for FY-2022 prepared by management, Volatus expects to report FY-2022 revenue of approximately C$38 million and FY-2022 Gross Profit of approximately C$11.6 million with an expected gross profit margin of approximately 31%. Additionally, Volatus is providing financial guidance targets for FY-2023. Volatus expects to report FY-2023 Revenue of approximately C$52 million and FY-2023 Gross Profit of approximately C$16.6M million with a gross profit margin of 32%. Factors contributing to the expected increases in revenue, gross profit and gross profit margin in FY-2023 include changes in product mix, conversion of existing active sales pipeline opportunities into sales, larger geographical presence, access to new markets and new products, commercialization of Volatus’ technologies such as Aerieport and ISR drones, and the scaling of operations in the defence segment. For greater clarity, the gross profit margin is derived solely by subtracting the costs of goods sold from total revenue and dividing such number by total revenue. Q4-2022 and FY-2022 Preliminary Results For the three-month period ended December 31, 2022 (“Q4-2022”) and FY-2022, on a preliminary unaudited proforma basis (as discussed in further detail below), management reports the following highlights: Q4-2022 unaudited proforma Net Revenue is expected to be between C$7 million and C$8 million. Without accounting for the proforma adjustment, Volatus expects to report unaudited revenue between C$6.5 million and C$7 million. The FY-2022 unaudited proforma Net Revenue is expected to be approximately C$38 million. Q4-2022 proforma Gross Profit is expected to be between C$2 million to C$2.5 million and FY-2022 unaudited proforma Gross Profit is expected to be approximately C$11.6 million. Organic revenue growth for FY-2022 compared to FY-2021 was approximately 45% as a result of access to new markets, entry in the defence segment, the sale of equipment, and continued growth in the service and training segment. Volatus expects to end 2023 with positive EBITDA on a run rate basis subject to maintaining the Company’s current growth, the level of investment expenditure, and the timing of its customer orders. Business Update At the end of FY-2022, Volatus has: Sold equipment and services on 3 continents. Expanded geographically in Latin America and the United Kingdom. Developed and began commercializing 4 proprietary technologies. Completed 5 acquisitions. Expanded our defence and public safety businesses. Subsequent to Q4-2022 Completed the acquisition of Empire Drone. Received a domestic service licence from the Canadian Transportation Agency to provide drone cargo services. Gross Profit Margin. The Company derives gross profit margin by subtracting costs of goods sold from total revenue and dividing such number by total revenue. “Despite macro-economic challenges and supply chain constraints, the Volatus team has continued to demonstrate strong execution in 2022. We issued a revenue guidance note of C$38M through a news release on February 16, 2022, and I am extremely proud of achieving our target,” said Abhinav Singhvi, CFO of Volatus Aerospace. “Continued geographic expansion, enhanced capabilities, accelerating industry adoption and cross-selling are expected to drive growth for the foreseeable future.” The Company cautions that the above results are preliminary in nature and unaudited, as the Company’s audit for FY-2022 has not yet been completed. Actual results for FY-2022 may differ materially from the estimates disclosed in this news release due to the completion of the Company’s financial closing procedures, final adjustments, review by the Company’s auditors and other developments that may arise between now and the time the financial results are finalized. Actual results for FY-2023 may differ materially from the estimates disclosed in this news release due to, among other things, supply chain challenges, the inability of strategic suppliers and resellers to perform their obligations, rapid changes in the industry, increased competition, regulatory changes and hurdles, and the inability to expand in different markets due to geo-political risks. These estimates are not a comprehensive statement of the Company’s financial results for Q4-2022, FY-2022 and FY-2023 and should not be viewed as a substitute for full financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), and these estimates are not necessarily indicative of the results to be achieved for Q4-2022, FY-2022 and FY-2023. A number of economic, market, operational and financial assumptions were made by the management of Volatus in preparing its forward guidance, including, but not limited to, the conversion ratio of the Company’s sales pipeline, success in the bidding of RFQs, the ability to change the product mix and the Company’s ability to maintain a competitive position, retain and increase recurring revenue with customers, scale relationships with strategic suppliers, maintain gross margins and retain its sales force. The preliminary results provided in this press release constitute forward-looking information and future-oriented financial information within the meaning of applicable Canadian securities laws, are based on a number of assumptions and are subject to a number of risks and uncertainties. The purpose of this future-oriented financial information is to provide readers with an understanding of the Company’s ability to scale and maintain its competitive position and such future oriented financial information may not be appropriate for other purposes. Please see the section below entitled “Cautionary Note Regarding Forward-Looking Information and Future Oriented Financial Information”. The preliminary results have been prepared by, and are the responsibility of, management of the Company. The Company’s auditor, MS Partners, has not reviewed the preliminary results. Neither MS Partners nor any other independent accountants express an opinion or any other form of assurance with respect to the preliminary results. The Company will provide additional discussion and analysis regarding its fourth quarter revenue, gross profit, and EBITDA when the Company reports it Q4-2022 and FY-2022 results on April 17, 2023 after the close of markets. Non-IFRS Measures and Other Financial Measures This news release contains references to EBITDA and gross profit margin, which are not defined under IFRS. Management believes the presentation of these metrics gives useful information to investors and shareholders, as they provide increased transparency and insight into the performance of the Company. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Readers should not place undue reliance on non-IFRS measures and should instead view them in conjunction with the most comparable IFRS financial measures EBITDA. The Company defines EBITDA as IFRS net loss excluding interest expense, depreciation and amortization expense. 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 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. Forward-Looking Information This news release contains statements that constitute “forward-looking information” and “future oriented financial information” within the meaning of applicable Canadian securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating and financial performance. Often, but not always, forward-looking information and future oriented financial information 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 and future oriented financial information includes information regarding: (i) the Company’s expectations of net revenue, gross profit, gross profit margin and other financial projections for Q4-2022, FY-2022 and FY-2023; (ii) the business plans and expectations of the Company; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information and future oriented financial 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 and future oriented financial information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information and future oriented financial 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 future oriented financial information 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. Factors that could also cause actual results to differ materially from those anticipated in the forward-looking information and the future oriented financial information are described under the caption “Risk Factors” in the Company’s Annual Information Form dated June 30, 2022, which is available on SEDAR at www.SEDAR.com. 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 and future oriented financial 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 and financial oriented financial information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information and future oriented financial 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Source: Volatus Aerospace Corp. TSXV: VOL Contact Details Abhinav Singhvi +1 514-447-7986 abhinav.singhvi@volatusaerospace.com Company Website https://volatusaerospace.com

February 21, 2023 07:00 AM Eastern Standard Time

Image

Comcast Plans Major Network Expansion in Texas

Comcast Houston

Comcast announced today it will significantly expand its next-generation network, the Xfinity 10G Network, in a major way across several southeast Texas counties in 2023. The media and technology company said it will invest more than $100 million to install at least one thousand miles of new fiber-rich highways that will reach up to 80,000 homes and businesses by the end of this year. The planned expansions add to Comcast’s ongoing $2.8 billion investment in Texas over the last three years. Network expansion efforts will begin in Kingwood, Pinehurst, Prairie View, Waller, New Caney and Conroe. Construction will continue in other communities that have ongoing network infrastructure builds in the Houston area. Construction has started in Kingwood, which will be the largest expansion of the year; it is expected to be complete by the end of 2023 and will reach nearly 24,000 Kingwood homes and businesses. These locations will have the foundational next-generation network in place to begin deploying DOCSIS 4.0, setting the stage for the introduction of new symmetrical multi-gigabit Internet options. “We will bring our fiber-rich network to twice the number of homes and businesses this year compared to the number we passed last year,” said Ralph Martinez, Senior Regional Vice President of Comcast’s Texas Region. “Southeast Texas’ rural and suburban communities have been growing fast, and we are building out our next-generation Comcast network in tandem with the growth. We will continue to expand to even more rural communities in the next few years.” Once complete, Comcast, the nation’s largest provider of 1.2 Gigabit per second speeds, will give consumers access to reliable and fast Xfinity Internet and Xfinity Mobile service that outperforms its competitors. Comcast engineers have also developed multiple artificial intelligence and machine learning technologies that make the network faster and more reliable while delivering up to 100 Gbps for Comcast Business customers. In addition, Comcast’s next-generation technology provides multiple layers of security that automatically detect and block hundreds of thousands of cyber events every second, and a Smart Network that automates many core network functions and dramatically reduces the number of outages. “Access to reliable internet and telecommunications services is something that we cannot go without in our day-to-day activities,” said Houston Mayor Pro-Tem and Kingwood resident, Dave Martin. “Comcast and their new construction project in Kingwood is a perfect example of a business working to bridge the gap to connect more people to much-needed services while increasing accessibility to much-needed services and their dependability. I appreciate Comcast’s partnership and commitment to District E.” Comcast is also committed to addressing digital equity in communities we serve, through Project UP, the company’s $1 billion dollar commitment to help tens of millions of people connect to the internet and build futures of unlimited possibilities. Last year, Comcast Texas invested more than one million dollars to help local community organizations provide personalized digital skills training, offer workforce development/readiness workshops and other tech education to students, adults, and people with disabilities. The funding also supports ongoing efforts to build awareness about connectivity programs like Internet Essentials and the federal government’s Affordable Connectivity Program (ACP), which offers eligible households up to $30/month credit, or up to $75 for households on tribal lands, for home Internet. Comcast proudly participates in the Affordable Connectivity Program, and offers Internet Essentials Plus, a $29.95/month home Internet service that is effectively free for eligible households, once the ACP credit is applied. Interested customers can visit Xfinity.com/ACP or call 1-800-Xfinity to learn more about this program and find out if they qualify. For more construction details and updates, visit ComcastTexas.com/Expansion. Powered by the Xfinity 10G Network Comcast’s next-generation network and Internet experience are powering homes today and into the future: · Ultimate Capacity: Xfinity customers connect nearly 1 billion devices across the company’s network annually. The Xfinity 10G Network with the next-generation Xfinity gateways deliver the most advanced WiFi technology carrying three times more bandwidth to power streaming, gaming, videoconferencing, and more, simultaneously. · Fastest Internet: 10 million+ Xfinity Internet customers subscribe to gigabit speed products, and Ookla rated Xfinity the fastest Internet provider at the end of 2022*. Symmetrical gig speeds to the first homes are planned for later this year. · Unprecedented Coverage: The latest Xfinity Gateway provides a more reliable connection throughout the home. Customers can get wall-to-wall WiFi coverage with a powerful xFi Pod that extends coverage to hard-to-reach areas, with plans for an offering of increased support for in-home WiFi through a “boost guarantee” later this year. · Most Reliable Connection: Comcast is scaling the nation’s largest and most reliable network – the Xfinity 10G Network – that passes 60 million homes and business and counting. The company plans to launch a new device that is “storm-ready” with cellular and battery backup to help keep customers connected even when the power goes out. · Ultra-Low Latency: The Xfinity 10G Network and the latest xFi Gateway are a powerful combination that deliver ultra-low latency for those moments when response times matter most like video games, a fast-growing category with Xfinity households averaging more than one gaming console per home. For local businesses, Comcast Business offers a suite of connectivity, communications, networking, cybersecurity, wireless, and managed solutions to help organizations of different sizes prepare for what’s next. Powered by the nation’s largest Gig-speed broadband network, and backed by 24/7 customer support, Comcast Business is the nation’s largest cable provider to small and mid-size businesses and one of the leading service providers to the Enterprise market. Comcast Business has been consistently recognized by industry analysts and associations as a leader and innovator, and one of the fastest-growing providers of Ethernet services. Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information. Ookla’s SpeedtestTM Market Index report shows that Xfinity delivered the fastest median download speeds to its Internet customers in the United States for the final quarter of 2022. Contact Details Comcast Steve Campion +1 832-920-2001 Steve_Campion@Comcast.com Company Website https://houston.comcast.com/

February 20, 2023 10:08 AM Central Standard Time

Video Image

i2Coalition Warns of Crippling Impact in Amicus Brief filed with U.S. Supreme Court in Gonzalez v. Google LLC

i2Coalition

In advance of the oral arguments in the U.S. Supreme Court for Gonzalez v. Google LLC, the Internet Infrastructure Coalition (i2Coalition) warns of the crippling impact this case could have on businesses of all sizes that build the Internet. On January 18, 2023, the i2Coalition, joined by our members cPanel, LLC; Identity Digital Inc.; Texas.net, Inc.; and Tucows Inc., filed an amicus brief calling on the Court to affirm the judgment of the Ninth Circuit and protect the foundational role Section 230 plays in ensuring the Internet's infrastructure functions efficiently and effectively. "While Section 230 may in part be responsible for protecting giant platforms that host user-generated content, it is also one of the pillars of intermediary liability law, which protects the entire ecosystem of lesser-known Internet infrastructure companies that operate the Internet at every level, down to the Internet user," said Christian Dawson, the i2Coalition's executive director. "Google may be the company listed on the case, but an adverse ruling would have far-reaching implications and cripple the ability of our member companies to ensure that the infrastructure running the Internet can continue to operate." The i2Coalition's brief demonstrates that Section 230's expressed words provide no basis for excluding the automated operation of algorithms (instructions to computer systems) from Section 230 liability protection. The coalition explains that a myriad of companies throughout the Internet ecosystem, including those providing its infrastructure, depend on algorithms to classify, organize, process, and transmit all sorts of data and that these functions do not alter Section 230(c)(1)'s protection of those companies. These include services that may seem mundane but are critically important, such as Domain Name Service (DNS) resolutions that translate domains into IP addresses. These services require stable, clear, and neutral rules that are not subject to political combat and weaponization by regulators and other actors. The extraordinary breadth of stakeholders that filed briefs last month in support of preserving Section 230, in its current form, includes private sector companies, entrepreneurs, advocacy organizations, academics, and computer scientists. Collectively, these briefs urged the Court to uphold Section 230 liability protection as courts have uniformly applied it for the past 25 years. In addition, the filings included the submission to the Court of an amicus brief from the original co-authors of the statute, former U.S. House Representative Christopher Cox and U.S. Senator Ron Wyden. "With the Internet as we know it at stake, we implore the Court to uphold Section 230's protections," said Christian Dawson, the i2Coalition's executive director. "For 25 years, courts have uniformly applied the law without Congress seeking to steer the courts onto a different course. If revisions to Section 230 are warranted, Congress alone should make those changes." The full i2Coalition amicus brief in the U.S. Supreme Court docket can be found here. About the i2Coalition Internet Infrastructure Coalition (i2Coalition) is a trade association representing the interests of businesses that construct and operate essential building blocks of the Internet. Its members include cloud providers, data center operators, domain name registrars, domain name registries, and other foundational Internet enterprises. Its mission is to preserve a free and open Internet as an engine for growth and innovation. It works with its members to advocate for sensible policies, establish and reinforce best practices, help create industry standards, and promote awareness of how the Internet works. To learn more about the i2Coalition, please visit www.i2Coalition.com. Contact Details Aaron Alberico +1 202-744-0785 aalberico@raynoravenue.com Company Website https://i2coalition.com/

February 20, 2023 10:35 AM Eastern Standard Time

Aerial Firefighting Organizations Team To Launch United Aerial Firefighters Association

Resource Advantage

Leading aerial firefighting operators have joined together to form the first industry association dedicated to serving and fostering safety and standardization in the aerial firefighting community. The United Aerial Firefighters Association (UAFA) was founded at the end of 2022 as a non-profit association with the goal of informing policymakers and legislators about important issues concerning the increasingly critical nature of aerial wildland firefighting. UAFA exists to bring together industry experts for collaboration and to provide a unified voice for the industry when speaking to state and federal stakeholders, fire agencies, and the public about wildfires and issues impacting the aerial firefighting community. The association is headquartered in Washington, DC, ensuring that members have a significant presence on Capitol Hill and at federal agencies. “We’ve seen tremendous change occur in wildland fire aviation over the last twenty years,” says John Gould, President and CEO of 10 Tanker Air Carrier, one of the founding members of the UAFA. “As we look ahead, these challenges will only become more significant. While individual organizations within the industry will always be competitive, we believe the collective expertise represented within UAFA membership will help to ensure our industry continues to grow with the innovation, safety, and standardization necessary to deliver the best service possible to our customers.” Gould serves as the inaugural President for the UAFA Board of Directors. Other Founding Members included on the Board are: Vice President, Bart Brainerd, Firehawk Helicopter Secretary/Treasurer: Brett L’Esperance, Dauntless Air Director: Tim Sheehy, Bridger Aerospace Director: Jennifer Draughon, Neptune Aviation Services UAFA membership is open to companies who own or lease and operate aircraft, UAVs/drones, or provide aerial-delivered suppressants/retardants under contract with federal or state governmental entities for aerial firefighting services. Companies who provide products and services to the aerial firefighting industry, non-profits, and state and national agencies are also encouraged to join. For information on the UAFA, visit UAFA.org, or email membership@uafa.org. About the United Aerial Firefighters Association The United Aerial Firefighters Association (UAFA) is the only trade association dedicated to aerial firefighting. The organization provides a unified voice that advocates for safety and standardization in the aerial firefighting community at the local, state, and federal levels. The goal of the association is to inform policymakers and legislators about the important issues concerning the increasingly critical nature of aerial wildland firefighting. Contact Details Resource Advantage Dan Green +1 973-882-1313 dgreen@resourceadvantage.com Company Website https://uafa.org/

February 16, 2023 11:13 AM Eastern Standard Time

Image

Volatus Aerospace Receives Canadian Transportation Agency License for Drone Cargo Services

Volatus Aerospace Corp.

Volatus Aerospace Corp. (TSXV: VOL) (OTCQB: VLTTF) ("Volatus" or "the Company") is pleased to announce that the Company has been issued a Canadian Transportation Agency (CTA) License for domestic service, all-cargo aircraft. This license builds on the existing capabilities authorized by CTA licenses held by Volatus subsidiaries Partner Jet Inc. (Volatus Aviation) and Synergy Aviation. The addition of this license allows the Company to build its drone cargo capability under the Volatus brand in preparation for the anticipated Transport Canada/FAA regulatory changes. “Positioning Volatus with this license is an important step toward our long-term vision of drone cargo operations, when we are scheduled to take delivery of the first 3.8 tonne Natilus Kona uncrewed regional feeder aircraft (announced in a press release on January 25, 2022 ),” says Glen Lynch, CEO of Volatus Aerospace Corp. “It is still early days for large, commercial drone cargo and our primary revenues for the next few years will continue to come from data, analytics, intelligence and equipment sales.” “Today, our cargo business is limited to smaller drones, which are practical for inter-island, remote areas, industrial sites, medical and offshore applications. These current use cases continue to build our experience and reputation as an operator of cargo drones,” added Michael Hill, Regional Director for Volatus. 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. About Natilus: Natilus was founded in 2016 to commoditize the air cargo transport industry by designing and manufacturing one of the world’s first autonomous aircraft for efficient and sustainable freight transport. This new fleet of blended wing body (BWB) autonomous freight aircraft will increase volume by 60% and lower costs by 60%, while reducing carbon emissions by 50%. Natilus aircraft use existing ground infrastructure and standard air cargo containers to produce an innovative turnkey solution for customers. The first in a family of aircraft, the Natilus Kona, is expected to carry up to 4.3 metric tonnes of freight, fly as far as 900 nautical miles, and cruise at 220 knots. To date, Natilus has an order book of $6B for 460+ aircraft. Volatus has the rights to the first aircraft production slot. Forward-Looking Information 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 +1 514-447-7986 abhinav.singhvi@volatusaerospace.com Company Website https://volatusaerospace.com

February 15, 2023 07:00 AM Eastern Standard Time

Image

Since Elon Musk’s Takeover, Twitter Has Seen a Rapid Rise in Gen-Z, Neo-Nazi Antisemitism, New Study Shows

Combat Hate Foundation

A study by the Combat Antisemitism Movement (CAM) and the Network Contagion Research Institute (NCRI) has demonstrated that extremist elements have viewed Elon Musk’s takeover of Twitter as an opportunity to rejoin the social media platform en masse. The study also indicates that a sea change is taking place on Twitter with respect to the proliferation of extremist antisemitic content. Much attention has been paid to Kanye “Ye” West’s antisemitic tirade, and indeed NCRI/CAM’s data finds his remarks triggered a significant increase of 136% in toxic comments, threats, and identity attacks in tweets pertaining to Jews on the platform. Furthermore, the data suggests that the influx of extremist activity onto Twitter began far before West’s statements, with an organized effort of extremist communities like the Gen Z, neo-Nazi “Groypers,” led by white supremacist Nick Fuentes. The report finds they acted as a vanguard: anticipating, planning for, and capitalizing on Musk’s acquisition of Twitter to popularize and disseminate hateful content. They did so with the expectation that Musk would provide a more hospitable platform for their brand of extremist content, joining Twitter at a rapid rate. This report comes on the heels of Twitter briefly reinstating Fuentes’s account in late January, the only mainstream social media platform that has allowed his activity. Within hours of being reinstated, Fuentes’ second tweet was a video showcasing “ye24” and “Death Con 3,” a nod to West’s October tweet where he said he was going to go “death con 3 on the Jewish people.” Using machine learning, natural language processing, open-source investigation of social media content, graph and time series analysis, and econometric techniques, NCRI examined how an antisemitic transformation has taken shape on Twitter and how these changes might relate to physical-world, antisemitic incidents. Combining CAM's expertise in identifying emerging antisemitic trends with NCRI's proprietary technology, insights are drawn from vast amounts of data across social media platforms in near-real time to uncover contemporary antisemitism on social media, and its real-life consequences. Neo-Nazi Groyper accounts joined the platform first in response to Musk joining the board of the company, then surged to their highest levels (~2,000% growth) on April 15th, with the announcement of his purchase offer. Notable spikes also accompanied Musk’s formal acquisition of the platform (~1,000%) and the reinstatement on Twitter of former U.S. President Donald Trump. Baseline levels of new Groyper accounts continuing to join the platform have also surged and remained elevated by over 200%, suggesting sustained growth in Gen-Z neo-Nazi Groyper activity on Twitter. “Since Elon Musk acquired Twitter, it has become not only a safe space for hate, especially antisemitism, but also a vector for its spread,” said Sacha Roytman Dratwa, CEO of CAM. “Many white supremacists and other extremists have perceived it as a place where there is permission to incite, and even a single tweet from someone like Nick Fuentes or Ye has to the power to sow seeds of hate for years to come. It is a very real and tangible threat.” Since Twitter accepted Musk’s offer in April, monthly references to tropes about “Soros” and “Globalists,” which are often antisemitic, have nearly doubled. This is of great concern, as the NCRI/CAM now characterizes online antisemitism as an upstream predictor of real-world incidents. In fact, these impacts have emerged in tandem with a surge in real-world antisemitic activity, and the data suggests key antisemitic conspiracy terms on Twitter both correlated with and were useful for forecasting these activities. “There is almost a horseshoe effect mobilizing against the Jewish people, with white supremacists, Black Hebrew Israelites, Islamists, and others working together on the only cause that unites them -- a hatred of Jews,” said Joel Finkelstein, Chief Science Officer and Director at NCRI. One example was from November last year when Christopher Brown (@vrilgod) replied to a heated argument on Twitter about the history of the transatlantic slave trade with the claim “Jews owned the ships.” Later that same day, Brown was arrested at New York City’s Penn Station carrying a “large 8-inch military-style knife, a blade longer than 4 inches, a Swastika arm patch, and a ski mask,” in connection to threats against a synagogue in the city. The tweet was subsequently uncovered, after being deleted, on the NCRI’s platform. Brown -- a white male linked to online neo-Nazi groups -- had used a trope common to the Black Hebrew Israelites. His quip on Twitter and subsequent planned terror attack shows the convergence of different racial hatreds in new, unexpected ways that appear to be growing in popularity and attention, with a rash against Jews taking place in the physical world. To view the full CAM/NCRI report on Twitter and its responsibility for a rise in antisemitism, click here. The Combat Antisemitism Movement (CAM) is a global coalition engaging more than 650 partner organizations and two million people from a diverse array of religious, political, and cultural backgrounds in the common mission of fighting the world’s oldest hatred. CAM acts collaboratively to build a better future, free of bigotry, for Jews and all humanity. Contact Details JDA Worldwide +1 615-473-0794 Press@jdaworldwide.com Company Website https://combatantisemitism.org/

February 08, 2023 01:32 PM Eastern Standard Time

Image

AI-Generated Cover Art and Article Surprise Readers of NCMA’s Contract Management Magazine

National Contract Management Association

Only by reading to the end of “AI Is Coming for Contracting,” the February cover story, did Contract Management Magazine readers learn the truth about author Annaliese Trenchfield. “She” was an amalgam of generative artificial intelligences. In a first-ever test, the editors of the National Contract Management Association’s (NCMA) flagship magazine used Open AI’s DALL-E2 to create the cover image and the same company’s Generative Pre-trained Transformer 3 (GPT3) model to write the cover story. “What better way to bring home to government and industry contracting professionals AI’s growing potential to alter their work and careers than by showing them what it can do?” said NCMA CEO Kraig Conrad. “The slightly ominous nature of the cover art was intentional,” he added. “All of us quickly must adjust to AI augmenting our work. But as “Ms. Trenchfield” made clear, rumors of human replacement are greatly exaggerated... for now.” The cover package details current AI applications in government contracting. It was brought to life by Contract Management Editor in Chief Anne Laurent with the support of John Ferry, CEO of Trenchant Analytics, (TAC), which is prototyping an AI-powered contract writing application, AcqBot, for the Department of Defense. “I had seen Cosmopolitan magazine’s DALL-E2-generated astronaut cover, and I thought, why not go all the way, and have AI generate a cover image and story about AI in contracting,” Laurent said. “Almost immediately after ChatGPT went public last November, contracting folks began musing on social media about using at work. So, I knew there was an appetite for exploring AI.” Just a day after Laurent posted it on LinkedIn, the cover package had attracted thousand of impressions, the equivalent of going viral for an article about contracting. “It was averaging 100 hits an hour for the first day or so,” she said. “My post didn’t give away the surprise, but I did advise people to read all the way to the end of the story where Trenchfield’s “bio” appeared.” Ferry, who prompted DALL-E2 to produce the cover illustration and article, generated 1,580 images to find the cover image. “Each prompt produces four images, so that comes to 395 individual prompts,” he said. Like many ChatGPT users, Ferry quickly discovered the limits of AI language models. Asked to write about the use of robotic process automation in government and provide web links and citations, “GPT-3 gave me 50 or more very official-sounding system names complete with acronyms, military service sponsors, and website links. All were completely fictitious,” he said. View the full February issue. For more on the story behind the February cover, look for the March issue of Contract Management, coming soon. # # # The National Contract Management Association (NCMA), founded in 1959, is the world's leading association in the contract management field. With more than 18,000 members, NCMA is dedicated to the professional growth and educational advancement of procurement and acquisition personnel worldwide. NCMA strives to serve and inform the profession in government and industry by offering opportunities for open exchange of ideas in neutral forums. NCMA's Contract Management Standard is the foundation of foundation contracting training for the entire U.S. government. To learn more, please visit www.ncmahq.org. Contact Details Dominick Belfiore, Director of Operations and Special Projects +1 571-207-5151 dominick.belfiore@ncmahq.org Company Website https://www.ncmahq.org/

February 06, 2023 10:30 AM Eastern Standard Time

Inkle raises $1.5M to power tax & accounting for US cross-border companies

Inkle

Almost half of the 20,000 US companies created on Stripe’s Atlas incorporation platform alone (of which almost 10,000 were formed in the year leading up to June 2021) were created by non-US-based founders. In helping these founders (and those based in the US) navigate the US regulatory environment, human chat-based US CPA SaaS product Inkle is today announcing a $1.5 million pre-seed funding round to help these companies handle bookkeeping, tax, and compliance filings through its software solution for US cross-border companies. Picus Capital, Saison Capital and Force Ventures participated in the funding round. Cross-border companies with a US parent holding company often struggle with back-office administration. The Big Four are too expensive, and smaller CPA firms are not able to cover everything or use the legacy solutions and rely on email, Google Drives and third-party generic tools to meet the growing regulatory demands. As a result, small cross-border companies are left in a grossly underserved market with slow, expensive, disorganized, often unresponsive and unaffordable service providers. It also leaves gaps, requiring customers to patch together several consultants and solutions. Add multiple entities and time-zone issues, and it quickly becomes chaotic, resulting in missed deadlines and an unnecessary management burden. Inkle was co-founded in late 2021 by British entrepreneur Anand Krishna after experiencing the tedious headache of managing tax and bookkeeping for several US entities which he had launched, and Ranvir Singh joined him in 2022. In creating an efficient approach to regulatory demands, Anand felt human chat was the need of the day. Inkle is an asynchronous human chat platform that combines a strong accounting outsourcing industry (based in India), with an English-speaking workforce, cost arbitrage, and SaaS engineering know-how - creating the perfect ingredients to address a major pain point. Anand was most recently the Co-Founder & CEO of Index, a personal finance mobile app company which was acquired in 2021 by Tencent-backed Niyo. Prior to this, he co-founded a Y Combinator-backed fintech company having spent a decade at Goldman Sachs, Morgan Stanley and Vedanta Resources Group. Ranvir Singh was the first employee at Inkle and has recently been appointed Co-Founder & CTO, having architected the Inkle tech stack. Previously he was at Paytm where he helped build and scale Paytm Chat to tens of millions of users. Inkle CEO and Co-Founder, Anand Krishna commented: “Just over a year into our journey, and despite us starting during the pandemic and a global recession, hundreds of US companies onboarded and are now happier with our human chat-based approach to handling their back-office headaches; our CPA teams are delighted with 10x new business volumes without a need to hire extra staff or put any effort into acquiring customers; and we’ve built a dominant position in one focused corridor with solid revenue growth. And yet the customer now gets to pay less than ever before. It’s a win-win-win situation. Software will revolutionise this massive space, which is perfect for disruption by Inkle - building and delivering from right here in Bengaluru for the world. We’re delighted to partner with our first investors to prove we can do the same in other corridors now. Inkle’s full-stack software and collaborative features creates a scalable, on-demand and affordable back office for global companies. It is powered by highly experienced independent US-licensed, India-based CPA teams with decades of global accounting and tax experience. These are independent practitioner-led outsourced teams who are able to rapidly scale up on demand. Customers can manage and track their filings from anywhere. The platform offers asynchronous human chat with bookkeepers and CPAs and clear dashboards with deadline alerts, team collaboration, secure corporate document vault, and transparent billing. Inkle’s newly launched bookkeeping ledger - Inkle Books - fills a glaring gap by synching to bank feeds on one side and recognised accounting softwares on the other. This gap frustrates bookkeepers and Inkle solves this by introducing transaction-level clarification human chat, merchant recognition and categorisation, attachment automation, transaction-level tax monitoring, a global compliance rule engine and more. The majority of Inkle customers have multiple group entities in various countries, Inkle Books tracks the various intercompany money movements inside the group: transfer pricing, foreign direct investment and royalty, as well as handling complex group consolidation. Inkle also facilitates compliances such as registered agent, mailroom, and state, federal and cross-border regulatory reporting. For its independent CPA team partners on the backend, Inkle superpowers them with advanced practice management and workflow solutions, replacing their reliance on Google Sheets and email. Both the customer and CPA softwares are constantly evolving their modern fresh SaaS interface to seamlessly connect all three sides. Inkle, which was bootstrapped and in stealth until now, has grown revenues 7x in the last year to hundreds of thousands of dollars. Inkle has quietly built a strong leadership position in the US-India corridor (half of all YC companies in India, 3% of all YC companies globally and hundreds of US companies overall use Inkle today). Inkle is now expanding into new corridors such as US-Canada, US-LATAM and new sectors such as crypto taxes. Customers include leading tech companies such as Salesken, Mailmodo, Zoko and DriveTrain. Florian Reichert (Partner and Managing Director at Picus Capital), added, “Given the obligatory nature and zero default requirements in accounting, tax and compliance software tooling is a major customer need and hence also in the current economic climate indispensable. With its full-stack SaaS offering Inkle sits at the intersection of customers, CPAs, accounting tools and authorities clearly making workflows more efficient and less error-prone. We are impressed by what Anand and the team has built in a very lean manner and are thrilled to be supporting Anand on his journey to revolutionize how cross-border companies manage their accounting, taxes and compliance." About Inkle Inkle is a global tax and accounting SaaS startup based in Bengaluru, India and headquartered in Delaware, USA. Inkle provides software to enable US companies created by overseas founders to easily and affordably handle tax, accounting and compliance. About Picus Capital Picus Capital is an international, privately financed venture capital company with headquarters in Munich and offices in New York, Beijing, Berlin, London, Bangalore, Stockholm and São Paulo. Picus predominantly invests in Pre-Seed, Seed and Series A rounds and focuses on technology companies in financial services, HR, energy & climate, healthcare, logistics & mobility, real estate & construction, crypto & web3, deeptech and e-commerce. As an entrepreneurial sparring partner, Picus Capital pursues a long-term investment philosophy and supports founders from the ideation phase to the IPO and beyond. For further information please visit www.picuscap.com and LinkedIn. Contact Details Inkle Bilal Mahmood +44 7714 007257 b.mahmood@stockwoodstrategy.com Company Website https://www.inkle.io/

February 06, 2023 08:00 AM Eastern Standard Time

Image

Comcast Hosts Community Event and Makes a $50,000 Contribution to Santa Cruz Non-Profit Organizations for Storm Relief and Recovery

Comcast California

As Santa Cruz County works to recover and rebuild from the recent historic rainstorms that caused massive flooding, downed trees, landslides and other devastation, Comcast yesterday hosted a free event to support the community and made a $50,000 donation to the United Way of Santa Cruz and Community Bridges of Santa Cruz. “The Santa Cruz area has suffered so much from the recent storms – the devastation has been heart wrenching to experience and witness,” said Ray Cancino, CEO, Community Bridges. “This partnership and financial support from Comcast is coming at the ideal time and will provide important, valuable resources as the community strives to get back on its feet.” “We appreciate Comcast hosting yesterday’s event. It was so nice to enable this hard-hit community to take a break, come together and support each other, while having some fun.” said Keisha Browden, CEO, United Way of Santa Cruz County. “Comcast’s financial contribution to our community will help us not only expand our recovery efforts but also help us rebuild from this catastrophic disaster.” A unique feature at the Scotts Valley community event was the Xfinity Experience trailer, which features a 12 foot by 18-foot LED screen on which the movies Sing 2 and Minions: Rise of Gru were screened. The trailer also enabled free WiFi access and power so attendees could get online and charge their devices. Attendees can enjoy free food and beverages from local restaurants and there will be raffles with a variety of door prizes and special giveaways. Throughout the series of dangerous and severe storms, Comcast provided a range of services to evacuation and community support centers in Northern and Central California. Comcast’s network and engineering technicians monitored the storms’ impacts and worked diligently to restore Xfinity and Comcast Business services that were impacted as quickly and safely as possible so customers could stay connected. Comcast also made available for free use by anyone its 147,000 public Xfinity WiFi hotspots throughout Northern and Central California. This helped residents and emergency personnel stay connected during the rainstorms. # # # About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information. Contact Details Adriana Arvizo +1 925-200-1919 Adriana_Arvizo@comcast.com

February 02, 2023 02:01 PM Pacific Standard Time

Professional Services

Volatus Aerospace Reports Preliminary Proforma Unaudited Revenue of Approximately C$38M for FY 2022 and Revenue Guidance of Approximately C$52M for FY 2023

Comcast Plans Major Network Expansion in Texas

i2Coalition Warns of Crippling Impact in Amicus Brief filed with U.S. Supreme Court in Gonzalez v. Google LLC

Aerial Firefighting Organizations Team To Launch United Aerial Firefighters Association

Volatus Aerospace Receives Canadian Transportation Agency License for Drone Cargo Services

Since Elon Musk’s Takeover, Twitter Has Seen a Rapid Rise in Gen-Z, Neo-Nazi Antisemitism, New Study Shows

AI-Generated Cover Art and Article Surprise Readers of NCMA’s Contract Management Magazine

Inkle raises $1.5M to power tax & accounting for US cross-border companies

Comcast Hosts Community Event and Makes a $50,000 Contribution to Santa Cruz Non-Profit Organizations for Storm Relief and Recovery