DRAGANFLY ANNOUNCES LETTER OF INTENT WITH GLOBAL UAV TECHNOLOGIES TO ACQUIRE PIONEER AERIAL SURVEYS AND HIGH EYE AERIAL IMAGING

Vancouver, British Columbia, May 19, 2020 (GLOBE NEWSWIRE) -- Draganfly Inc. (CSE: DFLY) (OTCQB: DFLYF) (FSE: 3U8) (“Draganfly” or the “Company”), an award-winning, industry-leading systems developer within the commercial Unmanned Aerial Vehicle (“UAV”) and the Unmanned Vehicle Systems (“UVS”) industry, is pleased to announce that it has entered into a letter of intent (the “LOI”) with Global UAV Technologies Inc. (“Global UAV”) to acquire (the “Proposed Transaction”) two-wholly owned subsidiaries, being Pioneer Aerial Surveys Ltd. and High Eye Aerial Imaging Inc. (the “Global UAV Subsidiaries”). The Proposed Transaction, if completed, will constitute a fundamental change of Global UAV within the meaning of the policies of the Canadian Securities Exchange Inc. (the "CSE") and will be subject to approval by the shareholders of Global UAV.

Transaction Highlights

• Continues to establish Draganfly as a leading, diversified drone organization: The Global UAV Subsidiaries have total revenues in excess of CAD$4.0 million since 2017, with Pioneer Aerial Surveys having gross revenue of $1,936,501 in the financial year ended 2019.

• Strategically Positioned to Leverage Draganfly’s Brand: The acquisition of the Global UAV Subsidiaries will be a complementary business to Draganfly and expand Draganfly’s total addressable market and enhance its position as a leader in the UAV and UVS industry.

• Established History of Providing Drone Services: The Global UAV Subsidiaries have been operating since 2017.

• Expansion of Services Offered: Pioneer Aerial Surveys is a global leader in providing UAV based geophysical surveys to the mining and industrial sectors with a focus on providing magnetic data to clients around the globe. High Eye Aerial Imaging provides LiDAR services.

Cameron Chell, Chairman and CEO, stated, "Pioneer Aerial and High Eye Aerial are premier aerial service providers in the mining industry. With the increase in global mining activity and the anticipated regulatory clarity of being able to deploy Beyond Visual Line Of Sight use of drones in the mining industry, we see an exponential growth opportunity for Draganfly to become the #1 or #2 global provider of aerial and data services in the mining industry".