Vancouver, British Columbia--(Newsfile Corp. - October 2, 2018) - Global UAV Technologies Ltd., (CSE: UAV) (OTC: YRLLF) (FSE: YAB2), (the "Company" or "Global UAV"), a diversified, vertically integrated drone technology company, is pleased to announce its 3^rd Quarter financial results. 

For complete details of the unaudited condensed consolidated interim financial statements and associated management's discussion and analysis, please refer to the company's filings on SEDAR. All amounts are in Canadian dollars unless otherwise indicated.

Revenue highlights of the 3^rd Quarter financials ended July 31, 2018 include the following;

 

During the third quarter period ended July 31, 2018 the Company executed a number of key corporate actions, including the closing of the acquisition of Aerial Imaging Resources Inc., and a non-brokered private placement of $1.77million. During this period of time the Company also continued to work on streamlining corporate operations, which included the installation of new consulting and management contracts to ensure the Company had the correct team in place to continue the growth of revenue. 

On a topline basis the Company continues an aggressive growth trajectory, while the Company has, and will continue to absorb the costs of multiple business unit acquisitions and the related operational improvements relating to the five business units that Global consolidated over the past 18 months. 

The Company incurred a considerable number of one-time costs focused on growing the business, such as capital acquisitions, operational improvements, and contract and asset resolutions during the third Quarter. The Company expects to continue to focus on key corporate actions, such as acquisitions and operational improvements for the next 6 to 12 months as Global UAV continues to integrate business units and processes.  

"We are extremely pleased with these results and the progress we have made to date. The Company believes it has made significant improvements and will continue to work on streamlining operations which the Company expects will result in significant cost reductions over the long run. The revenue growth of the consolidated business units is nothing short of impressive for a company that has been in operation for approximately 18 months. With a number of operational improvements complete, further improvements scheduled over the next 6-12 months, and various one-time costs absorbed, the Company believes it will see significant bottom line improvements over the coming months.", said Mike Burns, CEO of Global UAV.