Volatus Aerospace Receives NRC-IRAP Funding to Support Condor XL Development

MONTREAL, March 17, 2026 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT) (OTCQB: TAKOF) (FSE: ABB.F) (“Volatus” or the “Company”), a Canadian aerospace and defence company delivering integrated uncrewed systems and mission-critical operational services, today announced it has been approved for non-dilutive funding support of up to $320,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).

The funding supports development activities related to the Volatus Condor XL heavy-lift uncrewed aerial system, including avionics architecture development, autonomy integration, and flight validation activities supporting future commercial and government applications. The project also supports Volatus’ long-term strategy to expand sovereign Canadian capabilities in autonomous aerospace systems and next-generation aerial logistics platforms.

Glen Lynch, Chief Executive Officer of Volatus Aerospace, commented, “Last week, the National Research Council of Canada (NRC) announced over $900 million in funding over five years under the Industrial Research Assistance Program (IRAP) to bolster the Defence Industrial Strategy, focusing on domestic R&D and dual-use technologies. Today, we are pleased to acknowledge the financial contribution of the Government of Canada through NRC-IRAP. This support helps advance Canadian innovation in autonomous aerial systems and aligns with our strategy to build domestic capabilities in dual-use aerospace technologies.”

The Condor XL platform is being developed to support heavy-lift logistics, infrastructure support, emergency response, and government applications requiring runway-independent cargo delivery capabilities. The project is expected to run through early 2027 and supports Volatus’ ongoing investments in Canadian engineering and advanced aerospace development. The Company expects the initiative to contribute to domestic innovation capacity and support high-value technical employment in Canada.

Government Support Acknowledgement

This project is supported by the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). Any opinions, findings and conclusions or recommendations expressed in this material are those of the Company and do not necessarily reflect the views of the National Research Council of Canada.

About Volatus Aerospace

Volatus Aerospace Inc. is a Canadian-based global aerospace and defence company delivering crewed and uncrewed aerial systems, manufacturing, advanced autonomy capabilities, and mission-critical operational services. The Company provides aerial intelligence, inspection, logistics, surveillance, training, and autonomous aerial solutions supporting infrastructure, energy, public safety, healthcare, and government operations.

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, events, developments 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", “seeks”, “strategy” 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, business outlook 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For additional Information, please contact:
Rob Walker, Chief Commercial Officer
+1-833-865-2887
investorrelations@volatusaerospace.com

COMPANY WEBSITE
https://volatusaerospace.com
SOURCE: Volatus Aerospace Inc.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1b569795-fbf0-473b-afb1-d30aa4788fbb

Volatus Aerospace Condor XL

Condor XL: Long-Range Logistics for the FrontlineThe Condor XL is a gasoline-powered, heavy-lift drone engineered to deliver critical supplies in contested and hard-to-reach locations. With a payload capacity of 180 kg and a range of 200 km, it is the ideal platform for resupplying frontline units, transporting communications equipment, or delivering vital medical aid under pressure.

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