JACKSONVILLE, FL, Feb. 13, 2018 (GLOBE NEWSWIRE) — Drone Aviation Holding Corp. (OTCQB: DRNE) (“Drone Aviation” or the “Company”), a manufacturer of tethered drones and lighter-than-air aerostats, today announced that it has delivered its multi-mission capable tactical Winch Aerostat Small Platform (“WASP”) to the U.S. Army under its latest contract award.
The contract, valued in excess of $800,000, was executed in October 2017 and included new WASP hardware, spare equipment and training. The Company manufactured the WASP ahead of the contracted schedule which allowed the Company to work with the customer to integrate additional enhanced capabilities onto the WASP in an effort to better equip the warfighter.
The soldier-operated WASP delivers multi-mission capability on the edge of the battlefield featuring the simultaneous use of secure communications and advanced ISR (Intelligence, Surveillance and Reconnaissance) payloads enabled by the Company’s proprietary tether system. This order follows the customer’s successful in-theater use of the enhanced WASP system. Unlike the larger non-mobile, multi-million-dollar aerostats which require significant numbers of support personnel and a fixed infrastructure, the WASP is a compact, tactical, mobile system providing multi-mission capabilities that can be operated on the move or rapidly relocated.
“The rapid production, customization and completion of training on the enhanced WASP under this latest contract is a testament to the dedication of our talented team and was made possible by both the inherent flexibility of the WASP platform and our recent investments in manufacturing and inventory announced this past summer,” said Jay Nussbaum, Chairman and CEO of Drone Aviation. “We look forward to continuing to meet the needs of this important military customer through our commitment to deliver tailor-made solutions which can supply our troops and allies worldwide with key mobile communications and eye in the sky capabilities in locations where connectivity is limited or non-existent.”
The WASP is a highly tactical and mobile aerostat system which can be operated by as few as two soldiers and can provide day/night video and secure wireless communication range extension at the edge of the battlefield from either a fixed, stationary position or while being towed. Over the past four years, U.S. Army-owned WASP systems have successfully completed thousands of hours of soldier training operations, various DoD exercises, and customer operations. WASP is currently being utilized by the DoD as a mobile, tactical aerial solution that can support various ISR mission profiles involving ground and aerial-based assets through communication retransmission. Operating at altitudes of up to 1,500 feet AGL, the WASP system can significantly extend ISR capabilities and secure communications in remote and austere locations. The soldier-operated systems can be rapidly configured to support a variety of mission requirements for days, weeks or months with customized payloads.
About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. (OTCQB: DRNE) develops and manufactures cost-effective, compact and rapidly deployable aerial platforms, including lighter-than-air aerostats and electric-powered drones designed to provide government and commercial customers with enhanced surveillance and communication capabilities. Utilizing a patented tether system, Drone Aviation’s products are designed to provide prolonged operational duration capabilities combined with improved reliability, uniquely fulfilling critical requirements in military, law enforcement, commercial, and industrial applications. For more information about Drone Aviation, please visit www.DroneAviationCorp.com or view our reports and filings with the Securities and Exchange Commission at http://www.sec.gov, including the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as well as information in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as “believe,” “expects,” “may,” “looks to,” “will,” “should,” “plan,” “intend,” “on condition,” “target,” “see,” “potential,” “estimates,” “preliminary,” or “anticipates” or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. Moreover, forward-looking statements in this release include, but are not limited to, those relating to: the ability to support future military needs for advanced voice and data communications applications, the continuation of growing demand for drones for military and state and local law enforcement authorities. The Company’s financial results and the forward-looking statements could be affected by many factors, including, but not limited to, demand for the Company’s products and services, economic conditions in the U.S. and worldwide, changes in appropriations by Congress and reduced funding for defense procurement and research and development programs, and our ability to recruit and retain management, technical, and sales personnel. Further information relating to factors that may impact the Company’s results and forward-looking statements are disclosed in the Company’s filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/64b384a3-52cc-4544-9111-94d3a5a267a7
CONTACT: Michael Glickman, Media Relations Drone Aviation Holding Corp. 917-397-2272 email@example.com Steve Gersten, Investor Relations Drone Aviation Holding Corp. 813-926-8920 investors@Droneaviationcorp.com