Drone Aviation Secures an
Additional $2.0
Million in Capital, Completing Private Placement Raising an
Aggregate of $4.0
Million
- Proceeds to Expand Production and Staffing Following
Receipt of Previously Announced $3.8 Million Contract
-
JACKSONVILLE, FL -- January 31, 2019 -- InvestorsHub NewsWire
-- Drone
Aviation Holding Corp. (OTCQB:
DRNE) ("Drone Aviation" or the "Company"), a developer of specialized,
tethered aerial monitoring and communications platforms
serving national defense and
security customers, today announced that it completed an additional
equity raise, securing an additional
$2.0 million through a private
placement of common stock to certain accredited
investors including members of the
Company's management. The
Company's most recent capital raise
follows an initial closing of $2.0 million of new equity capital
announced on
January 8, 2019 for an aggregate of
$4.0
million.
The
proceeds from
the $4.0 million in equity capital
raised
will be utilized
to fund production and staffing as
well as for general working capital following the receipt of
a $3.8
million contract award announced in early
January 2019. The completed
capital raise,
along with the recent
elimination of all the Company's convertible
debt, are key elements of
management's strategic growth
plan.
"As a leading investor in this
private placement, I am proud to say that we have secured the
necessary capital to begin production on our largest and most
significant government contract, capping a transformative month for
Drone Aviation," said Jay Nussbaum, Chairman and CEO of Drone
Aviation. "Supported by this new funding, we are executing on our
strategic plan to scale the business and
I am
confident in our ability to deliver
to our
customers in the military and those
charged with protecting our nation."
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 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, 2017, as well as information in our Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K.
Forward-Looking Statements
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.
Contacts:
Investor
Relations for Drone Aviation Corp.:
Steve
Gersten
813-334-9745
investors@Droneaviationcorp.com
and
Bret
Shapiro
Managing
Director
CORE
IR
561-479-8566
brets@coreir.com
Media Relations
for Drone Aviation Corp.:
Michael
Glickman
MWGCO,
Inc.
917-397-2272
mike@mwgco.net
