Drone Aviation Appoints Jay H. Nussbaum as Chief Executive Officer
Nussbaum to Lead Expansion of Strategic Partnerships and Recruitment of Additional Military and Commercial Management Talent
JACKSONVILLE, FL -- (Marketwired) -- 05/02/16 -- Drone Aviation Holding Corp. (OTCQX: DRNE) ("DAC" or "Drone Aviation"), today announced that in an effort to capitalize on increasing interest in its tethered aerostat and drone technology from Department of Defense (DoD) as well as civil and commercial entities, it has appointed Jay H. Nussbaum, Chairman of the Board and current investor, to the additional position of Chief Executive Officer, replacing Kevin Hess who has been appointed Chief Technology Officer. In this added capacity, Mr. Nussbaum will be responsible for leading development of new strategic partnerships and the recruitment of highly experienced government and military sales, management and board-level personnel while Mr. Hess will continue to lead product and technology development efforts at the Company.
"In the short time I have been involved with this company, I have seen the demand for aerial monitoring and communications solutions expand dramatically, with few tethered products on the market today able to meet the growing needs for cost-effective, mobile, actionable intelligence as reliable as Drone Aviation's technology," said Nussbaum. "More than an aerial hardware platform, our technology can economically address the evolving requirements for data and information that can help provide protection and security to our military and to civilians, as confirmed by our two recent DoD contracts."
Since joining the Company in June 2015, Mr. Nussbaum has played a central role in leading the Company's transition from a testing and development organization into a commercial provider of unique tethered aerial products serving the US military and a number of government agencies. Mr. Nussbaum is also an investor in the Company having participated in a number of recent financing transactions.
The Company's strategic plan for 2016 includes the following initiatives:
- Expand operations through a sales office in the Washington, D.C.-area, enhancing sales and support for military, governmental, commercial, national security and law enforcement organizations. A permanent presence in this location will elevate the Company's visibility to these significant channels for its novel, persistent monitoring, surveillance and communications platforms.
- Develop additional strategic relationships with potential customers by expanding its Board of Directors, Strategic Advisory Board and leadership teams, which will bring extensive military intelligence and government/commercial sales expertise to expand direct and channel revenue opportunities.
- Showcase the strategic capabilities of its low-cost, mobile, tactical tethered aerostats and drones to enhance communications and surveillance capabilities of military, government and first responder communities.
Mr. Nussbaum has built a nearly 40-year track record of success in government and commercial sales and management including serving as executive vice president of Oracle Service Industries where he reported directly to Oracle's chairman and CEO, Larry Ellison. At Oracle, he oversaw government, education, health, communications, utilities and financial services operations, helping grow the U.S. government business from less than $60 million to more than $1.5 billion in less than ten years. Nussbaum also served as founder, vice chairman and chief operating officer of Agilex Technologies Inc., successfully growing the start-up business to over $300 million in annual revenue before it was acquired by Accenture Federal Services, a provider of mission and technology solutions to the national security, healthcare and public sectors of the U.S. government.
About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. (OTCQX: 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 proprietary tether system, the Company's products are designed to provide prolonged operational duration capabilities combined with improved reliability, uniquely fulfilling critical requirements in military, law enforcement and commercial and industrial applications. For more information about Drone Aviation Holding Corp. please visit www.DroneAviationCorp.com or view our reports and filings with the Securities and Exchange Commission on http://www.sec.gov, including the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as well as information about the Company in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
Source: Drone Aviation Corp.
Released May 2, 2016