Drone Aviation Delivers on $1.7 Million Contract for WASP Tactical Aerostat to U.S. Department of Defense
Delivery Marks Largest Single Order Received by the Company and Latest in Recurring Series of Contract Awards
JACKSONVILLE, FL, Oct. 16, 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 Department of Defense (“DoD”) under a contract award valued in excess of $1.7 million. This award is the third repeat order for the WASP by this customer and is the result of a growing number of successful international deployments with military personnel.
The contract, for a customized WASP Elevated Relay System (ERS), features simultaneous multi-mission capabilities for extended range communications up to 40km utilizing multi-frequency and multi-wave form radios operating in parallel with high performance ISR payloads designed for day/night Intelligence, Surveillance and Reconnaissance (ISR) missions.
“This delivery further demonstrates our ability to rapidly translate challenging customer requirements from the whiteboard to the field in a reliable and repeatable solution,” said Dan Erdberg, President of Drone Aviation. “The WASP ERS successfully integrates industry-leading communications radios that can seamlessly connect to existing secure military networks deployed globally. This expands our potential market to include solutions that enable rapid, cost effective extension of existing communications infrastructure worldwide.”
“This latest contract is a major financial and business milestone for Drone Aviation, marking our largest single contract and advancing our efforts to grow our operations and convert high-value opportunities for the WASP into revenue. Furthermore, through a focused strategy of technical leadership and customer-driven product development, we are transforming our investments into unique solutions such as this WASP communications system. We remain committed to developing solutions with unique capabilities and unmatched operational economics, critical attributes which align directly with current military and homeland security priorities in 2019,” added Jay Nussbaum, Chairman and CEO of Drone Aviation Corp.
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, secure multi-frequency and multi-wave form wireless communication range extension capability at the edge of the battlefield from either a 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 multi-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. For more information on the WASP, including product demonstration video, please visit: https://www.droneaviationcorp.com/solutions/aerostat/wasp.
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, 2017, 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.
Michael Glickman Drone Aviation Holding Corp. 917-397-2272 firstname.lastname@example.org Steve Gersten, Investor Relations Drone Aviation Holding Corp. 813-334-9745 investors@Droneaviationcorp.comSource: Drone Aviation Holding Corp.
Released October 16, 2018