JACKSONVILLE, FL, March 26, 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 received its largest single contract award to date for its multi-mission capable tactical Winch Aerostat Small Platform ("WASP"). The latest Department of Defense (“DoD”) customer order is the third repeat order awarded to the Company for its WASP and comes as the result of a growing number of successful international deployments with military personnel.
Under terms of the contract valued in excess of $1.7 million, the Company anticipates delivery of the WASP tactical aerostat before the end of the third quarter of 2018. This order includes high performance payloads designed for day/night Intelligence, Surveillance and Reconnaissance (ISR), secure multi-frequency and multi-wave form communications and operator training.
“Today’s $1.7 million contract award, the largest received by the Company to date, reconfirms the growing interest in the WASP based upon actual deployment experience and our ability to cost-effectively deliver ISR and secure Comms at the at the edge of the battlefield. Most importantly, in contrast to the significant expense and logistical challenges associated with the larger, mostly fixed infrastructure aerostat systems deployed today, WASP is rapidly deployable and mobile, providing nearly unmatched mission flexibility,” said Dan Erdberg, President of Drone Aviation. “We look forward to further serving the needs of this important customer by delivering persistent, aerial solutions that enable our military to meet both current and future mission requirements.”
“We are pleased to have received this repeat order, the second from the DoD in just over four months. Milestone contracts such as this demonstrates that our sales pipeline continues to expand and is further evidence of our growing leadership position in the tactical aerostat market. Our ongoing dedication to innovation in aerostat development gives us confidence in our ability to deliver solutions that meet the needs of today’s military and position us for additional contracts in 2018,” 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 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 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. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9a5905e6-a263-4cae-befa-e6721358f11a
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/4d20b255-5b47-4f6b-b78e-97027963afcb