JACKSONVILLE, Fla., June 3, 2015 (GLOBE NEWSWIRE) -- Drone Aviation Holding Corp. (OTCQB:DRNE), a developer of specialized lighter-than-air aerostats and tethered drones, today announced that it has closed a $1 million offering of its Series G Convertible Preferred Stock. Frost Gamma Investments Trust, an affiliated entity of Dr. Phillip Frost, Chairman of the Company's Strategic Advisory Board, has invested $250,000 in the offering.
The Company sold an aggregate of 4,000,000 shares of its Series G Convertible Preferred Stock, each of which is convertible into one (1) share of the Company's Common Stock, in a private placement to accredited investors at a purchase price of $0.25 per share for an aggregate purchase price of $1,000,000. The Company intends to utilize a portion of the proceeds of this capital raise to accelerate the commercialization and production of its new WATT line of electronic tethered drones. Launched earlier this year, the WATT-200 electric tethered drone was created to uniquely gather real-time, broadcast quality video footage for a wide range of commercial applications including newsgathering, emergency first responder/search and rescue, military and border protection.
Felicia Hess, CEO of Drone Aviation Holding Corp., stated, "This financing is an important milestone for Drone Aviation, not only because it provides the funds necessary for us to support the growing interest in tethered drone technology, but also because Dr. Frost's ongoing support and involvement is a key element in our efforts to build this company into a leading manufacturer of tethered drones serving commercial and military customers around the world."
About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. (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, 2014, as well as information about the Company in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Forward-Looking Statements
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.