Drone Aviation Selected By Prime Contractor For Exclusive Relationship | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne Unmanned-
Alt. Wednesdays

Airborne Flight Training-Alt. Wednesdays

Airborne Unlimited-
Friday

Airborne Special Programs!
Airborne-YouTube  Airborne Unlimited--08.03.20 Airborne-Unmanned--08.05.20   NEW! Airborne-Flight Training--07.29.20 Airborne Unlimited--08.07.20  The 2020 Avionics Innovation Preview!

Airborne On ANN

Airborne Unlimited--08.03.20

Airborne-Unmanned--08.05.20

NEW! Airborne-Flight Training--07.29.20

Airborne Unlimited--08.07.20

Airborne's Annual April 1st Episode

Fri, Jan 11, 2019

Drone Aviation Selected By Prime Contractor For Exclusive Relationship

Initial Award Valued At $3.8 Million

Tethered drone and lighter-than-air aerostat manufacturer Drone Aviation has announced that it has selected by an unnamed prime contractor under an initial $3.8 million award. Additionally, the Company has solidified its cash position with the closing of an initial $2 million in equity capital to support the recently awarded contract.

“This multi-million-dollar award is a testament to the hard work of our dedicated team and validates the tremendous opportunity we envision for the Company,” said Jay Nussbaum, Chairman and CEO of Drone Aviation. “On behalf of our Board and entire team, we are honored to have been chosen for this relationship and look forward to successfully expanding sales following this significant opportunity.”

In support of the new relationship, the Company announced that it has completed an equity raise and secured $2 million through an initial private placement of common stock to certain accredited investors including Chairman and CEO Jay Nussbaum. The Company intends to utilize the proceeds to fund production and staffing as well as general working capital. The equity raise follows the recent elimination of all the Company’s convertible debt, significantly improving the Company’s balance sheet and creating a stronger foundation for operations and future growth.

Commenting on the financial transactions, Mr. Nussbaum concluded, “This contract award, our commitment to further fund the business and the recent elimination of all the Company’s outstanding convertible debt are transformational developments, enabling Drone Aviation to enter the next phase of its strategic plan.”

(Source: Drone Aviation news release. Image from file)

FMI: www.droneaviationcorp.com

Advertisement

More News

Small UAV Coalition Voices Support for the Unmanned Delivery Services Act

Legislation Would Further The Ongoing Dialogue Between Industry And Government The Small UAV Coalition sent a letter, this week, to House Communications and Technology Subcommittee>[...]

US Delivers Humanitarian Aid to Beirut by C-17

11 Pallets Of Humanitarian Aid, Which Contained More Than 28,800 Military Field Rations In a joint endeavor to assist the Lebanese Armed Forces and the people of Lebanon after a de>[...]

US Advanced Aerobatic Team Training Underway

14th FAI World Advanced Aerobatic Championships Will Take Place 15-24 Of July 2021 This past week, two of the eight Advanced Aerobatic Team pilots came to Union City, Tennessee (KU>[...]

ANN's Daily Aero-Term (08.08.20): Aircraft Approach Category

Aircraft Approach Category A grouping of aircraft based on a speed of 1.3 times the stall speed in the landing configuration at maximum gross landing weight. An aircraft must fit i>[...]

ANN FAQ: Follow Us On Instagram!

Get The Latest in Aviation News NOW on Instagram Are you on Instagram yet? It's been around for a few years, quietly picking up traction mostly thanks to everybody's new obsession >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2020 Web Development & Design by Pauli Systems, LC