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 w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne Unlimited--12.02.19

Airborne UnManned--12.03.19

Airborne Unlimited--12.04.19

AMA Drone Report--12.05.19

Airborne Unlimited--12.06.19

Airborne-YouTube

Airborne Unlimited--12.02.19

Airborne UnManned--12.03.19

Airborne Unlimited--12.04.19

AMA Drone Report--12.05.19

Airborne Unlimited--12.06.19

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

AMA Drone Report 11.21.19: MultiGP Champions, Model Politics, AMA Expo's End

Also: DJI Fights Malaria, DroneResponders Working Group, Drones v Aircraft, ANN Staff Openings The RaceDayQuads 2019 MultiGP Drone Racing Global Championship presented by DRL has n>[...]

AMA Drone Report 12.05.19: Drone Thieves, JetQuad, SkyPixel And DJI

Also: Helios Visions, DoJ v Drones, $100,000 AMA Grant, Airborne Drone Programming Upgrades Two thieves broke into Atlanta Hobby Shop in Forsyth, GA on November 30 and made off wit>[...]

AMA Drone Report 12.05.19: Drone Thieves, JetQuad, SkyPixel And DJI

Also: Helios Visions, DoJ v Drones, $100,000 AMA Grant, Airborne Drone Programming Upgrades Two thieves broke into Atlanta Hobby Shop in Forsyth, GA on November 30 and made off wit>[...]

Bob Hoover Legacy Foundation on Display at IntÂ’l Council of AirShows Convention

Hoover Foundation Located at Booth #441 at ICAS19 Bob Hoover loved all things aviation, but he held a special affection for the airshow community and the immensely talented people >[...]

Airborne 12.04.19: Mooney's Back!, Mexican Ramp Checks, Hawker Hunter

Also: Sling Pilot Academy, 777X Fuselage Failure, ERAU Safety Science Program, WTO Tariffs Mooney appears to be up and operating again in Kerrville, TX, as cars filled the parking >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2019 Web Development & Design by Pauli Systems, LC