Increased Production to Support Recent Multi-Million Dollar Award
JACKSONVILLE, FL, Jan. 15, 2019 (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 is increasing its production capacity through a new partnership with an established ISO 9001-certified manufacturer and planned expansion of operations in Florida.
Following the recent multi-million-dollar award, Drone Aviation has secured contract manufacturing operations at an ISO 9001-certified partner who will support the Company to meet its customer's delivery schedules throughout 2019. To accommodate potential growth, the new contract manufacturing facility has access to over 100,000 square feet of additional production and warehousing space, including flight testing facilities. Proprietary manufacturing, software and electronics design, final assembly, as well as systems integration, will continue to take place at Drone Aviation's headquarters in Jacksonville, Florida. The Company also intends to expand its manufacturing capacity through the lease of an additional facility in Florida. Drone Aviation's current headquarters in Jacksonville will support additional engineering and product assembly operations required to fulfill obligations under the recently awarded contract.
"Supported by new funding, strategic investments in ISO-certified contract manufacturing, the expansion of our facilities and the recruitment of experienced personnel, we are reshaping our company into one able to scale-up to the potential we see ahead of us and meet the demands of our current, new and future customers," said Jay Nussbaum, Chairman and CEO of Drone Aviation.
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.
Forward-Looking Statements 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.
Steve Gersten, Investor Relations
Drone Aviation Holding Corp.
813-334-9745
investors@Droneaviationcorp.com
Bret Shapiro, Managing Director
CORE IR
561-479-8566
brets@coreir.com
Michael Glickman, Media Relations
Drone Aviation Holding Corp.
917-397-2272
mike@mwgco.net
