SOURCE: Drone Aviation Corp.

Drone Aviation Corp.

August 28, 2014 08:55 ET

Dr. Phillip Frost Leads Investment in Drone Aviation Holding and Is Appointed Chairman of Its Strategic Advisory Board

JACKSONVILLE, FL--(Marketwired - Aug 28, 2014) - Drone Aviation Holding Corp. (OTCQB: DRNE), a developer of specialized tethered drones and lighter-than-air aerostats, today announced that it formed a Strategic Advisory Board that will be headed by Dr. Phillip Frost and that it has accepted subscriptions in a private placement of securities of the Company. Joining Dr. Frost on the newly formed Board is Mr. Steve Rubin.

The Company accepted subscriptions for an aggregate of 1,100,333 shares (the "Shares") of the Company's Series F Convertible Preferred Stock, each of which is convertible into one (1) share of Common Stock of the Company, in a private placement of up to $1,500,000 of its securities to certain accredited investors at a purchase price of $0.75 per Share for an aggregate purchase price of $825,250. Dr. Frost led the investment in the private placement.

"Dr. Frost has a distinguished entrepreneurial track record of success throughout the business community as well as the public marketplace and we are honored to have him Chair our Strategic Advisory Board and as an investor in our Company," stated Felicia Hess, CEO of Drone Aviation Holding Corp. "His extensive government and military relationships during his 13 year tenure as a Director of Northrop Grumman, combined with his capital market expertise, make him an ideal Chairman to lead our newly formed Strategic Advisory Board."

Phillip Frost, M.D. currently serves as the Chairman of the Board and Chief Executive Officer of OPKO Health, Inc., a specialty pharmaceutical company. Additionally, Dr. Frost serves as Chairman of the Board of Directors of TEVA Pharmaceuticals, Ltd., Ladenburg Thalmann Financial Services, Inc. and Prolor Biotech, Inc. and also serves as a Director of Castle Brands, Inc.

Previously, Dr. Frost served as a Director for Northrop Grumman Corp., a global defense company that generates approximately $25 billion in annual revenue and provides technologically advanced, innovative products, services and solutions in systems integration, defense electronics, information technology, advanced aircraft, shipbuilding and space technology. With more than 120,000 employees and operations in all 50 states and 25 countries, Northrop Grumman supplies products and services to the U.S. and international military, government and commercial sectors.

He also previously served as the Chairman of the Board of Directors and Chief Executive Officer of IVAX Corporation until its sale to TEVA and Director of Continucare Corp. prior to its sale to Metropolitan Health Networks Inc. Dr. Frost also served on the Board of Directors of IVAX Diagnostic (Chairman) and the American Stock Exchange (Co-Vice Chairman).

Mr. Rubin has served as Executive Vice President and as a director of OPKO Health, Inc. since February 2007. He has extensive experience as a practicing lawyer, general counsel, and board member to multiple public companies.

About Drone Aviation Holding Corp.

Drone Aviation Holding Corp. (OTCQB: DRNE) provides critical aerial and land based surveillance and communications solutions to government and commercial customers. Utilizing a unique tethering capability, Drone systems operate in the National Airspace within FAA guidelines for safe operations. Drone systems are designed and developed in-house utilizing proprietary technologies and processes that result in compact, rapidly deployable aerostat solutions and mast based systems that have been proven to fulfill critical requirements by the military and law enforcement in the U.S. and to our allies around the world. For more information about Drone Aviation Holding Corp., please visit, or view our reports and filings with the Securities and Exchange Commission on

Forward-Looking Statements

This press release contains certain 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. These statements include those regarding Drone's ability to leverage any of Dr. Frost's or Mr. Rubin's connections or relationships, Drone's strategic relationships and our ability to continue and/or expand such relationships, the suitability of the Drone products for any particular application, the ability of the Drone products to satisfy customer demands or requirements or meet any specific challenges, the ability of the Drone products to function in accordance with their design expectations, the ability of Drone to secure further business with new customers or grow revenues, and the ability of Drone to execute on its strategies or to accomplish any of its goals or objectives. The words "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. Important factors that may cause results and outcomes to differ materially from those contained in these forward-looking statements included in this press release are described in our publicly filed reports. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.

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