SOURCE: Drone Aviation Corp.

Drone Aviation Corp.

November 10, 2014 08:55 ET

Drone Aviation Provides Shareholder Update for the Third Quarter 2014

JACKSONVILLE, FL--(Marketwired - Nov 10, 2014) - Drone Aviation Holding Corp. (OTCQB: DRNE), a developer of specialized lighter-than-air aerostats and tethered drones, today provided a shareholder update for the third quarter of 2014.

Recent Operational Highlights

  • The Company received an order valued at over $259,000 to provide sustainment kits to support the Blimp in a Box® ("BiB") 250 tethered aerostat system currently stationed at U.S. Army Garrison Fort Polk.

  • The Company formed a Strategic Advisory Board (SAB) Chaired by Dr. Phillip Frost. Dr. Frost brings extensive government and military relationships to Drone built during his 13 year tenure as a Director of Northrop Grumman. Joining Dr. Frost on the SAB is Mr. Steve Rubin who has extensive experience as a practicing lawyer, general counsel and board member to multiple public companies. Dr. Frost also led an investment in the Company's Series F Convertible Preferred Stock private placement, which raised approximately $822,000 targeted for product development and marketing.

  • In September, the BiB-250 tethered aerostat system was featured in a segment appearing on Discovery Channel Canada's "Daily Planet" television program hosted by technology correspondent, Lucas Cochran.

  • In early October, the BiB tethered aerostat system and the Winch Tethered Small Platform ("WASP") product were included in the U.S. General Services Administration ("GSA") Schedule through its existing distributor relationship with U.S. government prime contractor ADS Inc. ("ADS"). The GSA listing allows government customers to directly negotiate and acquire products and services from commercially-listed suppliers.

  • In late October, the Company received significant mention in news reports from CNN, NBC, CBS, ABC, FoxNews and other news outlets after a BiB tethered aerostat system was deployed by Pennsylvania police to assist in the hunt for alleged cop-killer Eric Frein.

"Since June of this year, we have been committed to a comprehensive strategic plan designed to expand our product offerings, grow our sales channels and build an efficient operational structure. I am pleased to report significant progress towards those objectives during the third quarter," said Felicia Hess, CEO of Drone. "We see tremendous opportunity not only for our tethered aerostat line of products but also for our new tethered drone products in the months ahead. We are excited to execute on those opportunities and offer our expanded sales channels the new tethered drone products in 2015."

About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. (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 www.DroneAviationCorp.com, or view our reports and filings with the Securities and Exchange Commission on http://www.sec.gov.

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 the Company's ability to grow its sales channels or build an efficient operational structure, the Company's ability to execute on any opportunities or its strategic plan, the ability of the Company to introduce new products and the timing of any such new releases, the further advancement, development or commercialization of any of Drone's products, the ability of Drone to secure further business with existing or new customers or grow revenues, Drone's relationship with any of its customers and its ability to continue and/or expand such relationships, the ability to secure and the timing of any new contracts or business, the demand for Drone products in any markets, the status of the Company's sales and support pipeline, 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 capabilities, characteristics and advantages of, and costs related to, the Drone products as compared to any competitors, 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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