Drone Aviation Reaches Agreement to Eliminate Over 70% of Existing Debt, Supporting Planned Growth
Conversion of $5 Million in Outstanding Debt into Equity Solidifies Balance Sheet
Jacksonville,FL, Dec. 27, 2018 (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 has reached agreement with Jay Nussbaum, Chairman and CEO, and the holders of its Secured Convertible Promissory Notes Series 2016 and Series 2017-2018 (the “Notes”), to convert the Notes to common stock. An aggregate of $5,000,000 debt principal and $104,075 accrued interest was converted to 10,208,151 shares of common stock.
Mr. Nussbaum stated, “Solidifying our balance sheet through the elimination of all the Company’s convertible debt is a key milestone as we prepare Drone Aviation for the next phase of its expansion. Through this accomplishment we are laying the foundation for growth and continued success in 2019.”
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.
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.
Michael Glickman, Media Relations Drone Aviation Holding Corp. 917-397-2272 email@example.com Steve Gersten, Investor Relations Drone Aviation Holding Corp. 813-334-9745 investors@Droneaviationcorp.comSource: Drone Aviation Holding Corp.
Released December 27, 2018