Jay H. Nussbaum Appointed Chairman of the Board of Drone Aviation Holding Corp.
Nussbaum, a Former Oracle Executive and Previous Member of Northrop Grumman's Board Joins Dr. Frost on Strategic Advisory Board
JACKSONVILLE, Fla., June 5, 2015 /PRNewswire/ -- Drone Aviation Holding Corp. (OTCQB: DRNE), a developer of specialized tethered aerostats and drones, today announced that Jay H. Nussbaum has been appointed Chairman of its Board of Directors, replacing Major General (US-Ret.) Wayne P. Jackson, who will remain as a Director. Dr. Phillip Frost, Chairman of the Company's Strategic Advisory Board recommended Nussbaum to the Board, which ultimately approved his appointment. Nussbaum, an investor in the recently completed $1 million Series G Preferred Stock financing, will also serve on the Company's Strategic Advisory Board along with Dr. Frost and Mr. Steve Rubin.
"I'm pleased that Jay has accepted the role of Chairman of the Board, a position in which he can apply his talents and provide invaluable leadership to management while assisting in the future growth and expansion of the business, thanks to the many relationships he has developed over the course of his accomplished career," said Dr. Phillip Frost. "Having known Jay since we served together on the board of Northrop Grumman, I have complete confidence in his ability to help Drone Aviation navigate the many intricacies of the government, military and commercial sectors."
Nussbaum has extensive executive experience in government and commercial sales and management. He previously served as executive vice president of Oracle Service Industries under Oracle's chairman and CEO, Larry Ellison, where he oversaw government, education, health, communications, utilities and financial services operations.
During his nearly 10-year career at Oracle, he helped grow the U.S. government business from less than $60 million to more than $1.5 billion. Under Nussbaum's stewardship as founder, vice chairman and chief operating officer of Agilex Technologies Inc., the company grew to over $300 million in revenue and is now part of Accenture Federal Services, a provider of mission and technology solutions to the national security, healthcare and public sectors of the U.S. government.
He also served as global head of sales, marketing and business development for Citigroup Global Transaction Services, and as president of integrated systems operation at Xerox Corp. Nussbaum has also served on a number of boards of directors, including the Armed Forces Communications and Electronics Association, and Northrop Grumman Corp. He is active in numerous business and charitable organizations.
"I am honored to be appointed to this important position and that the Board has given me the opportunity to work with management to add value to a company that is well positioned to capitalize on the tremendous growth potential for its portfolio of drone products," Nussbaum said. "Their unique tether technology, which allows for a safer, longer duration flight time and a more data-secure system, is uniquely positioned to capitalize on the growing market potential for drones in news gathering, the military, commercial and many other applications."
About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. (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 proprietary tether system, the Company's products are designed to provide prolonged operational duration capabilities combined with improved reliability, uniquely fulfilling critical requirements in military, law enforcement and commercial and industrial applications. 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, including the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in our Current Report on Form 8-K filed with the SEC on June 5, 2014, as well as information about the Company in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Forward-Looking Statements
This press release contains projections of future results and other 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. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.
SOURCE Drone Aviation Holding Corp.
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