HUMACAO, Puerto Rico, Aug. 16, 2021 /PRNewswire/ -- Red Cat Holdings, Inc. (Nasdaq: RCAT) ("Red Cat'' or the "Company"), announces that it has received a significant purchase order from Drone Nerds, which is the largest distributor of drones in the United States. The purchase order is for the Golden Eagle, manufactured by Teal Drones. The Company announced a definitive agreement to acquire Teal Drones on July 13, 2021.
"Red Cat is excited to begin its relationship with Drone Nerds with such a significant purchase order," stated Jeffrey Thompson, Chief Executive Officer. "This transaction is a validation of our strategy to build a broad platform of products, services and solutions to the drone industry. In addition, with a recent down selection by the U.S. Army and an additional Federal contract, it represents a combined revenue of nearly $4M."
"Over the past two years, Red Cat has emerged as a leader in the drone industry," stated Jeremy Schneiderman, CEO of Drone Nerds. "We believe that this transaction represents the first of many opportunities for us to work together to leverage and maximize our respective leadership positions."
Red Cat and the Golden Eagle from Teal Drones will be featured in the Drone Nerds booth at the Association for Unmanned Vehicle Systems International (AUVSI) Convention at the Georgia World Conference Center in Atlanta on August 16-19, 2021. AUVSI is the world's largest nonprofit organization dedicated to the advancement of unmanned systems and robotics, representing corporations and professionals from more than 60 countries involved in industry, government and academia. AUVSI members work in the defense, civil and commercial markets.
About Red Cat Holdings, Inc. Red Cat provides products, services and solutions to the drone industry through its four wholly owned subsidiaries. Fat Shark Holdings is the leading provider of First Person View (FPV) video goggles to the drone industry. Rotor Riot, LLC is a leader in the sale of FPV drones and equipment, primarily to the consumer marketplace through its digital storefront located at www.rotorriot.com. Rotor Riot enjoys high visibility in social media through its Facebook page and its sponsorship of a professional drone racing team that has won numerous championships. Skypersonic provides software and hardware solutions that enable drones to complete inspection services in locations where GPS is not available, yet still record and transmit data even while being operated from thousands of miles away. Red Cat Propware is developing a Software-as-a-Solution ("SaaS") platform to provide drone flight data analytics and storage, as well as diagnostic products and services. Learn more at https://www.redcatholdings.com/.
About Drone Nerds Drone Nerds provides comprehensive drone solutions for enterprise, private, and recreational needs. Established in 2014, Drone Nerds focuses on ensuring that its customers have the right UAV solution for their unique operational needs. With its proprietary Always Flying™ program, Drone Nerds provides reliability and assurance for enterprise implementations across industry verticals, including public safety, government, agriculture, construction, energy, inspection, and more. For more information, visit www.dronenerds.com.
About Teal Drones Teal Drones is redefining what unmanned systems can achieve, providing superior aerial surveillance and awareness for inspections and short-range reconnaissance. Their leading-edge, compliant unmanned systems inform and protect many of the Fortune 500, as well as many government agencies, with scalable, secure, and rugged drone technology. Golden Eagle by Teal Drones, is one of only five U.S. Department of Defense-approved drone designed for reconnaissance, public safety, and inspection applications. Teal's open and modular platform allows a critical mass of applications to be developed and integrated for next-generation capabilities. Red Cat Holdings announced a definitive agreement to acquire Teal Drones on July 13, 2021.
Forward Looking Statements This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.