FORT LAUDERDALE, Florida, July 1, 2020 /PRNewswire/ -- UAS Drone Corp. (OTC: USDR) today announced the completion of its acquisition of Duke Robotics, Inc., the purveyor of an innovative military UAS drone with advanced stabilization technology, pursuant to which Duke Robotics became a wholly-owned subsidiary of UAS Drone Corp.
The combined company will focus on Duke Robotics' business, expanding its presence in the military drone market with TIKAD – a UAS Octocopter Integrated with Six Degrees of Freedom ("6 DOF") Robotic Gimbal system that enables remote, real-time firing of small arms and light weapons.
- Pursuant to the previously announced Share Exchange Agreement and the recently completed merger agreement, UAS Drone Corp. acquired a`ll of the outstanding capital stock of Duke Robotics in exchange for shares of UAS Drone Corp's common stock issued to the shareholders of Duke Robotics, in an amount equal to 71% of the post-transaction capitalization of UAS Drone Corp.
- Following the completion of the acquisition, Duke Robotics designated the Board of Directors of the combined company and Duke Robotics' senior management holds all key positions in the senior management of the combined company.
About Duke Robotics:
UAS Drone Corp. (OTC: USDR) recently acquired Duke Robotics.
Duke Robotics is a forward-thinking company focused on bringing necessary products and solutions to defense sector. Duke Robotics developed TIKAD, an advanced robotic system designed to serve the growing need for tech solutions in the combat field. Duke Robotics' revolutionary stabilization technology enables remote, real-time and accurate firing of lightweight firearms and weaponry via an unmanned aerial platform (UAV). The proprietary and confidential complex kinematic algorithms address the crucial need of modern warfare to carry weapon on remote to bear on remote hostile targets without risk to the military personnel.
We believe that troops can use TIKAD to handle potentially dangerous situations quickly and efficiently from the air. This technology also allows troops to potentially disarm a situation remotely, without ever deploying a ground presence.
This press release contains forward-looking statements. Words such as "future" and other similar expressions or future or conditional verbs such as "will" are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to: the successful integration of acquisitions; significant fluctuations in foreign currency exchange rates; and competition, including technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 10-Ks and Form 10-Qs. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Duke Robotics