Fort Lauderdale, Florida--(Newsfile Corp. - May 25, 2021) - UAS Drone Corp. (OTCQB: USDR), a leader in robotics technology and drone solutions, today issued the following business update from its CEO, Yossef Balucka.
To our fellow UAS Drone Stakeholders:
2021 is already marked by material notable developments at UAS Drone and below is a summary of our recent developments that I am proud to share with you:
- In February 2021, we announced that we entered into a Collaboration Agreement with Elbit Systems Land Ltd. We believe that this collaboration represents a significant opportunity for us to expand our global business and sales of TIKAD, our advanced robotic system designed to serve the growing need for tech solutions in the combat field.
- Earlier in this month of May 2021, we successfully raised approximately $5.0 million in a private placement offering consisting of: (i) 12,500,000 shares of our common stock at a price of $0.40 per share; and (ii) warrants to purchase 12,500,000 shares of our common stock, exercisable immediately and for a term of 18 months, with an exercise price of $0.40 per share. A portion of the proceeds from our May 2021 private placement was used to repay all our previously outstanding convertible debt of approximately $0.9 million.
- Supported by the proceeds of the private placement, we are now entering the next phase of our growth and expansions, focusing on research and development activities of our advance robotic technology, in order to promote and make it accessible for additional applications, in the civil market.
In closing, over the coming months, we intend to continue our efforts to communicate our progress on our growth path and provide updates with material news developments and expansion of our global business.
Sincerely
Yossef Balucka, CEO
About UAS Drone Corp. and Duke Robotics Inc.:
In June 2020, UAS Drone Corp. (OTCQB: USDR) completed the acquisition of Duke Robotics Inc. Duke Robotics is a forward-thinking company focused on bringing necessary products and solutions to the 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.
We strive to develop additional applications that will have a significant impact on the combat field, as well as on development of our technology for the implementation of applications for the civilian sector.
For more information about Duke Robotics, please visit www.dukeroboticsys.com or view documents that UAS Drone files with the Securities and Exchange Commission at http://www.sec.gov.
Forward-Looking Statements
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. For example, when we discuss the potential development of our TIKAD system, that as a result of the private placement, we are now entering the next phase of our growth and expansion, focusing on research and development activities of our advance robotic technology and that we intend to provide material business updates in the coming months, we are using forward looking statements. 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; the continued development of our products; the ability for Elbit to terminate the Agreement, or cease funding certain the development the TIKAD or the marketing, sales and production of the TIKAD, at its discretion; 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and our subsequent filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Contact name: Yossef Balucka
Phone number: +97248124101
Email address: invest@dukeroboticsys.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84967
