JACKSONVILLE, FL, Jan. 08, 2019 (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 was selected by a prime contractor under an initial $3.8 million award. Additionally, the Company has solidified its cash position with the closing of an initial $2 million in equity capital to support the recently awarded contract.
“This multi-million-dollar award is a testament to the hard work of our dedicated team and validates the tremendous opportunity we envision for the Company,” said Jay Nussbaum, Chairman and CEO of Drone Aviation. “On behalf of our Board and entire team, we are honored to have been chosen for this relationship and look forward to successfully expanding sales following this significant opportunity.”
In support of the new relationship, the Company announced that it has completed an equity raise and secured $2 million through an initial private placement of common stock to certain accredited investors including Chairman and CEO Jay Nussbaum. The Company intends to utilize the proceeds to fund production and staffing as well as general working capital. The equity raise follows the recent elimination of all the Company’s convertible debt, significantly improving the Company’s balance sheet and creating a stronger foundation for operations and future growth.