Red Cat Announces Management Changes
28 11월 2023 - 10:45PM
Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”),
a drone technology company integrating robotic hardware and
software for military, government, and commercial operations,
announces several management changes. George Matus, founder and CEO
of wholly owned subsidiary, Teal Drones, has been appointed as
Chief Technology Officer of Red Cat. Concurrently, Allan Evans,
Chief Operating Officer, is departing to become CEO of Unusual
Machines, Inc. ("UM"), which is presently seeking to acquire the
Company's Consumer segment consisting of Rotor Riot and Fat Shark
Holdings. Following the sale of the Consumer segment, the Company
is expected to be the largest shareholder in Unusual Machines.
Finally, Joseph Hernon plans to retire at the end of his employment
contract on June 30, 2024 as he reaches normal retirement age.
“George founded Teal in 2015 with a vision for
many of the technological advancements and applications which have
emerged in the drone industry in recent years," stated Jeff
Thompson, Chief Executive Officer. "Since Red Cat acquired Teal in
August 2021, George has been instrumental in leading the Company's
efforts to secure the Army's Short-Range Reconnaissance(SRR)
contract. The Department of Defense SRR Program of Record is
expected to be awarded in 2024. George's expertise in drone
technology is evident in the development of a next generation
system for the Army which has resulted in the Company becoming one
of three finalists for the contract. I am excited to expand
George's role in additional areas of the business to capture the
future value created by leading edge hardware and software."
"Allan joined Red Cat in November 2020 following
our acquisition of Fat Shark Holdings. Over the past three years,
he has managed the integration of four acquisitions and the design
of our manufacturing facility for Teal Drones in Salt Lake City,
Utah," noted Mr. Thompson. "With the facility construction
completed and manufacturing capacity levels increasing, this is the
perfect time for him to assume stewardship of the Consumer segment
as CEO of Unusual Machines. If the transaction is completed, Red
Cat would become the largest shareholder in UM, and the
shareholders of Red Cat will continue to benefit from Allan's
leadership skills."
"Joseph was one of our first employees when he
joined the Company in January 2020. His public company financial
skills were instrumental during the early days when our capital was
very limited," stated Mr. Thompson. "Joseph has built a strong
finance team to ensure a smooth transition process as he departs at
normal retirement age."
George Matus is a technologist and entrepreneur
who founded Teal in 2015. A Peter Thiel Fellow and Forbes 30 Under
30 member, George continued to lead the company after it was
acquired by Red Cat in 2021. Matus believes it’s still “day one”
for drones and that they are fundamental to the defense of America
and its allies. Teal offers a powerful and man-portable drone, the
Teal 2, which is designed to “Dominate the Night™.” The vertically
integrated system features best-in-class night vision, a fully
modular design, multi-vehicle control, and artificial intelligence
capabilities.
Teal Drones, based in Salt Lake City, Utah, has
a 25,000 square foot manufacturing facility where Teal 2 is built.
The flagship product is designed to support U.S. military
operations, public safety organizations, and U.S. government
agencies in a variety of environments. It is both Blue UAS
Certified, which means it is fully approved by the Department of
Defense, and FAA Remote ID approved.
In November 2022, Red Cat entered into a Stock
Purchase Agreement (SPA) with Unusual Machines for the sale of its
consumer division, consisting of Rotor Riot and Fat Shark Holdings,
the Company’s recreational and hobbyist drones and
first-person-view goggles subsidiaries, respectively. Under terms
of the stock purchase agreement and upon satisfaction of the
requisite closing conditions, including shareholder approval,
Unusual Machines will purchase Rotor Riot and Fat Shark Holdings
from Red Cat for $20 million in combined cash and securities. In
addition, closing of the SPA is subject to successful completion of
an initial public offering by Unusual Machines in the minimum
amount of $15 million and approval by Nasdaq of listing of Unusual
Machine’s common stock.
About Red Cat Holdings, Inc.Red
Cat (Nasdaq: RCAT) is a drone technology company integrating
robotic hardware and software for military, government and
commercial operations. Red Cat’s solutions are designed to
“Dominate the Night™” and include the Teal 2, a small unmanned
system offering the highest-resolution thermal imaging in its
class. Learn more at www.redcatholdings.com.
Forward-Looking StatementsThis
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.
Contacts
NEWS MEDIA:CORE Public RelationsPhone: (516)
222-2560Email: media@redcat.red
INVESTORS:CORE IRPhone: (516)
222-2560Email: investors@redcat.redWebsite: https://www.redcatholdings.com
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