Business
Drone USA, LLC. Announces Name Change, Symbol Change and Reverse Stock Split
Drone USA, LLC. Announces Name Change, Symbol Change and Reverse Stock Split.
About this update from Bantec Inc.
[{"type":"text","content":"\n \n Drone USA, INC. (OTC Markets: TWDLD) (“Drone USA” or the \n “Company”), a developer and manufacturer of low altitude unmanned \n aerial vehicles (UAV) and related technologies, today announced that it \n has changed its name from Texas Wyoming Drilling, Inc. to Drone USA, \n Inc. The name change was effected to accurately reflect the Company’s \n primary line of business. In addition to the name change, the Company \n also changed its ticker symbol and the changes were approved by the \n Financial Industry Regulatory Authority on May 19, 2016. The Company \n will trade for the next twenty business days under the symbol “TWDLD” \n until June 16, 2016 at which point, the symbol change will take effect \n and the Company’s common stock will trade under the symbol of “DRUS.”\n \n \n Michael Bannon, Chief Executive Officer of Drone USA, commented, “We \n intend for Drone USA to become a major player in the civil defense, \n military and commercial drone markets. The name and symbol change better \n communicates our message and strategy of becoming a leading producer and \n supplier of highly capable fixed-wing and quadcopter systems. A key \n component to our defined strategy is to seek favorable acquisition \n candidates with superior technologies and integrate them into our \n product offerings while combining them with our partnerships and \n successfully bringing them to market through our relationships and \n established sales channels. Going forward as Drone USA, Inc., we intend \n to continue to focus on markets with high potential for growth.”\n \n \n The name change follows Drone USA LLC entering an Equity Exchange \n Agreement with Texas Wyoming Drilling, Inc., that was effective January \n 26, 2016. The final item to be completed under the Equity Exchange \n Agreement is the spin-off of Texas Wyoming Drilling, Inc.’s business and \n operations, which will continue to be run by its original management as \n a separate entity.\n \n \n Pursuant to agreement, Drone USA has completed a one for twelve reverse \n stock split of its common stock, par value $.0001 per share. The record \n date for the stock split is March 24, 2016. Shareholders of record as of \n such date will receive one share of the Company’s common stock for each \n twelve...