Business
Drone Aviation Holding Corp. Provides Mid-Year Update
Drone Aviation Holding Corp. Provides Mid-Year Update.
About this update from Comsovereign Holding Corp.
[{"type":"text","content":"\nDrone Aviation Holding Corp. Provides Mid-Year Update\n\nDrone Aviation Holding Corp. Provides Mid-Year Update\n\n JACKSONVILLE, FL--(Marketwired - August 01, 2016) - Drone Aviation Holding Corp. (OTCQX: DRNE) (\"Drone Aviation\" or the \"Company\"), a manufacturer of tethered drones and lighter-than-air aerostats today issued the following mid-year update from Jay H. Nussbaum, Chairman and CEO.To All of Drone Aviation's Stakeholders:After passing the mid-point of fiscal 2016, I would like to provide you with an update on the status of Drone Aviation's business and comment briefly on some notable developments occurring in the military and commercial markets we serve.Having witnessed Drone Aviation's progress during the past year as its Chairman, and more recently, its CEO, I'm more confident than ever in the potential of the business. Not only do we see growing demand for aerial solutions such as our WASP with military and state and local law enforcement authorities, but thanks to recently released guidance by the United States Federal Aviation Authority (\"FAA\") for commercial drone operations, we believe the entire industry is at a significant turning point. On June 22, 2016, we announced that our products meet all of the key requirements outlined by the FAA allowing the use of small unmanned aircraft systems (\"sUAS\") in the National Airspace System (\"NAS\") for commercial purposes. We are ready and expect to capitalize on these new opportunities (with the support of our stakeholders) and continue our ongoing commercialization efforts.In the past six months, we have made significant progress on our strategic plan to transition the Company from its product development phase to commercialization. Here are just a few of the more recent developments that reinforce our optimism:On July 29, 2016, Drone Aviation reported increased sales activity for the first half of 2016. As reported in our latest Quarterly Report on Form 10-Q for the six months ended June 30, 2016, Drone Aviation reported revenues of $927,464 versus $82,808 for the same period in 2015, which was derived primarily from aerostat products sold to the U.S. military and other governmental customers. Gross profit margins increased to 67% versus 58% for the six months ended June 30, 2016 and 2015, respectively. We continue to see growing interest in the WASP by vari...