Business
Drone Aviation Holding Corp. Publishes Chairman Letter
Drone Aviation Holding Corp. Publishes Chairman Letter.
About this update from Comsovereign Holding Corp.
[{"type":"text","content":"\nJACKSONVILLE, Fla., Oct. 7, 2015 (GLOBE NEWSWIRE) -- Drone Aviation Holding Corp. (OTCQB:DRNE) (\"DAC\" or \"Drone Aviation\"), manufacturer of tethered drones and lighter-than-air aerostats, today published a letter from the Company's Chairman below.\n\t\n\tTo All of Drone Aviation Holding Corp.'s Stakeholders:\n\t\n\tI am writing to you today to highlight some of the critical actions that we believe must be taken to position Drone Aviation Holding Corp. (DAC) to benefit from the growth just now beginning to emerge in the commercial drone market.\n\t\n\tIn the four months since I was recruited by Dr. Phil Frost to serve as Chairman, I have spent my time, together with the Board and management team, evaluating our business from its leadership to its technology and its sales operations, in an effort to build our company into a leading global manufacturer of commercial tethered drones.\n\t\n\tTo that end, in coordination with the Board and management team, I wanted to inform all of our stakeholders – our shareholders, employees, partners and customers – that we are beginning the process of taking those actions necessary to seek listing on a national stock exchange such as NASDAQ. Listing the stock on a national exchange requires that the company meet a number of critical requirements, foremost among them being balance sheet capitalization thresholds, corporate governance and best practice standards for operating the business, as well as the maintenance of a minimum share bid price. To achieve this minimum bid requirement, the Board has asked for, and received, majority shareholder consent for a reverse stock split to be executed no later than September 13, 2016. Once the reverse split has been completed, we intend to pursue listing on a national exchange, assuming the other requirements can be met at that time.\n\t\n\tOperationally, we plan to continue pursuing the following initiatives:\n\n\t\n\t\tManufacturing: With final product research and developments nearly completed on our initial WATT tethered drone, we intend to commence preliminary product production including the creation of a WATT demonstration fleet that will be utilized to support both our Government and commercial sales efforts.\n\t\n\t\tSales and Support Staffing: To support both domestic and international sales efforts, we plan to hire and train new...