Red Cat Holdings Inc. (RCAT:NASDAQ) announced in a news release it received a purchase order from Drone Nerds for the Golden Eagle drone, marking the start of Red Cat's relationship with the United States' largest drone distributor.
"This transaction is a validation of our strategy to build a broad platform of products, services, and solutions to the drone industry," Red Cat CEO Jeffrey Thompson said in the release.
"In addition, with a recent down selection by the U.S. Army and an additional federal contract, it represents a combined revenue of nearly $4 million."
The CEO of Drone Nerds, Jeremy Schneiderman, said in the release, "We believe that this transaction represents the first of many opportunities for us to work together to leverage and maximize our respective leadership positions."
This week, Drone Nerds is doing just that, as it is featuring Red Cat and the Golden Eagle at its booth at the Association for Unmanned Vehicle Systems International Convention in Georgia.
The Golden Eagle is manufactured by Teal Drones, the company that Red Cat is in the process of acquiring.
Disclosures:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Red Cat Holdings Inc., a company mentioned in this article.
