Han Tang Technology, Inc./UAV Corp, Inc. Announces Third Quarter 2020 Results
November 16 2020 - 12:44PM
InvestorsHub NewsWire
Han Tang Technology, Inc./UAV
Corp, Inc. Announces Third Quarter 2020 Results
Port St.
Joe-Wewahitchka, FL -- November 16, 2020 -- InvestorsHub NewsWire
-- Han Tang
Technology/UAV Corp (OTC
PINK:
HTTI),
("UAV Corp " or the
"Company") announces that it
has filed its financial results for the Third
Quarter of 2020, and
the related Management's Discussion and Analysis, the details of
which are available at www.otcmarkets.com.
"We are
pleased to report our First Quarter of
revenues, positive production test, as our first Airship nears 80%
completion. This is the first of future quarters of delivering
revenue and projected positive results which shows our vision and
years of effort were focused in
the right
direction. Our sales activity was not recognized until the end of
the Third
Quarter due to
pandemic related lockdowns and delayed budgets. We expect
increased sales activity over the next twelve months with
prospective clients from both overseas and government related
buyers monitoring our current production progress. With the
planned flight testing of the new DATT technology airship scheduled
for early spring
2021,
we should begin to see positive results from our
efforts.
We
continue to measure and implement initiatives to reduce costs and
operate more efficiently. As the magnitude of the pandemic grew and
construction pace decreased during the first half of 2020, the
Company had to restructure part of the staff and reduce overhead
expenses. All options are under review as we consider strategic
alternatives related to our balance sheet and funding our growth.
We are enthusiastic about the level of interest globally and
continue to look for opportunities to grow the company, contribute
to the local economy and increase our shareholders value."
Stated Billy Robinson, Chairman of UAV Corp.
Highlights Third
Quarter 2020:
-
The
Company had its best quarter with revenue totaling
$174,345.
-
The
Company completed the first test of its DATT SA70
Airship.
-
$1.023
million in improvement grants approved
for UAV
Corp's Costin Airport
Commenting on the
results, Michael Lawson, CEO of HTTI/UAV Corp, stated: "The
strategy of focusing on the improvement of our design criteria,
upgrading the manned/unmanned flight systems and integrating our
new DATT (Detachable Airship From A Tether Technology) has been 100
percent of our focus for the last 24 months. Securing a sale
built-to-suit activity has started to prove correct and the Company
has improved its key performance indicators which is proving a
stable base of employment for the region."
About Han Tang Technology/UAV CORP,
Inc.:
Han Tang
Technology/UAV Corp (HTTI) is a Research and Development holding
company with a focus on Communication Aerospace and Environmental
Solutions. Researchers at HTTI are actively engaged in solving
transformative problems for the government and commercial clients.
We are working on a wide range of topics including but not limited
to advanced communication, Airship and Drone Technology and low
altitude analysis of carbon dioxide (CO2) conversion, new energy
processes, biomass conversion, energy efficiency crop and mining
management.
About R
Squared Technologies, Inc.:
R Squared
Technologies, Inc., ("R2"), a technology company that has developed
the SENTINEL a man portable
communication network between wired and Wi-Fi enabled devices
within a secure network. It can be used for both defense and
emergency management applications. The
SENTINEL provides an immediate
command and control network and provides a communication solution
in response to a variety of adverse circumstances, including severe
weather, natural disasters, power outages or even a hostile
attack.
About
Skyborne Technology, Inc.:
Skyborne Technology
Inc., has significant investments in research & development of
Intellectual Property and proprietary designs in areas
covering
semi-rigid and rigid airship design, reverse-ballonet technology,
mooring and hybrid propulsion that have competitive advantages for
both its Spherical and Cylinder Class tether/airship designs.
Skyborne Technology has a manufacturing facility in Wewahitchka,
Florida and owns the airport in Port St. Joe, Florida for manned
and unmanned operations.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release
includes certain "forward-looking statements" under applicable US
securities legislation. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors which may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking statements. Such factors include,
but are not limited to: general business,
economic, competitive, political and social uncertainties; delay or
failure to receive board, shareholder or regulatory approvals,
where applicable and the state of the capital markets. There can be
no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of
new information, future events or otherwise, except as required
by law.
Contact:
Han Tang
Technology/UAV Corp.
OTC: HTTI
Billy Robinson, Chairman
504-722-7402
brobinson@uavcorp.net
www.uavcorp.net
Deborah
Cheek, Communications Director
850-588-1747
dcheek@uavcorp.net