AgEagle Aerial Systems Responds to False Claims from Short Seller Seeking to Manipulate the Company’s Stock
February 19 2021 - 8:05AM
AgEagle Aerial Systems Inc. (NYSE American: UAVS)
(“AgEagle” or the “Company”), an industry leading drone solutions
provider, today announced a response to the recent short-selling
research report released by Bonitas Research yesterday morning,
which contained false, inaccurate and misleading information
regarding the Company.
J. Michael Drozd, CEO of AgEagle, stated, “The
report by Bonitas Research contains multiple baseless claims, which
we refute in the strongest possible terms. It is a clear attempt to
manipulate and profit from the Company’s resulting stock price
decline. The report did not even reflect the proper stock exchange
our common shares trade on, much less substantiate any of its
allegations.”
The following is AgEagle’s response to certain
claims made in the Bonitas Research report:
- The Company has stated on numerous
occasions that it is contractually obligated not to disclose the
name of its major ecommerce client due to adherence to the terms
and conditions of a non-disclosure agreement between the client and
AgEagle. Further, the Company does not and will not comment on
rumors or speculation about its clients as a matter of policy.
- Insider ownership as a percentage
of the shares issued and outstanding has declined due in large
measure to the increase in shares issued in association with the
Company’s capital raising activities over the past year. In
addition, the Company’s founder and former Chairman has formally
resigned from AgEagle in accordance with the management succession
plan announced in early 2020. As such, Mr. Chilcott is no longer
deemed an affiliate.
Drozd continued, “Attacks from shorting outfits,
such as Bonitas Research, would ordinarily not be dignified with a
response. However, its attempt at impugning AgEagle’s integrity and
ethics require a clear and thorough refutation of their disparaging
misrepresentations. We intend to review all of our options on how
to appropriately respond, up to and including litigation and
referral of the entire matter to the proper regulatory
authorities.”
Note: In 2019 and 2020, several media outlets
reported on one instance where legal action was taken against
Bonitas Research for making false and materially misleading
statements to the public. According to an article published
in The Sydney Morning Herald, in a scathing court
judgement against Texas-based Bonitas Research by the New South
Wales Supreme Court, Justice David Hammerschlag stated, “I am
satisfied that they knew or ought reasonably to have known that the
statements and information were false in material particulars or
were materially misleading. They did not care that they were
false.”
About AgEagle Aerial Systems
Inc.
Founded in 2010, Wichita-based AgEagle is one of
the nation’s leading commercial drone technology, services and
solutions providers. We deliver the metrics, tools and
strategies necessary to define and implement drone-enabled
solutions that solve important problems for our valued
customers. AgEagle’s growth strategies are centered on the
delivery of advanced drone technologies, contract manufacturing
services and agtech solutions. Our goal is to establish
AgEagle as one of the dominant commercial drone design,
engineering, manufacturing, assembly and testing companies in the
United States and become the world’s trusted source for turnkey
drone delivery services and solutions. In addition, we
continue to leverage our reputation as one of the leading
technology solutions providers to the Agriculture industry with
best-in-class drones, along with data analytics for hemp and other
commercial crops. Through our subsidiary, AgEagle Sensor
Systems, Inc., d/b/a MicaSense, we remain at the forefront of
multispectral sensor development, providing high quality
drone-based cameras to the global market. For additional
information, please visit www.ageagle.com and
www.micasense.com.
Forward-Looking StatementsThis
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such statements involve
risks and uncertainties that could negatively affect our business,
operating results, financial condition and stock price. Factors
that could cause actual results to differ materially from
management’s current expectations include those risks and
uncertainties relating to our competitive position, the industry
environment, potential growth opportunities, and the effects of
regulation and events outside of our control, such as natural
disasters, wars or health epidemics. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
Contacts:
AgEagle Aerial Systems
Inc.Gateway Investor Relations Sean Mansouri or Cody
CreePhone: 949-574-3860Email:
UAVS@gatewayIR.com
Media Contact:Clarity PRMonica FeigPhone:
818-917-0770Email: ageagle@clarity.pr
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