Red Cat Announces $2.5 Million in Contract Awards for Two NATO Allied Countries
March 26 2024 - 10:30AM
Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”),
a drone technology company integrating robotic hardware and
software for military, government and commercial operations,
announces a total of $2.5 million in new contract awards with two
NATO allied countries. As part of its expanded global sales
strategy, Red Cat will provide the new customers with Teal 2 drone
systems, training, and accessories with an anticipated delivery by
the end of March.
“Our American-made, rucksack-portable drones are providing
warfighters with rapidly deployed reconnaissance and situational
awareness to enhance the effectiveness and safety of their
operations,” said Jeff Thompson, Founder and CEO of Red Cat. “It’s
an important part of Red Cat’s mission to support our NATO allies
and we look forward to equipping these new customers and many other
countries with our advanced Teal 2 systems.”
Red Cat subsidiary Teal Drones manufactures the Company’s
flagship Teal 2 platform, which is cost-effective, man-portable,
and optimized for night-time use. It is designed to support U.S.
and allied military operations, public safety organizations, and
government agencies in a variety of environments. The platform is
both Blue UAS Certified and FAA Remote ID approved.
“Our Teal 2 systems is the right choice not only for the U.S.
military but also our NATO allies that are looking for small,
portable, cost-effective drones that they can deploy quickly,
repair in the field and are upgradable with a fully modular design
which means not being locked into stale technology over time,” said
George Matus, CTO of Red Cat. “Additionally, Teal 2 systems are at
the forefront of night vision and thermal imaging, as well as
multi-vehicle control and artificial intelligence
capabilities.”
These contract awards underscore Red Cat’s focus on expanding
global sales. As part of that strategy, Red Cat will be exhibiting
at the FIDAE 2024 conference in Santiago, Chile in April to amplify
its international business development and push further into
markets and geographies including LATAM, Middle East and
Indo-Pacific.
About Red CatRed Cat (Nasdaq: RCAT) is a drone
technology company integrating robotic hardware and software for
military, government and commercial operations. Red Cat’s solutions
are designed to “Dominate the Night™” and include the Teal 2, a
small unmanned system offering the highest-resolution thermal
imaging in its class. Learn more at www.redcat.red.
Forward-Looking StatementsThis press release
contains "forward-looking statements" that are subject to
substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
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"expect," "intend," "seek," "may," "might," "plan," "potential,"
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or the negative of these words or other similar expressions,
although not all forward-looking statements contain these words.
Forward-looking statements are based on Red Cat Holdings, Inc.'s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled "Risk Factors" in the final prospectus related to the public
offering filed with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made
as of this date, and Red Cat Holdings, Inc. undertakes no duty to
update such information except as required under applicable
law.
Contacts
INVESTORS: E-mail: Investors@redcat.red
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