AgEagle Aerial Systems Provides Corporate Update on Strategy & Initiatives
NEODESHA, Kan., April 25, 2018 (GLOBE NEWSWIRE) — AgEagle Aerial Systems, Inc. (NYSE American:UAVS), an aerial drone imagery collection and analytics company, is providing a corporate update on its business strategy and growth initiatives.
Headquartered in Kansas, USA, AgEagle is a leading provider of state-of-the-art Unmanned Aerial Vehicle (UAV) data acquisition drones for precision agriculture. The company’s line of automated flying drones collects valuable information for farmers by flying over large fields of corn, soy beans, wheat and other types of crops, collecting thousands of ultra-high-resolution pictures using sophisticated near-infrared sensors, or cameras. The images can be uploaded to the cloud mid-flight through cellular connectivity or through the Internet after the flight, and stitched together to form one large, near-infrared aerial image.
Unlike the human eye, algorithmic-based computer programs can determine the current health of the photographed crop by analyzing the amount of near-infrared light reflected from the plants. Healthy plants reflect more near-infrared light while unhealthy plants absorb the light.
Using this high resolution, near-infrared image, a farmer or agronomist can create a “prescription map” that is then fed into the computers that guide large precision crop sprayers so that chemicals, herbicides, pesticides and nutrients can be applied more precisely in the fields. This saves the farmer money and increases the amount of yield per acre, while also improving the environmental impact of farming, which is increasingly top of mind for large corporations across the globe.
AgEagle’s core technological capabilities, developed through years of innovation, include a carbon fiber encased and infused air frame that is believed to be the most durable fixed wing drone in the agriculture industry. The near-infrared camera provides quality stitched, geotagged images while the operator is still in the field. This has helped propel AgEagle from being a pioneer in the industry to now a leader in precision agriculture for UAVs.
The value proposition in precision agriculture using drones lies within data analytics. For this reason, AgEagle uses only the highest value sensor and image processing systems. Its focus is to simplify the collection of imagery data while maximizing analytics, and AgEagle has a strong first-mover advantage in both areas.
“Busy agriculture professionals lack free time during the growing season,” said Bret Chilcott, founder and CEO of AgEagle. “Instead of spending hours every night processing images, our AgEagle system does all the time-consuming work in minutes. Fly the field, get the images, inspect the field, make an assessment and, if necessary, create a prescription map all on the same day.”
AgEagle drones are capable of approximately 45 to 55 minutes of flight time to capture and process in-flight near infrared images. This time is longer and allows farmers to cover more area than most other competitive aerial products.
In addition to flight time, with AgEagle’s product, growers can gather insight on their crop health and field conditions faster than most other methods available-in less than one hour with a cellular-enabled system. In regions with no cellular service, images can be processed by seamlessly uploading them to the internet after flight.
Chilcott continued: “It’s impossible to ignore the role technology, big data and the Internet has on everyone’s lives. One could argue these mega-trends are a driving force in nearly every industry today. We believe the agriculture industry is still in the early innings of this adoption, which forms the basis of our long-term vision and was a driving force in our becoming public.
“In fact, we believe high-resolution image analytics are going to have a substantial impact on the adoption of precision ag. With 2.1 million farms on 235 million acres of land in the U.S., we believe the precision ag sector of the UAV market presents robust opportunities for our products, and imagery analytics is the missing link to connecting all the big precision ag technologies together.”
A 2017 report authored by Goldman Sachs identified the total addressable market for agriculture drones at $5.9 billion over the next five years. And the United Nations Food and Agriculture Organization projects that the world will require 70% more food production by 2050 in order to keep up with population growth.
AgEagle is not alone in the pursuit of this market. Some of the largest companies in the world like Amazon and Wal-Mart have moved into grocery and delivery, driving down prices and forcing the entire food supply chain to become more efficient. Major venture capital and private equity money is also pouring into this space. Google Ventures made a significant investment into Farmer’s Business Network-a social platform connecting a growing list of farmers to share knowledge and gain trusted insights about their farms, inputs and practices.
Chilcott concluded: “The presence of large, acquisitive companies, along with the increasing importance of sustainability and the growing number of farmers adopting technology like drones, robotics and IoT connected sensors in the field, are driving our growth thesis. We plan to capitalize on these opportunities via both organic investments and strategic acquisitions. There are many exciting growth avenues that we plan to explore in the near future, and we look forward to updating our shareholders along the way in what is truly a momentous time in the precision agriculture industry.”
About AgEagle Aerial Systems, Inc.
Founded in 2015, AgEagle designs, produces, distributes and supports technologically-advanced small unmanned aerial vehicles (UAVs or drones) that it supplies to the precision agriculture industry. The company’s line of automated flying drones collects valuable information for farmers by flying over large fields of corn, soy beans, wheat and other types of crops, collecting thousands of ultra-high-resolution pictures using sophisticated near-infrared sensors, or cameras. These aerial images are ultimately utilized to enhance yield and promote sustainability.
The company is based in Neodesha, Kansas. For more information, please visit www.ageagle.com.
Important Cautions Regarding Forward-Looking Statements
“Forward-looking Statements” as defined in the Private Securities Litigation Reform Act of 1995 may be included in some of the information or materials made available on this website. These statements relate to future events or future financial performance. These statements are only predictions and may differ materially from actual future results or events. AgEagle disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to, risks associated with change in business strategy towards more heavy reliance upon on the company’s new talent segment and wholesale channels, actions of regulators concerning business operations or trading markets for AgEagle’s securities, the extent to which the company is able to develop new services and markets for its services, the company’s significant reliance on third parties to distribute its content, and the level of demand and market acceptance of AgEagle’s services.
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