NEODESHA, Kan., April 15, 2020 — AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry leading provider of technologically advanced commercial drones, aerial imagery and data collection and analytics solutions, today announced the expansion of scope for its contracted commercial drone work through the receipt of follow-on purchase orders from a major ecommerce company. Representing significant new revenue, the new purchase orders relate to the continued manufacturing and assembly of drones used for the testing and refining of the client’s commercial drone small package delivery vehicles, systems and operations currently in development.
AgEagle Chief Executive Officer Barrett Mooney stated, “We are thrilled to be expanding our relationship with this key client, which is keen on taking full advantage of AgEagle’s specialized expertise in the custom manufacturing and assembly of commercial drones. We are excited about the continued interest in UAVs for application in the emerging drone logistics and transportation market. In addition to the material impact this project will continue to have on our annual revenue growth, it is expected to play a broader role in defining AgEagle’s long-term value proposition to a growing list of diverse industries. We believe these businesses can benefit from our advanced UAV technology and proven drone development experience to propel their respective growth objectives forward.”
The use of commercial drones for package delivery has seen its utility amplified worldwide with the spread of the global COVID-19 pandemic. Rwanda and Ghana in Africa are deploying UAVs to help reduce the pressure on large hospitals, providing for the delivery of needed supplies from central warehouses to remote clinical locations. Similarly, Ireland is delivering medicine to vulnerable people locked in their homes. China also began using drones in January to deliver food to quarantined occupants of a hotel and expanded its use of drones for delivery of medicines in March.
There have been other emerging uses of UAVs to help fight this and future pandemics, which are capturing the world’s attention. For example, an Australian university has recently announced a collaboration to develop “Pandemic Drones” which will use temperature sensors and computer vision to identify symptoms of infectious respiratory diseases in public spaces. As more countries enter lockdown to combat the spread of COVID-19, drone technology is also becoming an important surveillance tool to ensure that members of the public are adhering to social distancing mandates. Also, agricultural UAVs created to spray crops with pesticides are being modified to spray disinfectant over large infected areas. These disinfecting drones have been successfully used in China, Chile, Indonesia, Philippines, Colombia and the United Arab Emirates, with Spain becoming the first European country to utilize these UAVs for disinfection.
About AgEagle Aerial Systems, Inc.
Founded in 2010 and based in Neodesha, Kansas, AgEagle has earned distinction as one of the industry’s leading pioneers of technologically advanced commercial unmanned aerial vehicles (UAVs or drones) and aerial imagery-based data collection and analytics solutions. We are trusted to help the world’s growers, consumer packaged goods companies and their supply chain partners, and urban green managers proactively assess and manage the health of commercial crops and green infrastructure, reduce the chemicals in produced foods and products and preserve and protect natural resources. In addition, we are at the leading edge of providing state and territorial departments of agriculture, growers and processors with registration, oversight, compliance/enforcement, and reporting solutions relating to the United States’ emerging hemp cultivation industry; as well as collaborating with emerging leaders in the fast growing commercial drone-enabled package delivery market. For more information, please visit www.ageagle.com.
Gateway Investor Relations Cody SlachSean MansouriPhone: 949-574-3860Email: UAVS@gatewayIR.com
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