UAV
Corp. (UMAV) Further Reduces
Authorized Shares to 500 Million
Company Secures $20
Million Funding Commitment to Advance Aerospace & Defense
Initiatives
WEWAHITCHKA-PORT ST JOE,
FL -- January 8, 2025 -- InvestorsHub NewsWire -- UAV Corp
(OTC:
UMAV), a leader in innovative manned and unmanned aerial
vehicle (UAV) technologies, is pleased to announce an additional
reduction in its authorized share count. Building upon the
strategic reduction announced on December 16, 2024, the Company's
Board of Directors has approved a further decrease of 300 million
authorized shares, lowering the total from 800 million to 500
million.
This decision comes in
response to shareholder support for the Company's previous
reduction, which saw a decrease of 1.2 billion shares, reducing the
authorized share count from 2 billion to 800 million. The latest
adjustment demonstrates UAV Corp's ongoing commitment to optimizing
its capital structure and delivering long-term value to its
shareholders.
"After seeing the
appreciation from our shareholders regarding the initial reduction,
we felt it was imperative to continue taking steps to enhance
shareholder value," said Michael Lawson, CEO of UAV Corp. "This
further reduction reflects our dedication to disciplined financial
management and our confidence in the Company's long-term growth
trajectory. We remain focused on operational excellence and
innovative solutions to drive profitability."
The new authorized share
count will be reflected in the Company's amended articles of
incorporation and relevant corporate filings. This adjustment
aligns with UAV Corp's strategic efforts to streamline operations,
enhance corporate governance, and position the Company for
sustained growth.
In addition to these
significant capital structure improvements, UAV Corp has signed a
Letter of Intent (LOI) for up to $20 million in funding, marking a
significant milestone in the Company's growth strategy. Under the
agreement, the funding partner will complete the DART SA70-12
airship project and retire outstanding debt on UAV Corp's balance
sheet, strengthening its financial position. As part of the deal,
UAV Corp will grant the funding partner one board seat, ensuring
strategic alignment as the company continues to scale operations
and drive innovation. The company has agreed to negotiate final
terms and conditions over the next 30 days. UAV Corp will own and
operate the drone airship to test various sensor technologies,
radar, new power generations sytems and advanced AIG drones for
launch and recovery.
In its December 2024
announcement, the Company highlighted significant milestones,
including its joint venture with Atlantic Industrial Group Inc.
(AIG) to establish state-of-the-art manufacturing capabilities at
Skyborne Technology's Wewahitchka, Florida facility. The facility
focuses on producing high-efficiency drone models, including
SVTOLs, and leveraging advanced 3D printing technologies for
lightweight airframe components.
By continuing to optimize
its capital structure, UAV Corp. demonstrates its unwavering focus
on innovation, efficiency, and delivering shareholder
value.
About
UAV Corp/Skyborne Technology, Inc.
UAV Corp is a premier
developer of manned and unmanned aerial vehicle technology. With
decades of experience specializing in highly maneuverable
lighter-than-air technologies for commercial and government
solutions, UAV Corp focuses on innovation and reliability. It
provides cutting-edge platforms that enhance operational
capabilities across various sectors.
Cautionary
Statement Regarding Forward-Looking Information
This news release
includes certain "forward-looking statements" under applicable U.S.
securities legislation. Forward-looking statements are based on
estimates and assumptions that, while considered reasonable, are
subject to risks, uncertainties, and other factors which may cause
actual results to differ materially. The Company disclaims any
intention or obligation to update forward-looking statements,
except as required by law.
Contact:
Michael Lawson,
CEO
mlawson@uavcorp.net
115 County Road
381
Wewahitchka, Florida
32465
For more information
about UMAV Corp and its innovative technologies, please visit
www.uavcorp.net.