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, Fla., Jan. 08, 2025 (GLOBE 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. For more information about UMAV Corp. and its innovative technologies, please visit www.uavcorp.net.
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
