UAS Drone Corp. Reports 2021 Financial and Operating Results
UAS Drone Corp. (OTCQB: USDR) filed its Annual Report for the year ending December 31, 2021, following its reverse merger with Duke Robotics.
Highlights include $500,000 in revenue from a collaboration with Elbit Systems, along with a $5 million private placement aimed at advancing robotics technology.
The company also appointed Yossef Balucka as CEO and received a patent for stabilization technology crucial to its TIKAD system, enhancing its competitive stance in the defense industry.
- Reported $500,000 in revenue from collaboration with Elbit Systems.
- Successfully raised $5 million in private placement for technology development.
- Appointment of Yossef Balucka as CEO to accelerate growth.
- Granted a patent for stabilization technology, enhancing product offering.
- None.
Covering a full calendar year of activity post Reverse Merger with Duke Robotics
Fort Lauderdale, Florida, March 10, 2022 (GLOBE NEWSWIRE) -- UAS Drone Corp. (OTCQB: USDR), a leader in robotics technology and drone solutions, is pleased to announce the filing of its Annual Report, on Form 10-K for the 12 months ended December 31, 2021, with the U.S. Securities and Exchange Commission, covering a full calendar year of activity following the reverse merger between Duke Robotics, Inc. and the Company.
Financial highlights:
- For the twelve months ended December 31, 2021, UAS Drone reported
$500,000 in revenues from the Collaboration Agreement with Elbit Systems Land Ltd., a subsidiary of Elbit Systems. - In May 2021, UAS Drone raised approximately
$5.0 million in a private placement offering. The use of proceeds included investing in further development of the Company’s advanced robotics technologies for military applications as well as evaluating additional different applications of its technology and know-how, including in the civilian market.
Operating highlights:
- The Company’s wholly owned Israeli subsidiary, Duke Airborne Systems Ltd. ("Duke") entered in January 2021 a Collaboration Agreement with Elbit Systems Ltd. (“Elbit”), an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. Elbit will further develop, manufacture, market, and sell TIKAD globally. The Company will receive royalties on revenues from the global sales of TIKAD in the low to double-digit percentage, with royalty payments continuing for 15 years following the receipt of
$50 million in cumulative revenues by Elbit from sales of TIKAD units. - Yossef Balucka was appointed as Chief Executive Officer and President to accelerate the Company’s growth and commercial deployment.
- Duke was granted a patent from the U.S. Patent and Trademark Office for its stabilization technology, which is incorporated in its advanced robotic system.
About UAS Drone
In June 2020, UAS Drone Corp. (OTCQB: USDR) completed the acquisition of Duke Robotics Inc. Duke Robotics is a forward-thinking company focused on bringing necessary products and solutions to the defense sector. Duke Robotics developed TIKAD, an advanced robotic system designed to serve the growing need for tech solutions in the combat field.
Duke Robotics' revolutionary stabilization technology enables remote, real-time and accurate firing of lightweight firearms and weaponry via an unmanned aerial platform (UAV). The proprietary and confidential complex kinematic algorithms address the crucial need of modern warfare to bear arms remotely on hostile targets without risk to the military personnel. We believe that troops can use TIKAD to handle potentially dangerous situations quickly and efficiently from the air. This technology also allows troops to potentially disarm a situation remotely, without ever deploying a ground presence. For more information about Duke Robotics, please visit www.dukeroboticsys.com or view documents that USDR files with the Securities and Exchange Commission at http://www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements. Words such as "future" and other similar expressions or future or conditional verbs such as "will" are intended to identify such forward- looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. For example, when we discuss the potential development of our TIKAD system, that as a result of the private placement, and collaboration with third parties we will be investing in further development of the Company’s advanced robotics technologies for different potential applications including military applications, and we will receive payments of royalties as well as the further development, manufacturing, marketing, and sales of TIKAD globally, we are using forward looking statements. Accordingly, our actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to: the successful integration of acquisitions; the continued development of our products; the ability for Elbit to terminate the Agreement, or cease funding certain the development the TIKAD or the marketing, sales and production of the TIKAD, at its discretion; significant fluctuations in foreign currency exchange rates; and competition, including technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequent filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Contact name: Yossef Balucka, CEO
Email address: invest@dukeroboticsys.com
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