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AgEagle Aerial Systems Reports Second Quarter 2020 Results

NEODESHA, Kan., Aug. 17, 2020 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle or the “Company”), an industry leading provider of UAVs and advanced aerial imagery, data collection and analytics solutions, today announced its second quarter financial results for the three and six months ended June 30, 2020.

Key Financial Highlights

Michael Drozd, Chief Executive Officer of AgEagle, stated, “Since joining AgEagle in mid-May, I have been routinely impressed by my team’s commitment and dedication to AgEagle’s purposeful shift in our long-term business strategy. We are well positioned to weather the effects of the global pandemic and its direct impact on our second quarter revenue recognition.  Moreover, we remain focused on the many opportunities for future expansion, buoyed by our strong cash position which has increased to over $25 million due the recent equity financing we recently announced.  We expect 2020 be be a record year for AgEagle’s revenue growth and position us to accomplish several key strategic objectives going forward.”

To review the Company’s detailed financial results for the three and six months ended June 30, 2020, please refer to our Form 10-Q filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov

Corporate Update Webcast

The Company’s management  will host a webcast on Tuesday, August 18, beginning at 11:00 AM Eastern time to provide a corporate update and discuss recent operational highlights. The webcast will be broadcast live and available for replay via the link: https://www.webcaster4.com/Webcast/Page/2160/36280. If you encounter any difficulty connecting to the webcast, please contact Gateway Investor Relations at 949-574-3860.

About AgEagle Aerial Systems Inc.
Founded in 2010 and based in Kansas, AgEagle has earned distinction as one of the industry’s leading pioneers of technologically advanced 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 to proactively assess and manage the health of commercial crops, 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. In late 2019, we began pursuing expansion opportunities within the emerging Drone Logistics and Transportation market with the manufacture and assembly of UAVs designed to meet specifications for drones that are meant to carry packaged goods in urban and suburban areas. For more information, please visit  www.ageagle.com.

Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

Contacts:
Investor Relations
Gateway Investor Relations
Sean Mansouri or Cody Cree
Phone: 949-574-3860
Email: UAVS@gatewayIR.com

Press/Media Contact
Primo PR
Tara Coomans or Laura Nystrom
Phone: 424-278-9199
Email: media@ageagle.com

 

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