World Surveillance Group Inc (fka WSGI)

[rwehapi2003]

DRNE news:

JACKSONVILLE, FL -- ( Marketwired ) -- 06/05/14 -- Drone Aviation Holding Corp. (formerly MacroSolve Inc. ) (PINKSHEETS: MCVED) a Nevada corporation (the "Company"), announced today that it completed a share exchange agreement pursuant to which all of the capital stock of Drone Aviation Corp. , a privately held Nevada corporation ("Drone Aviation"), were exchanged for shares of either Common Stock or Series D Convertible Preferred Stock of the Company on a one-for-one basis (the "Share Exchange") making Drone Aviation a wholly owned subsidiary of the Company. Shares of the Company's Common Stock are currently quoted on the OTC Markets under the symbol "MCVED," which will soon change to "DRNE."
On May 5, 2014 , Drone Aviation acquired Lighter Than Air Systems Corp. ("LTAS") from World Surveillance Group in a share exchange (the "LTAS Acquisition"). Following the LTAS Acquisition, Drone Aviation became an aerospace company principally focused on developing and producing tethered drones and tethered aerostats for military and commercial applications. Drone Aviation's flagship products the Blimp in a Box ™ (BiB) and the Winch Aerostat Small Platform (WASP) acquired in the LTAS Acquisition, are currently utilized by various military and commercial customers as a safe, effective surveillance and communications system. In addition, Drone Aviation is leveraging its experience from military applications to develop specialized drones that utilize a unique tethering technology where all data, controls and endurance are built into the tether, thus permitting the drones to fly within FAA guidelines.
The Company, now headquartered in Jacksonville, Florida , will continue the business of LTAS. The Company's new management team includes Felicia Hess as its Chief Executive Officer, Kendall Carpenter as its Chief Financial Officer, and Dan Erdberg as its Chief Operating Office.
Simultaneous with the closing of the Share Exchange, the Company completed a closing of the sale of 2.7 million Units (consisting of one share of Series E Preferred Stock and one three year warrant with an exercise price of $1.00 ) in a private placement to accredited investors, at a price of $0.50 per Unit, resulting in gross proceeds to the Company of $1,350,000 (before deducting commissions and expenses of the offering).
The Company's Chief Executive Officer, Felicia Hess , said, "The completion of these transactions was a key piece in our strategic plan to penetrate the military and commercial aerostat and drone space. Our investors recognize the potential tethered aerostats and drones have as safe, lower cost and effective systems, that comply with current FAA regulations, for various military and commercial applications. We expect the capital raised from this financing will assist us to expand our customer base and allow us to accelerate our research and development of our next generation tethered aerostats and drones."
The Company intends to use the net proceeds of the offering principally for sales and marketing, research and development, and general and administrative expenses.
About Drone Aviation Holding Corp.
Drone Aviation Holding Corp. designs and develops specialized tethered aerial surveillance and communications solutions to government and commercial customers. Drone systems are designed in-house utilizing proprietary technologies and processes that result in compact, rapidly deployable tethered aerostat solutions that have been proven to fulfill critical requirements by the military and law enforcement in the U.S. and around the world. For more information regarding Drone, please visit www.DroneAviationCorp.com, or view our reports and filings with the Securities and Exchange Commission on http://www.sec.gov.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include those regarding: the date our OTC market symbol will change, the safety or effectiveness for any specific application of any of our products, the use of any proceeds from our private placement, the potential of tethered aerostats or drones, the Company's ability to expand its customer base or accelerate our R&D program, our relationships with our customers and our ability to continue and/or expand such relationships, the suitability of the our products for any particular application, the ability of our products to satisfy customer demands or requirements or meet any specific challenges, the ability of our products to function in accordance with their design expectations, the capabilities, characteristics and advantages of, and costs related to our products and services, the further advancement, development or commercialization of any of our products, the ability of the Company to secure further business with new customers or grow revenues, and the ability of the Company to execute on its strategies or to accomplish any of its goals or objectives. The words "forecast," "project," "intend," "expect," "plan, " "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Contacts:

Drone Aviation Corp.
Kendall Carpenter
Phone: [phone]
[e-mail]


Source: Drone Aviation Corp