RED CAT HOLDINGS CLOSES ACQUISITION OF TEAL DRONES
Download as PDF SEPTEMBER 01, 2021 7:00AM EDT
EXPANSION INTO MILITARY SECTOR REPRESENTS COMPELLING GROWTH OPPORTUNITY
HUMACAO, Puerto Rico, Sept. 1, 2021 /PRNewswire/ -- Red Cat Holdings, Inc. (Nasdaq: RCAT) ("Red Cat'' or the "Company"), a hardware-enabled software provider to the drone industry, announces the closing of its acquisition of Teal Drones ("Teal"), a leader in commercial and government unmanned aerial vehicle ("UAV") technology. Teal manufactures the Golden Eagle, one of only five drones approved by the U.S. Department of Defense for reconnaissance, public safety, and inspection applications.
Red Cat Holdings Logo (PRNewsfoto/Red Cat Holdings, Inc.)
"This acquisition solidifies our leadership position within the drone industry, as it completes our ability to provide end-to-end solutions. We can offer both consumer and enterprise drones with an extensive suite of additional software and hardware options and other technologies, along with an approved line of military drones for public safety, reconnaissance and inspection applications," commented Jeffrey Thompson, Red Cat's Chief Executive Officer. "Teal's approval from the Pentagon provides a strategic advantage as the military continues to expand its deployment of drones."
Teal, a Utah-based company founded in 2015, has grown from its origins as a consumer-oriented company into one focusing on the enterprise and government sectors. Teal is redefining what unmanned systems can achieve, providing superior aerial surveillance and awareness for inspections and short-range reconnaissance. Its leading-edge, compliant unmanned systems inform and protect Fortune 500 companies and government agencies with scalable, secure, and rugged drone technology. Teal's open and modular platform allows a critical mass of applications to be developed and integrated for next-generation capabilities. Partners actively integrating technologies with Teal include Autonodyne, Tomahawk Robotics, and DroneLink.
"Teal's prime directives since the beginning were simple: Rebuild the American drone industrial base and accelerate the global adoption of drones across Enterprise and Defense markets. This acquisition represents the best way Teal will fulfill its mission, leveraging Red Cat's expertise and resources to deploy the best unmanned systems in the world, giving superhuman capabilities to commercial operators and military warfighters alike," said George Matus, founder and Chief Executive Officer of Teal."
Teal will anchor the Enterprise Segment at Red Cat that also includes Skypersonic, a remote inspection company. Companies in Red Cat's Consumer Segment include Fat Shark, a drone imaging and communication company and Rotor Riot, which focuses on first person view drones and equipment for the consumer segment. Collectively, the group of complementary companies offers a comprehensive and diversified array of technologies targeted at all segments of the growing drone industry, with a special emphasis on military applications and infrastructure inspections.
