Drone Aviation Holding Corp. (OTCQB:DRNE), a developer of specialized lighter-than-air aerostats and tethered drones, today announced that it has closed a $1 million offering of its Series G Convertible Preferred Stock. Frost Gamma Investments Trust, an affiliated entity of Dr. Phillip Frost, Chairman of the Company's Strategic Advisory Board, has invested $250,000 in the offering.
Recently, Mr. Frost engineered several important additions to the DRNE team including two people who were brought in from a Fortune 500 company (Oracle #131). Our new Chairman of the Board is Jay Nussbaum who also served on a number of boards of directors, including the Armed Forces Communications and Electronics Association, and Northrop Grumman Corp where he met Phillip Frost. Ah, connections galore.
The other addition from Oracle ... DRONE AVIATION APPOINTS FORMER ORACLE EXECUTIVE, REGINALD L. BROWN JR. AS GOVERNMENT AFFAIRS LIAISON
Not bad; a pro to walk orders through the government purchasing department maze.
And although we can't count the CIA as a Fortune 500 company, the job experience of Louis F. Wise who was appointed to the newly created position of chief science and technology advisor to Drone Aviation's Board of Directors and management team, is exactly what DRNE needed.
Mr. Wise retired from the Central Intelligence Agency (CIA) after a very successful 36 year career as a senior intelligence officer. Working in CIA's Directorate of Science and Technology, Mr. Wise was involved in many critical Intelligence Surveillance and Reconnaissance (ISR) development programs. This ranged from satellite to aircraft programs where real-time information was delivered to support both tactical operations and our national policy makers.
From a product development point of view, Mr. Wise sounds like the specialist that is right up the alley of what DRNE needed to guide the revamping and upgrading of it's product portfolio for the needs of today and the future.
There is also this recent development from last week:
It should be the proverbial squeaking door of opportunity opening. Good results will lead to more follow-on orders.
Oh, and one more thing, there shouldn't be any doubt, DRNE sells legal products, but is not limited to tethered drones in the future. DRNE may and can develop free flying drones in the future in the event the laws become clearer. Mr. Wise will certainly be a key asset in that regard too.
Major changes have happened at DRNE that should not be overlooked.
"Just my opinion: If an aviation accident/disaster happens resulting in a crash and loss of life, between a free flying drone and an airliner, governments will ban free flying drones. I think it is inevitable. Not "if" but "when"? All it will take is one irresponsible person."
Remember, DRNE's drones are legal.
A drone narrowly missed a commercial aircraft coming in to land at Heathrow in the second such incident in less than a year. The object, widely believed to be a drone, was flown over the Airbus A320 at 1,700ft as it approached the runway at Heathrow, flying within 50ft of the aircraft.
The pilot reported that the object was ‘rectangular and appeared to be propellor driven’, indicating that it was a remote-controlled drone, according to a report by the UK Airprox Board (UKAB).
Aviations authorities have condemned the incidents as ‘irresponsible’.
According to The Times, the recent incident is the fourth recorded near-miss between a plane and an unmanned aircraft at a British airport.
Drones are available to anyone and can be bought for under £100 while more expensive models, which can cost up to £30,000, are capable of flying to around 11,000ft.
While some are used for commercial reasons, such as filming aerial shots for movies, capturing news footage or for surveillance, drones are becoming increasingly popular as ‘toys’ with high-street store Marlins selling more than 10,000 in 2014.
Despite being used as playthings, drones are still classified as ‘aircraft’ by the Civil Aviation Authority (CAA) which provides strict guidelines on their use.
The rules state that drones should not be flown within 150m of built-up areas, or over crowds of more than 1,000 people or within 50m of any vehicle that is not under the user’s control - which would include aircraft. Users must keep drones within their sight at all times.
According to a survey carried out by the British Airline Pilots Assosociation (BALPA), more than half (52%) of the British public think that those who endanger an aircraft while flying a drone should be given a prison sentence.
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