SAN JUAN, Puerto Rico, Dec. 26, 2023 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone know-how firm integrating robotic {hardware} and software program for navy, authorities and business operations, endorses the passing of the American Security Drone Act (ASDA) as an essential laws bundle that advantages the federal authorities, home drone businesses, and nationwide safety. Introduced in November 2023, the bipartisan act prevents the federal authorities from procuring drones from nations which are deemed safety threats, corresponding to China. It was formally handed into regulation as a part of the National Defense Authorization Act.
“The passing of the American Security Drone Act is a major milestone for domestic drone companies and also for protecting the U.S. and our allies,” said Jeff Thompson, Founder and CEO of Red Cat. “Red Cat has invested significantly in our subsidiary Teal Drones’ factory, which recently went into mass production and can produce thousands of drones for defense forces and federal agencies. We are ready to support these organizations as they transition to safe and secure American-made drones.”
Teal Drones operates a 25,000 sq. foot manufacturing facility in Salt Lake City, Utah. The firm’s flagship Teal 2 is an reasonably priced, man-portable resolution that’s designed to “Dominate the Night™” with its best-in-class night time imaginative and prescient digicam, absolutely modular design, multi-vehicle management, and synthetic intelligence capabilities. In celebration of its efforts in home manufacturing, Teal Drones was not too long ago chosen for a $750,000 Manufacturing Modernization Grant from the State of Utah. The objective of the grant is to help and modernize home manufacturing in Utah.
Teal 2 is designed to help U.S. navy operations, public security organizations, and U.S. authorities businesses in quite a lot of environments. It is each Blue UAS Certified, which implies it’s accredited by the Department of Defense, and FAA Remote ID accredited.
“The government’s support of American manufacturing is monumental and will ensure that better products are built and used domestically. This act will level the playing field for American manufacturing against our greatest geopolitical rival,” said Brendan Stewart, VP, Regulatory Affairs at Red Cat. “We are also committed to supporting legislation to subsidize the cost of switching drones and will work closely with the government and our peers to ensure that agencies have access to the best technology available.”
About Red Cat Holdings, Inc. Red Cat (Nasdaq: RCAT) is a drone know-how firm integrating robotic {hardware} and software program for navy, authorities and business operations. Red Cat’s options are designed to “Dominate the Night™” and embrace the Teal 2, a small unmanned system providing the highest-resolution thermal imaging in its class. Learn extra at www.redcatholdings.com.
Forward-Looking Statements This press launch comprises “forward-looking statements” which are topic to substantial dangers and uncertainties. All statements, apart from statements of historic truth, contained on this press launch are forward-looking statements. Forward-looking statements contained on this press launch could also be recognized by way of phrases corresponding to “anticipate,” “consider,” “ponder,” “might,” “estimate,” “anticipate,” “intend,” “search,” “might,” “may,” “plan,” “potential,” “predict,” “undertaking,” “goal,” “purpose,” “ought to,” “will,” “would,” or the unfavourable of those phrases or different related expressions, though not all forward-looking statements comprise these phrases. Forward-looking statements are primarily based on Red Cat Holdings, Inc.’s present expectations and are topic to inherent uncertainties, dangers and assumptions which are tough to foretell. Further, sure forward-looking statements are primarily based on assumptions as to future occasions that will not show to be correct. These and different dangers and uncertainties are described extra absolutely within the part titled “Risk Factors” within the closing prospectus associated to the general public providing filed with the Securities and Exchange Commission. Forward-looking statements contained on this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no responsibility to update such info besides as required below relevant regulation.
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