George Matus, CEO of subsidiary, Teal Drones, appointed Chief Technology Officer
SAN JUAN, Puerto Rico, Nov. 28, 2023 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone expertise firm integrating robotic {hardware} and software program for navy, authorities, and industrial operations, proclaims a number of administration modifications. George Matus, founder and CEO of wholly owned subsidiary, Teal Drones, has been appointed as Chief Technology Officer of Red Cat. Concurrently, Allan Evans, Chief Operating Officer, is departing to turn into CEO of Unusual Machines, Inc. (“UM”), which is presently in search of to accumulate the Company’s Consumer section consisting of Rotor Riot and Fat Shark Holdings. Following the sale of the Consumer section, the Company is anticipated to be the biggest shareholder in Unusual Machines. Finally, Joseph Hernon plans to retire on the finish of his employment contract on June 30, 2024 as he reaches regular retirement age.
“George founded Teal in 2015 with a vision for many of the technological advancements and applications which have emerged in the drone industry in recent years,” stated Jeff Thompson, Chief Executive Officer. “Since Red Cat acquired Teal in August 2021, George has been instrumental in leading the Company’s efforts to secure the Army’s Short-Range Reconnaissance(SRR) contract. The Department of Defense SRR Program of Record is expected to be awarded in 2024. George’s expertise in drone technology is evident in the development of a next generation system for the Army which has resulted in the Company becoming one of three finalists for the contract. I am excited to expand George’s role in additional areas of the business to capture the future value created by leading edge hardware and software.”
“Allan joined Red Cat in November 2020 following our acquisition of Fat Shark Holdings. Over the past three years, he has managed the integration of four acquisitions and the design of our manufacturing facility for Teal Drones in Salt Lake City, Utah,” noted Mr. Thompson. “With the facility construction completed and manufacturing capacity levels increasing, this is the perfect time for him to assume stewardship of the Consumer segment as CEO of Unusual Machines. If the transaction is completed, Red Cat would become the largest shareholder in UM, and the shareholders of Red Cat will continue to benefit from Allan’s leadership skills.”
“Joseph was one of our first employees when he joined the Company in January 2020. His public company financial skills were instrumental during the early days when our capital was very limited,” stated Mr. Thompson. “Joseph has built a strong finance team to ensure a smooth transition process as he departs at normal retirement age.”
George Matus is a technologist and entrepreneur who founded Teal in 2015. A Peter Thiel Fellow and Forbes 30 Under 30 member, George continued to lead the company after it was acquired by Red Cat in 2021. Matus believes it’s still “day one” for drones and that they’re basic to the protection of America and its allies. Teal gives a strong and man-portable drone, the Teal 2, which is designed to “Dominate the Night™.” The vertically built-in system options best-in-class night time imaginative and prescient, a completely modular design, multi-vehicle management, and synthetic intelligence capabilities.
Teal Drones, primarily based in Salt Lake City, Utah, has a 25,000 sq. foot manufacturing facility the place Teal 2 is constructed. The flagship product is designed to assist U.S. navy operations, public security organizations, and U.S. authorities companies in quite a lot of environments. It is each Blue UAS Certified, which implies it’s totally accredited by the Department of Defense, and FAA Remote ID accredited.
In November 2022, Red Cat entered right into a Stock Purchase Agreement (SPA) with Unusual Machines for the sale of its client division, consisting of Rotor Riot and Fat Shark Holdings, the Company’s leisure and hobbyist drones and first-person-view goggles subsidiaries, respectively. Under phrases of the inventory buy settlement and upon satisfaction of the requisite closing circumstances, together with shareholder approval, Unusual Machines will buy Rotor Riot and Fat Shark Holdings from Red Cat for $20 million in mixed money and securities. In addition, closing of the SPA is topic to profitable completion of an preliminary public providing by Unusual Machines within the minimal quantity of $15 million and approval by Nasdaq of itemizing of Unusual Machine’s widespread inventory.
About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a drone expertise firm integrating robotic {hardware} and software program for navy, authorities and industrial 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
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