RCAT - Red Cat Signs LOI To Acquire FlightWave Aerospace Systems | Benzinga
SAN JUAN, Puerto Rico, June 11, 2024 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc.?(NASDAQ:RCAT) ("Red Cat"), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it has entered into a Letter of Intent (LOI) for the planned acquisition of FlightWave Aerospace Systems Corporation ("FlightWave"), an industry-leading provider of Vertical Take-off and Landing (VTOL) drone, sensor, and software solutions. Edge 130, FlightWave's Blue UAS approved military-grade tricopter would, upon closing, be added to Red Cat's line of unmanned Intelligence, Surveillance, and Reconnaissance (ISR) systems.
"The planned acquisition builds on FlightWave's accomplishments and continues our mission to provide low-cost, rucksack portable drones with diverse capabilities," said Jeff Thompson, Red Cat CEO. "Our Teal drones already bolster mission effectiveness and safeguard warfighters globally. The Edge 130 complements Teal with extended range and endurance, additional payloads and capabilities for maritime and other environments, and positions us to address the evolving requirements of the Pentagon's Replicator Initiative."
Red Cat is redefining the role of Small Unmanned Aircraft Systems (sUAS) for defense applications with unparalleled technology innovation, strategic software and hardware partnerships, and a deep understanding of the operational needs of today's warfighters. The company is expanding its line of sUAS to support the Pentagon's desire to accelerate innovation and meet its growing need for "attritable" autonomous systems across air, land, and sea. FlightWave aligns perfectly with the Red Cat Futures Initiative, and the Edge 130 provides a new platform for Red Cat to augment with capabilities through its ecosystem of industry partners.
"Our acquisition by Red Cat will be a significant leap forward in UAV technology integration, setting the foundation for a UAV Family of Systems for easy deployment," said Dr. Trent ...