SAN JUAN, Puerto Rico, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc.?(NASDAQ:RCAT) ("Red Cat" or the "Company"), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announces several management changes. 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 become CEO of Unusual Machines, Inc. ("UM"), which is presently seeking to acquire the Company's Consumer segment consisting of Rotor Riot and Fat Shark Holdings. Following the sale of the Consumer segment, the Company is expected to be the largest shareholder in Unusual Machines. Finally, Joseph Hernon plans to retire at the end of his employment contract on June 30, 2024 as he reaches normal 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 ...