JACKSONVILLE, Fla.,
June 5, 2015 /PRNewswire/
-- Drone Aviation Holding Corp. (OTCQB: DRNE), a developer of
specialized tethered aerostats and drones, today announced that
Jay H. Nussbaum has been appointed
Chairman of its Board of Directors, replacing Major General
(US-Ret.) Wayne P. Jackson, who will
remain as a Director. Dr. Phillip
Frost, Chairman of the Company's Strategic Advisory Board
recommended Nussbaum to the Board, which ultimately approved his
appointment. Nussbaum, an investor in the recently completed
$1 million Series G Preferred Stock
financing, will also serve on the Company's Strategic Advisory
Board along with Dr. Frost and Mr. Steve
Rubin.
"I'm pleased that Jay has accepted the role of Chairman of the
Board, a position in which he can apply his talents and provide
invaluable leadership to management while assisting in the future
growth and expansion of the business, thanks to the many
relationships he has developed over the course of his accomplished
career," said Dr. Phillip Frost.
"Having known Jay since we served together on the board of Northrop
Grumman, I have complete confidence in his ability to help Drone
Aviation navigate the many intricacies of the government, military
and commercial sectors."
Nussbaum has extensive executive experience in government and
commercial sales and management. He previously served as executive
vice president of Oracle Service Industries under Oracle's chairman
and CEO, Larry Ellison, where he
oversaw government, education, health, communications, utilities
and financial services operations.
During his nearly 10-year career at Oracle, he helped grow the
U.S. government business from less than $60
million to more than $1.5
billion. Under Nussbaum's stewardship as founder, vice
chairman and chief operating officer of Agilex Technologies Inc.,
the company grew to over $300 million
in revenue and is now part of Accenture Federal Services, a
provider of mission and technology solutions to the national
security, healthcare and public sectors of the U.S. government.
He also served as global head of sales, marketing and business
development for Citigroup Global Transaction Services, and as
president of integrated systems operation at Xerox Corp.
Nussbaum has also served on a number of boards of directors,
including the Armed Forces Communications and Electronics
Association, and Northrop Grumman Corp. He is active in numerous
business and charitable organizations.
"I am honored to be appointed to this important position and
that the Board has given me the opportunity to work with management
to add value to a company that is well positioned to capitalize on
the tremendous growth potential for its portfolio of drone
products," Nussbaum said. "Their unique tether technology, which
allows for a safer, longer duration flight time and a more
data-secure system, is uniquely positioned to capitalize on the
growing market potential for drones in news gathering, the
military, commercial and many other applications."
About Drone Aviation Holding Corp.
Drone
Aviation Holding Corp. (DRNE) develops and manufactures
cost-effective, compact and rapidly deployable aerial platforms
including lighter-than-air aerostats and electric-powered drones
designed to provide government and commercial customers with
enhanced surveillance and communication capabilities. Utilizing a
proprietary tether system, the Company's products are designed to
provide prolonged operational duration capabilities combined with
improved reliability, uniquely fulfilling critical requirements in
military, law enforcement and commercial and industrial
applications. For more information about Drone Aviation Holding
Corp. please visit www.DroneAviationCorp.com or view our reports
and filings with the Securities and Exchange Commission on
http://www.sec.gov, including the Risk Factors included in our
Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in our Current Report on
Form 8-K filed with the SEC on June 5,
2014, as well as information about the Company in our
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Forward-Looking Statements
This press release
contains projections of future results and other forward-looking
statements that involve a number of risks and uncertainties and are
made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Important factors that
may cause actual results and outcomes to differ materially from
those contained in the projections and forward-looking statements
included in this press release are described in our publicly filed
reports. Factors that could cause these differences include, but
are not limited to, the acceptance of our products, lack of revenue
growth, failure to realize profitability, inability to raise
capital and market conditions that negatively affect the market
price of our common stock. The Company disclaims any responsibility
to update any forward-looking statements.
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SOURCE Drone Aviation Holding Corp.