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Utah Gov. Visits Red Cat Holdings Subsidiary Teal Drones to Discuss State Support for Local Defense Industry

2023-02-02 07:30 ET - News Release

SAN JUAN, Puerto Rico, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a military technology company integrating robotic hardware and software to protect and support the warfighter, reports that Utah Gov. Spencer Cox recently toured the Salt Lake City HQ of Red Cat subsidiary Teal Drones.

The visit, which took place on Jan. 25, was designed to help educate the governor on Teal’s operations, the company’s impact on the national aerospace and defense industries, and the opportunities and challenges facing the local industries in Utah.

“We discussed ways in which the state can support our efforts across regulation and deployments,” said Teal Founder and CEO George Matus. “The sky is literally the limit for Teal, and we’re grateful for the governor’s interest in aiding the growth of our company and Utah’s broader aerospace and defense sector.”

Gov. Cox’s tour of Teal’s facilities included meet-and-greets with various department heads, enabling the governor to learn more about engineering, testing, manufacturing, supply chain and compliance for Teal’s military-grade drone products.

"For far too long, we have ceded the building of drones to China and other places,” said Gov. Cox. “We are bringing that back and Utah is at the center of that. Teal is an incredible company that is making a difference with defense-focused drones.”

Teal is certified as “Blue UAS,” a designation awarded to select manufacturers authorized to provide equipment to the U.S. military. Teal is also one of only three drone manufacturers invited to participate in the U.S. Army’s Short Range Reconnaissance Tranche 2 (SRR T2). The SRR T2 program seeks to deliver a portable small uncrewed aerial system (sUAS) that can be used by army platoons for surveillance and reconnaissance duties, as well as to improve situational awareness.

Gov. Cox’s visit to Teal HQ was organized by the newly created Utah Aerospace and Defense Association (UADA), of which the governor is a strong supporter. UADA was established in 2022 to solve challenges associated with innovation, entrepreneurship, workforce development and supply chains for companies in the aerospace and defense industries. According to its website, UADA is working with the governor’s office, the Utah System of Higher Education and industry leaders in “Building the World’s Premier Ecosystem for Aerospace & Defense Companies in Utah.”

“Teal is deepening its relationship with UADA to help accelerate the rebuilding of America’s defense industrial base, specifically for drones,” said Matus. “UADA has expressed its support for our company and we look forward to a continued relationship with the association and the governor’s office.”

About Red Cat Holdings, Inc.
Red Cat (Nasdaq: RCAT) is a military technology company that integrates robotic hardware and software to provide critical situational awareness and actionable intelligence to on-the-ground warfighters and battlefield commanders. Its mission is to enhance the effectiveness and safety of military operations domestically and globally – and to “Dominate the Night.” Red Cat’s suite of solutions includes Teal Drones, developer of the Golden Eagle, a small unmanned system with the highest resolution imaging for nighttime operations, and Skypersonic, a leading provider of unmanned aircraft for interior spaces and other dangerous environments. Learn more at https://www.redcatholdings.com.

Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contacts
NEWS MEDIA:
Anthony Priwer
Dalton Agency
Phone: (615) 515-4891
Email: apriwer@daltonagency.com

INVESTORS:
CORE IR
Phone: (516) 222-2560
Email: investors@redcat.red    Website: https://www.redcatholdings.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11ff5c7b-63de-4c1e-8187-cc2575aacd60 


Gov. Pilots Drone

Gov. Cox, far right, pilots a Teal drone under the supervision of Teal Founder and CEO George Matus, far left.

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