Chairman Begley outlines AgEagle’s value story and vision for building long-term shareholder growth
WICHITA (Kan.), March 13, 2024 (GLOBE NEWSWIRE) — AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class full stack drone, sensors and software solutions for customers worldwide in the commercial and government verticals, today announced a letter to shareholders from Chairman Grant Begley.
Dear AgEagle Shareholders:
I want to begin by thanking you, our shareholders, for your ongoing support as we continue to expand our market footprint and focus on building sustainable long-term shareholder value.
As AgEagle’s Chairman of the Board of Directors since October 2023 and Interim CEO since January 1, 2024, I have been privileged to engage with AgEagle’s superb professionals, resulting in my objective assessment of AgEagle’s excellent future potential that I share with you now.
Sharing AgEagle’s past is foundational to understanding AgEagle’s value of today and future potential.
I first met AgEagle’s founder in 2010 at the world’s largest drone conference, AUVSI’s North America. Since then, AgEagle has evolved from a Privately Held company offering simple fix-winged drones constructed in the founder’s barn in Kansas for sale to his fellow farmers. Those heritage drones provided agricultural support, ultimately proving to be foundational to the company name AgEagle.
Today, AgEagle is proud to offer best-in-class products; eBee X, eBee TAC, and newly available eBee VISION. AgEagle’s eBee family of drones are a globally recognized brand, now used for missions that include Agriculture, Construction, Defense, Environmental Monitoring, Conservation, Forestry, Mining, Quarries, Public Safety, Research and Education, Surveying, Mapping, Geographic Information Systems, Utilities Engineering, Security, and Military Operations.
AgEagle has transformed from being a local single market segment (agriculture) provider to provide global compelling drone capabilities in over a dozen market segments.
Former agricultural-focused AgEagle has emerged as an agile AgEagle. Your AgEagle of today is now providing, Worldwide, the proprietary line of eBee-branded high performance, fixed-wing drones for professional use.
AgEagle’s market is expanding with the recent introduction of eBee VISION. The eBee VISION is designed to provide defense and security capabilities to quickly detect, track, and geo-locate objects in collaboration with special forces. The initial five production eBee VISIONS were delivered to 5 different potential key customers last quarter, resulting in superb reviews and ongoing follow-up.
AgEagle’s eBee drones were the first ever to be US Federal Aviation Administration certified safe to fly over people and placed on the US Department of Defense’s Defense Innovation Unit’s “Blue UAS Cleared List” for US Defense and US Government partners for future procurement opportunities.
In addition to AgEagle’s eBees, AgEagle’s Sensor Division sells the most advanced drone sensors in the world. Sensors that are integrated with AgEagle’s drones, other industry drones, and non-drone applications. These high-performance sensors are in high demand, contributing to a Q4 delivery backlog. Delivery of those backlog sensors is underway.
The following are recent AgEagle accomplishments.
Personnel: During the past 3-months, 3 new Leadership Team professionals have joined AgEagle; Mark DiSiena (CFO), Brent Pope (VP-Ops), and this month, Bill Irby (President).
These professionals have very accomplished careers and bring a wealth of differentiated and relevant skills to contribute to AgEagle’s future success. We all have one thing in common, we each share the same vision, AgEagle’s potential to significantly contribute to global security, and other missions, for the benefit of all humankind.
Sales: In February of this year we announced the procurement of a fleet of eBee X and eBee TAC drones by UT-Battelle, LLC, which manages and operates the Oak Ridge National Laboratory (ORNL) on behalf of the U.S. Department of Energy (DOE). Additionally, the Company was awarded a contract from ADS Inc., a leading solutions provider to the Department of Defense (“DOD”), for the purchase of Altum-PT ™ multispectral cameras from AgEagle for use by the DOD customer.
Technology: AgEagle was named by Insider Monkey as a 2023 Top 20 Artificial Intelligence (AI) Company transforming the Agricultural Sector.
Your AgEagle Team has a robust Technology Roadmap for insertion of new and next-generation technology enablers into AgEagle’s drones and sensors.
Finance: AgEagle’s stock share price has traded as a micro cap for more than a year while AgEagle’s sales were flat. During 2023, current eBee customers wanting a new eBee, waited for eBee VISION market availability. Also, during 2023, AgEagle’s expenses were high in support of the development of eBee VISION.
The eBee VISION is now available and with compelling operational capabilities.
Thank you, shareholders, for your authorization to conduct the 20-to-1 reverse split that will support AgEagle’s 2024 excellent business growth and sales opportunities as well as help increase appeal to a broader range of investors to generate greater investor interest in the company.
Operations: AgEagle continues to implement standardized accounting practices and manufacturing “Best Practices” reducing cost while increasing productivity.
Within the past 2-months, AgEagle has nearly doubled its sensor production capacity with no additional personnel or equipment required.
Again, I am pleased to provide you with this shareholder update and I thank you for your AgEagle investment. Your AgEagle Team is extremely and objectively optimistic about AgEagle’s future potential.
Sincerely,
Grant Begley, Chairman of AgEagle Aerial Systems
About AgEagle Aerial Systems Inc.:
Through its three centers of excellence, AgEagle is actively engaged in designing and delivering best-in-class flight hardware, sensors and software that solve important problems for its customers. Founded in 2010, AgEagle was originally formed to pioneer proprietary, professional-grade, fixed-winged drones and aerial imagery-based data collection and analytics solutions for the agriculture industry. Today, AgEagle is a leading provider of full stack drone solutions for customers worldwide in the energy, construction, agriculture, and government verticals. For additional information, please visit our website at www.ageagle.com
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
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