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AeroVironment™ secures exclusive rights to distribute larger, higher
flying, longer endurance vertical takeoff and landing (VTOL) unmanned
aircraft system (UAS) in United States, NATO and other countries
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AeroVironment will invest up to $3 million in CybAero convertible notes
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Agreement expands AeroVironment family of unmanned aircraft systems
capabilities beyond hand-launched category to address market
requirements
MONROVIA, Calif.--(BUSINESS WIRE)--
AeroVironment,
Inc. (NASDAQ: AVAV) today announced it has entered into a strategic
relationship with Sweden-based CybAero
AB (NASDAQOMXS: CBA) to develop and distribute a Tier II vertical
takeoff and landing (VTOL) unmanned aircraft system in response to unmet
requirements from multiple customers. The relationship gives
AeroVironment exclusive rights to provide CybAero AB systems to United
States customers and to government customers in NATO and other
countries. AeroVironment has agreed to purchase up to $3 million in
convertible notes from CybAero to facilitate the company's growth.
United States military customers typically segment the numerous types of
unmanned aircraft systems they employ by size, weight, endurance and
range into different tiers. Man-portable, hand-launched systems such as
AeroVironment's RQ-11B Raven®, RQ-20A Puma®
AE and Wasp® AE that weight less than 20 pounds
comprise the Tier I segment. Tier II UAS include heavier, larger and
longer endurance systems with longer range, such as CybAero's VTOL
offering. Tiers III and IV include air vehicles of increasing size,
capable of even longer endurance and range and requiring larger support
teams and infrastructure requirements.
"CybAero is a pioneer and leader in the Tier II VTOL market. Our joint
team has demonstrated this reliable, cost-effective Tier II UAS solution
that will build on AeroVironment's family of small UAS, expanding our
customer offering," said Roy Minson, AeroVironment senior vice president
and Unmanned Aircraft Systems general manager. "With its significantly
greater endurance and payload capacity, small footprint and ease of use,
this new system will join our family of UAS and deliver a robust
vertical takeoff and landing capability to current and new customers
seeking that Tier II solution."
"We are working with CybAero to integrate their product into our system
solution and will invest to add critical capabilities required to bring
the most competitive offering to market," Minson added.
AeroVironment and CybAero have been working together very effectively to
incorporate capabilities required to meet the requirements of United
States government and other customers.
"AeroVironment is the clear leader in the man-portable, hand-launched
UAS market, with an intimate understanding of customer operational
requirements," said Leif Erlandsson, CybAero's chief executive officer.
"We believe that AeroVironment possesses the experience, relationships
and systems integration skills to bring all the benefits of our VTOL
system to customers in the United States and beyond. We look forward to
continuing our work together to increase the safety and operating
effectiveness of AeroVironment's customers."
About AeroVironment
AeroVironment is a technology solutions provider that designs, develops,
produces, supports and operates an advanced portfolio of Unmanned
Aircraft Systems (UAS) and electric transportation solutions.
Agencies of the U.S. Department of Defense and allied military services
use the company's electric-powered, hand-launched
unmanned aircraft systems extensively to provide situational
awareness to tactical operating units through real-time, airborne
reconnaissance, surveillance and communication. Multiple government
agencies have helped to fund the development and demonstration of Global
Observer®, a hybrid-electric, stratospheric UAS designed to provide
affordable, persistent reconnaissance and communication over any
location on the globe. Switchblade™
is a loitering munition designed to provide a rapid, lethal, pinpoint
precision strike capability with minimal collateral damage.
AeroVironment's electric transportation solutions include a
comprehensive suite of electric
vehicle (EV) charging systems, installation and network services for
consumers, automakers, utilities and government agencies, power
cycling and test systems for EV developers and industrial
electric vehicle charging systems for commercial fleets. More
information about AeroVironment is available at www.avinc.com.
About CybAero
CybAero AB develops and manufactures autonomous, unmanned helicopter
(called VTOL UAVs) and related sensor systems that can be adapted for
both defense and civilian missions. CybAero formed in 2003 on the
foundations laid in 1992 through a research collaboration between
Linköping University and the FOI (Swedish Defence Research Agency).
CybAero is now established as a leading global player in the VTOL UAV
field. CybAero is headquartered at Mjärdevi Science Park in Linköping.
The company is listed on NASDAQ OMX First North. Thenberg & Kinde
Fondkommission, phone 08-545 84 500, is Certified Adviser.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking
statements" as that term is defined in the Private Securities Litigation
Reform Act of 1995. These statements are made on the basis of current
expectations, forecasts and assumptions that involve risks and
uncertainties, including, but not limited to, economic, competitive,
governmental and technological factors outside of our control, that may
cause our business, strategy or actual results to differ materially from
those expressed or implied. Factors that could cause actual results to
differ materially from the forward-looking statements include, but are
not limited to, our ability to perform under existing contracts and
obtain additional contracts; changes in the regulatory environment; the
activities of competitors; failure of the markets in which we operate to
grow; failure to expand into new markets; failure to develop new
products or integrate new technology with current products; and general
economic and business conditions in the United States and elsewhere in
the world. For a further list and description of such risks and
uncertainties, see the reports we file with the Securities and Exchange
Commission. We do not intend, and undertake no obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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AeroVironment, Inc.
Steven Gitlin, +1-626-357-9983
pr@avinc.com
or
For
AeroVironment, Inc.
Mark Boyer, +1-310-229-5956
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Source: AeroVironment, Inc.
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