Benzinga | Jul 22, 2021 08:31AM EDT

AgEagle Aerial Systems CEO Issues Formal Operational Update (Full Statement)

AgEagle(tm) Aerial Systems Inc. (NYSE:UAVS) ("AgEagle" or the "Company"), an industry-leading drone solutions provider, today issued a formal operational update from the Company's new Chief Executive Officer, Brandon Torres Declet. Torres Declet stated:

"I have recently completed my first 60-days as CEO of AgEagle, during which time I have largely focused my time and energy on thoughtfully evaluating:

* our Company's overarching business model and long-term strategic vision;

* our technologies, services and new product development roadmaps;

* strengths and gaps within our existing infrastructure and day-to-day operations;

* our underpinning values and culture; and

* the unique and collective skillsets of our coast-to-coast team of professionals.

"Much of this process was guided by my intent to best align all AgEagle stakeholders to drive toward a common, tangible set of goals. Through these objectives, it is our intention that AgEagle will earn global distinction as a respected industry leader delivering superior, highly trusted end-to-end drone solutions to commercial enterprise markets worldwide.

"Earlier this week, our leadership team met in Seattle to finalize a strategic plan that we believe will provide for measurable growth of AgEagle's business in the second half of 2021 and into 2022. Central to our plan is aligning our team, capital and focus on near- and mid-term organic revenue growth opportunities within the following sectors: agriculture, energy, construction and government, where adoption of drone solutions is gaining material traction.

"While we remain committed to continued investment in research and development of expanded software and sensor solutions, M&A will also remain a large part of our capital allocation strategy. That said, we expect to maintain a very high bar when assessing potential acquisitions to ensure that they are capable of enhancing long-term value for our fellow shareholders.

"Given my privilege to serve on both the FAA's Drone Advisory Committee and its Beyond Visual Line of Sight (BVLOS) Advisory and Rulemaking Committee (ARC), we have a critical seat at the table that should enable AgEagle to help support and define the rapidly changing regulatory environment involving integration of unmanned aerial systems into the U.S. airspace. Moreover, serving on these committees should provide us with meaningful access and insight into emerging business opportunities within the commercial and government sectors that AgEagle may elect to pursue.

"Finally, it is my opinion that there is no greater influence a CEO can have on a business than helping to mold its culture. I've come to appreciate that I'm surrounded by a very talented and committed team of professionals who thrive in high paced environments where creativity, innovation and high performance are expected and rewarded. Together, we believe we can build a great and enduring company that delivers best-in-class drone solutions to the world. I could not possibly be more excited about the promising future ahead for AgEagle, and I look forward to sharing much more insight into our strategic plan during our second quarter results webcast to be held in mid-August."