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RedCat Holdings Completes Fat Shark Acquisition, Expanding FPV Drone Market Position
ORLANDO, Fla. , Nov. 9, 2020 /PRNewswire/ -- Red Cat Holdings, Inc. (OTC: RCAT) (Red Cat or the Company), a leading brand in the drone industry, today announced completion of the acquisition of Fat Shark Holdings, Ltd. (Fat Shark), the leading provider of headsets and goggles for professional FPV (First Person View) racers and drone pilots with an estimated market share of 85%.
Red Cat Holdings + Fat Shark + Rotor Riot
Fat Shark generates approximately $7 million (unaudited) annual revenues, which will significantly increase the reported revenue for the combined companies. This transaction follows the Companys acquisition in January 2020 of Rotor Riot, another leading provider of FPV and drone racing hardware.
This has been a transformational year for Red Cat, stated Jeff Thompson , CEO. As we establish our leadership position through our acquisitions, we expect to take significant market share of the drone market that analysts currently forecast will grow to $42.8 billion by 2025. Fat Shark acquisition adds a fully-integrated supply chain, experienced international manufacturing and sourcing capabilities, and design and development resources. Fat Sharks new digital products provide a platform to fuel our future growth as the industry continues to evolve.
We are excited to join the Red Cat team, added Greg French , founder and chief technology officer of Fat Shark. Combining our innovative technology with the marketing acumen of Rotor Riot and the financial support of Red Cat will enable us to accelerate growth in the quarters ahead.
The drone industry is poised for rapid growth in the years ahead, and we are now extremely well positioned to capitalize on a wide variety of opportunities, commented Chad Kapper , CEO of Rotor Riot. With the addition of Fat Shark we have paired a quality hardware base with Rotor Riots robust educational/entertainment brand. Fat Sharks new line of digital headsets with their out of the box functionality meshes perfectly with our popular Ready To Fly (RTF) packages, and we are excited to leverage the strong brand recognition Rotor Riot enjoys while presenting Fat Shark on our YouTube channel and our digital store at www.rotorriot.com .
Red Cat to Acquire Fat Shark Expands Presence in the First-Person View (FPV) Drone Business
Mon, October 5, 2020, 3:00 AM PDT
ORLANDO, Fla., Oct. 5, 2020 /PRNewswire/ -- Red Cat Holdings, Inc. (RCAT:OTC) today announced the signing of a definitive agreement to acquire Fat Shark Holdings, the market leader in FPV headsets. The transaction, subject to customary conditions, is expected to close on or before November 1, 2020.
DRL Champion and Rotor Riot pilot Alex Vanover wears Fat Shark Goggles.
Founded in 2007, Fat Shark is the leading provider of headsets and goggles for professional racers and drone pilots with an estimated market share of 85%. Fat Shark is presently generating approximately $7 million (unaudited) in annual revenues which will significantly increase the revenue base of the combined companies. This transaction follows the Companys acquisition in January 2020 of Rotor Riot, a leading provider of FPV and drone racing hardware.
Our expected acquisition of Fat Shark strengthens our position by providing direct access to premier FPV technology favored by professional racers and drone enthusiasts alike. The combination not only provides a fully-integrated supply chain but adds design and development capabilities as well as international manufacturing and distribution. Greg French and Allan Evans bring world-renowned skills and decades of experience to our team. Fat Sharks existing digital platform and innovation also provides a valuable road map to fuel our future growth and our expansion into the enterprise drone market stated Jeff Thompson, CEO of Red Cat. Importantly, it positions us to continue to develop and introduce innovative products and solutions as commercial applications of drone technology expand in the coming years.
Red Cat has emerged as a leader in the FPV sector of the drone industry and we are excited to join their growing team of business professionals noted Greg French, founder and CTO of Fat Shark. Added Allan Evans, CEO of Fat Shark We are excited to partner and integrate feedback from the top pilots at Rotor Riot as we develop and expand our digital video systems. Rotor Riot is especially well situated to help us build better FPV products as well as expand into enterprise training and field solutions.
With the addition of Fat Shark to Red Cats portfolio we have paired a quality hardware base with Rotor Riot, a robust educational/entertainment brand stated Chad Kapper CEO of Rotor Riot. Fat Sharks new line of digital headsets with their out of the box functionality meshes perfectly with our popular Ready To Fly (RTF) packages. We are excited to promote their functionality on our YouTube channel and our digital store at www.rotorriot.com as well as leverage the strong brand recognition Rotor Riot enjoys. We believe the addition also allows us to continue expansion into the emerging gaming and augmented reality (AR) markets with future innovative products.
About Red Cat Holdings, Inc.
Red Cat is developing a fully-integrated drone supply chain with secure blockchain-based distributed storage, analytics and SaaS solutions for adoption in the drone industry. Red Cat supports education, training and sales of drone products through its Rotor Riot platform and is developing the means to accurately track, report and review flight data that will be useful for insurance and regulatory requirements. Red Cats maintains a commitment to deliver unrivaled innovation to make drones aviators and products accountable and the sky a safer place. For additional information, visit www.redcatholdings.com and www.rotorriot.com.
The information provided in this press release may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as anticipates, plans, expects, intends, will, potential, hope and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Companys periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled Risk Factors, copies of which may be obtained from the SECs website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.
Red Cat To Acquire Rotor Riot
Company announces merger agreement with leader of high-performance FPV drone technology NEW 1-15-20 VIDEO WITH CEO OF REDCAT REGARDING MERGER!
NEW 1-15-20 VIDEO WITH CEO OF REDCAT REGARDING MERGER!
SANTURCE, Puerto Rico, Jan. 03, 2020 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (OTC: RCAT), a leading provider of distributed data storage, analytics and services for the drone industry, today announced it has entered into an agreement to acquire Rotor Riot in a stock and cash transaction. The companies expect the deal to close in mid-January.
“We believe this deal is another significant milestone in our strategy to fuel rapid growth,” said Jeff Thompson, CEO of Red Cat. “Rotor Riot is not only a leading provider of FPV and drone racing hardware, but the company is also a trusted resource and deeply embedded in the global FPV community. Combining our companies will further align our SaaS platform and data capabilities with cutting edge hardware available today, and provide a solid foundation for us to develop and engineer new and exciting technologies for both the drone hobby lifestyle and commercial industry.”
Rotor Riot’s revenue grew approximately 44% year-over-year from 2018 to 2019 to approximately $2.6 million. This transaction will provide the resources and combined expertise to drive further growth for both companies. Red Cat will continue to build and accelerate its drone black box and SaaS business and utilize its existing data analytics platform to develop a robust customer support system for Rotor Riot. As part of the deal, Chad Kapper will continue as Rotor Riot’s CEO.
“We have unwavering confidence in the Rotor Riot team to continue building their brand, loyal community, and market-leading products under the steadfast leadership of Chad Kapper and Drew Camden,” added Thompson.
“Rotor Riot was started from the ground up to be a premier source for FPV freestyle drone content and products for the hobby and sport,” said Chad Kapper, CEO of Rotor Riot. “We’ve built a large online subscriber base and our goal is to continue to educate, entertain and inspire the FPV community.”
“As an FPV pilot myself, getting to see Rotor Riot into this next phase is exhilarating. Our dream is to bring FPV drone sports to the mainstream by inspiring people to embrace this hobby and help them overcome the barriers to entry. It’s exciting to partner with Red Cat because they share this vision and their resources will help us double down on our efforts,” said Drew Camden, President of Rotor Riot.
In 2019, DJI, the market leader in easy-to-fly drones and aerial photography systems, made a significant entry into the FPV space with a new system that is helping more people than ever get into hobby. Rotor Riot worked closely with DJI to create content that demonstrates the new system’s capabilities and both companies plan to further support each other moving forward.
Following this partnership with DJI, Rotor Riot saw record sales during Q4 2019. Rotor Riot also furthered its expansion into the mainstream consumer retail market with its wired video game and drone controller now also available in the Apple Store and Best Buy.
On the professional FPV racing front, Rotor Riot Team Pilot Alex Vanover won the Drone Racing League World Championships on December 29th, 2019. Alex is the youngest pilot in DRL at age 19, with MultiGP National Championships to his name. The Rotor Riot gear and set up that Vanover uses can be found here: https://rotorriot.com/collections/captain-vanovers-setup.
About Red Cat
Red Cat (OTC: RCAT) is a leading provider of secure blockchain-based distributed storage, analytics and SaaS for the drone industry. Through its innovative products and leadership, Red Cat provides solutions for regulators to track and review flight data, insurance companies to insure drones, and pilots to become compliant with regulations. Red Cats success is driven by a commitment to deliver unrivaled innovation that makes drones trackable, accountable and the sky a safer place. Red Cat is headquartered in San Juan, Puerto Rico. For more information, visit www.redcatpropware.com.
Certain statements contained in this press release are forward-looking statements within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The Company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.
Investor Relations Contact Information:
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Red Cat Announces Reverse Merger with TimeFireVR
Stock continues to be listed on OTC markets as “TFVR”
Santurce, Puerto Rico - May 16, 2019 -
Red Cat, Inc. (“Red Cat”) a leading provider of distributed data storage, analytics and services for the drone industry, today announced thesuccessful completion of a reverse merger with TimeFireVR, d/b/a TeraForge.
“With the commercial drone industry growing at 170 percent annually, and the FAA recentlygranting airline status to Google Wings drone fleet for deliveries, we believe Red Cat is wellpositioned to help transform this rapidly evolving ecosystem,” said Jeff Thompson, Red CatCEO. “We expect to see an increase in FAA approvals for other large companies and believethat Red Cat can play a pivotal role with large drone fleets for privacy, insurance, and regulatorycompliance as a trusted third party utilizing blockchain technology. With access to the publicmarkets, our focus will be on rapid growth through acquisitions and continued development ofour SaaS platform and to better utilize the hash power of the mining rigs we now own andoperate.”
Red Cat was founded in March 2016 to address a growing need in the rapidly evolving droneecosystem for a simple and secure data storage and analytics solution. Red Cat developed theindustry’s first black box drone flight recorder and distributed system with security andencryption that regulators and insurance companies can trust. The company also providesBlockchain-Based Distributed Storage where stored data (GPS maps and logs; video andphotos; telemetry logs) is secured and encrypted, enabling compliant operations and privacy forpilots data.
In April, 2019, Red Cat became a founding member of the First Person View (FPV) FreedomCoalition after the coalition’s official launch as a 501(c)(3) organization. As part of the coalition,Red Cat will continue advocating for airspace for recreational drone pilots and FPV operators,provide safety and education guidelines compliant with the FAA (Federal AviationAdministration), and integrate the FPV community into the regulatory framework as an FAAcommunity-based organization (CBO).
Red Cat was acquired by TimeFireVR, Inc. (OTC:TFVR), which will continue business through its new subsidiary, Red Cat, under a new management team headed by Red Cat founder andCEO, Jeff Thompson. The company’s shares currently trade on the OTC Markets under the symbol TFVR. The company intends to file necessary applications to change the stock symbolto RCAT and name to Red Cat Propware, Inc
About Red Cat- Red Cat is a leading provider of secure blockchain-based distributed storage, analytics and SaaS for the drone industry. Through its innovative products and leadership, Red Cat provides
solutions for regulators to track and review flight data, insurance companies to insure drones,and pilots to become compliant with regulations. Red Cat’s success is driven by a commitment to deliver unrivaled innovation that makes drones trackable, accountable and the sky a saferplace. Red Cat is headquartered in San Juan, Puerto Rico. For more information, visitwww.redcatpropware.com.
VIDEO INTERVIEW WITH JEFF THOMPSON ON REDCAT AND THE FOLLOW UP BY MR. BARDWELL(DRONE YOUTUBER)! VERY VERY GOOD! DEFINATELY LAYS OUT EVERYTHING ABOUT REDCAT AND WHAT THEY DO AND WHAT THEY ARE INVOLVED IN AS WELL IS WHY THIS IS AN AMAZING COMPANY HAVING AN AMAZING FUTURE!
Interview with Jeff Thompson about Redcat
Bardwell views on why supporting RedCat an Thompson is important for Hobby Flyers to protect your future ability to fly your drone!
Link to SEC Filings:
LETTER OF INTENT ROTOR RIOT
JUNE 4TH, 2019
|Item 7.01||Regulation FD Disclosure|
On June 4, 2019, we released the press release furnished herewith as Exhibit 99.2.
SECTION 8 – OTHER EVENTS
On June 4, 2019, we executed a Letter of Intent with Rotor Riot, LLC (the “LOI”), a copy of which is furnished herewith as Exhibit 99.1. The LOI, which is non-binding, sets forth the terms for our contemplated acquisition of Rotor Riot, a drone technology and media company. Any acquisition of Rotor Riot will be subject to the completion of due diligence, the negotiation of a definitive agreement, and other conditions.
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