Red Cat Holdings Announces Issuance Of U.S. Patent On Drone Positioning System
Issuance Represents 1st U.S. Patent in Skypersonic's Drone Technology Portfolio
HUMACAO, Puerto Rico, April 12, 2021 /PRNewswire/ -- Red Cat Holdings, Inc. (OTCQB:RCAT), a leading brand in the drone industry, reports that the U.S. Patent and Trademark Office issued U.S. Patent No. 10,877,162 on December 29, 2020 to Skypersonic Inc. Red Cat previously announced the signing of a definitive agreement to acquire Skypersonic in February 2021 and expects to close the transaction in April.
Entitled "Terrestrial Based Positioning Systems and Methods," the '162 patent is the first U.S. patent issued to Skypersonic. The patent covers terrestrial based positioning technology deployed in Skyloc, Skypersonic's real time environmental monitoring drone system.
Skyloc is a stand-alone, real time, software system which enables a drone to record and transmit inspection data while being operated from thousands of miles away. It features absolute linear distance measure and inspection auto-reporting as well as on-board gas detection via a certified calibrated multi-gas sensor. The system uses existing hardware on a drone and has the potential to integrate with other UAV (unmanned aerial vehicle) platforms.
Skypersonic technology emulates Global Positioning Systems (GPS) data utilizing Ultra Wide Band signals, allowing drones to operate where GPS signals are absent. This technology is currently being used in pipe and tunnel inspections, where it has been successful in providing the absolute linear positioning necessary to generate accurate and complete industrial reports without the use of GPS. Skypersonic is presently finalizing contracts for industrial inspections of many critical infrastructures across Europe and expects a significant increase in deployment in the coming years.
"This new patent demonstrates the progress and execution of our core business plan as we work to build and protect valuable technology in the drone/UAV market," stated Giuseppe Santagelo, CEO of Skypersonic.
"We are excited to integrate our market leading FPV (first person view) drone headsets with Skyloc to enable drones to "Fly Anywhere" and "Inspect the Impossible,'' stated Allan Evans, President of Fat Shark, a wholly owned subsidiary of Red Cat. "We look forward to welcoming the Skypersonic team to the Red Cat organization and working together to develop other drone products, services and software solutions."
About Red Cat
Red Cat provides products, services and solutions to the drone industry through its three wholly owned subsidiaries. Fat Shark Holdings is the leading provider of First Person View (FPV) video goggles to the drone industry. Rotor Riot, LLC is a leader in the sale of FPV drones and equipment, primarily to the consumer marketplace through its digital storefront located at www.rotorriot.com. Rotor Riot enjoys high visibility in social media through its Facebook page and its sponsorship of a professional drone racing team which has won numerous championships. Red Cat Propware is developing a Software-as-a-Solution ("SaaS") platform to provide drone flight data analytics and storage, as well as diagnostic products and services.
Skypersonic Inc., is a provider of drone products and software solutions designed to "Fly Anywhere" and "Inspect the Impossible." Its patented software and hardware solutions allow for inspection services in restricted spaces where GPS is not allowed or available. Skycopter is a miniature drone fitted into a cage to avoid damage to inspected areas and the drone. Skyloc is a stand-alone, real time, software system which enables the drone to record and transmit inspection data while being operated from thousands of miles away. Skypersonic's intellectual property portfolio includes at least eight U.S. and European patents.
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 Company's 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 SEC's website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.
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SOURCE Red Cat Holdings, Inc.
Released April 12, 2021