Red Cat Holdings Receives FAA Waiver to Hold Public Demo of Eris Multi-Drone Technology

SAN JUAN, Puerto Rico, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or “Company”), a hardware-enabled software provider to the drone industry, announces that its subsidiary Teal Drones has been granted a waiver by the Federal Aviation Administration (FAA) that allows a single pilot to simultaneously control multiple drones for the first public flight demonstration of the Company’s Eris multi-drone technology. This waiver is one of the first to be issued by the FAA that approves the operation of a dynamically re-taskable multi-drone system. Red Cat intends to hold this multi-drone flight demonstration on Tuesday, October 25, 2022 at Kane Stadium in Secaucus, New Jersey.

Historically, very few waivers have been approved by the FAA for similar multi-drone operations, and those that have been granted were to operate only pre-programmed swarms of light-pixel drones for use in static display configurations, such as firework displays, or for limited performance testing applications, and only in select locations. Red Cat’s waiver allows dynamic re-tasking by the pilot in command, such that instead of flying a pre-coordinated low-risk display, the pilot is authorized to adjust the trajectory of the drones in real time. This minor differentiation has long been a critical missing link needed to implement multi-drone technology in real-world applications, such as infrastructure and public safety inspections.

Red Cat was able to receive this waiver by working in close partnership with the FAA to validate multi-drone operation and establish the performance criteria to normalize it by integrating reliability-focused design features and extensive testing of safety-critical components. This waiver is yet another milestone in Red Cat’s approach to make small drones a ubiquitous tool across industries. The risk-based precedent set by this waiver will ideally open the door to future FAA authorizations on a regular basis that allow for multi-drone technology implementation by Red Cat, reducing the cost and complexity of implementing drone technology for its customers across verticals like critical asset inspections, public safety, and more. Moreover, the Company’s deep engineering expertise and collaborative relationship with regulators allows it to deploy drone technology to tackle previously expensive, impractical, or unapproved applications and empower its customers to achieve maximum return on investment with their own drone programs.

About Red Cat Holdings, Inc.
Red Cat provides drone-based products, services, and solutions through its four subsidiaries and services the enterprise, military, and consumer markets. Teal Drones is a leader in unmanned aircraft systems (UAS), and its Golden Eagle is one of only five drones approved by the Department of Defense for reconnaissance, public safety, and inspection applications. Skypersonic’s technology enables drones to complete inspection services in locations where GPS is not available, yet still record and transmit data even while being operated from thousands of miles away. Fat Shark is a leading provider of First Person View (FPV) video goggles. Rotor Riot, LLC is a reseller of FPV drones and equipment, primarily to the consumer marketplace. Learn more at https://www.redcatholdings.com/.

Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

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Released August 29, 2022