WICHITA, Kan., Oct. 22, 2024 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, today issues a Letter to Stockholders from Company CEO Bill Irby.

Dear Stockholders:

First, I want to extend my appreciation for the trust and confidence you have placed in AgEagle. Upon taking over as CEO from Grant Begley (former interim CEO and current Board Chairman), we have been evolving and advancing AgEagle toward the creation of maximum long-term shareholder value.

To fund our aggressive growth plans, we recently completed a $6.5M capital raise. The market’s reaction was a continued decline in our stock price. It became necessary to plan and execute a 50:1 reverse stock split. Our trading was halted October 4^th but has since resumed, and I am truly optimistic regarding the path ahead as I believe that the company is currently under-valued for the following reasons:

AgEagle has made tremendous operational progress.

• Not only did we win the two largest orders in company history, totaling $5.5M for the French Army and UAE security forces, but we are now fulfilling the final deliveries required under those orders, with follow-on orders pending.
  
  

• We signed a teaming agreement with a large, well-known company for a major European competition.
  
  

• We implemented new KPI’s for regular progress measurement, to enable measured decisions, balancing quality and speed in our production. These KPI’s include measures such as on-time delivery statistics, inventory goals, and quality metrics.
  
  

• We enacted a new sales, inventory, and operations planning (SIOP) process to align cross-department efforts for the best outcomes.
  
  

• We introduced a new Enterprise Resource Planning software tool within our US operations, and created a new e-commerce website (https://store.ageagle.com/).
  
  

• We are currently undergoing an ISO-9001 recertification of our engineering, UAV production and distribution operation (expected completion in Q1 2025).
  

AgEagle is Executing its new Strategic Plan – Shifting Significantly for Growth

• We have re-defined our mission – “Reaching beyond to provide unmatched insights that enhance operations, safeguard communities, and optimize productivity.”
  
  

• We are re-dedicating our culture to four main values: innovation, integrity, transparency, and passion. Aligning the entire team, our most valuable resources – people, around these key cultural elements will enable high-performance culture.
  
  

• We are refocusing our markets – moving from 11 vertical markets to 3 vertical markets, namely military, public safety, and agricultural/commercial. This shift demands a focus on precise, real-time data collection enabling ISR collection and terrain analysis/mapping.
  
  

• We are re-shaping our portfolio – the eBee VISION^?, our newest drone product, will serves as the core aircraft for new capabilities, capitalizing on its unique combination of range, low observability, and high mobility/portability, providing high value to its users. Additionally, we are evaluating targeted opportunities for mergers & acquisitions.
  
  

• We are demonstrating growth in Defense & Security – not only did we achieve the two largest contracts in company history this year, but we just booked purchase orders for 17 U.S. eBee TAC units in October, further validating our growth strategy in defense & security.
  
  

• Finally, we are initiating a site optimization project to meet our increasing demand, with the first step being the expansion of eBee VISION production, adding a drone production line in the U.S.A. to meet U.S. demand, as we are evaluating our facility size for downsizing in Europe due to under-utilized floor space.