Drone Aviation Closes $1 Million Preferred Stock Offering

JACKSONVILLE, Fla., June 3, 2015 (GLOBE NEWSWIRE) Drone Aviation Holding Corp. (OTCQB:DRNE), a developer of specialized lighter-than-air aerostats and tethered drones, today announced that it has closed a $1 million offering of its Series G Convertible Preferred Stock. Frost Gamma Investments Trust, an affiliated entity of Dr. Phillip Frost, Chairman of the Company s Strategic Advisory Board, has invested $250,000 in the offering. The Company sold an aggregate of 4,000,000 shares of its Series G Convertible Preferred Stock, each of which is convertible into one (1) share of the Company s Common Stock, in a private placement to accredited investors at a purchase price of $0.25 per share for an aggregate purchase price of $1,000,000. The Company intends to utilize a portion of the proceeds of this capital raise to accelerate the commercialization and production of its new WATT line of electronic tethered drones. Launched earlier this year, the WATT-200 electric tethered drone was create
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