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Duke Robotics enters Collaboration Agreement with Elbit Systems Land Ltd. for global marketing and distribution of TIKAD

 

Elbit  to  invest  in  production  lines  and  further  development  of  TIKAD  and  pay  Duke royalties for a period of fifteen years following USD $50 million in cumulative revenues from sales of TIKAD

 

Fort Lauderdale, Florida, February 4, 2021 – – UAS Drone Corp. (OTCQB: USDR), a leader in robotics technology and drone solutions, announced today that its wholly owned Israeli subsidiary, Duke Airborne Systems  Ltd.  (“Duke”), and  Elbit  Systems  Land  Ltd.  (“Elbit”) signed a  Collaboration  Agreement (“Agreement”) for global marketing and sales, and the production and further development of Duke’s developed  advanced  robotic  system  mounted  on  an  Unmanned Aerial  Solution  (UAS),  armed  with lightweight firearms, or TIKAD.

 

According to the main terms of the Collaboration Agreement:

  • Duke has granted Elbit a worldwide exclusive license for the use of Duke’s know how and intellectual property, and for the marketing, sales, production, and further development of the TIKAD for military, defense, homeland security and para-military uses.
  • The parties will also cooperate in continuing a project (“Project”) that has already started with a customer in the Asia Pacific region. Elbit has agreed to invest, at its discretion and pursuant to certain milestones, in the further development and setting up of serial production lines of TIKAD and may elect to increase such investment subject to the satisfaction of certain criteria, including Elbit’s right to terminate the Agreement if, for example, the Project is cancelled by the customer. Such investment amounts will be made into Elbit’s owned assets and production lines of TIKAD. Elbit will recoup fifty percent of its investment amount, up to $6 million, by offsetting fifty percent of royalty payments that may be due to Duke.
  • In addition to the cooperation in the Project, Elbit will pay Duke royalties from revenues received from world-wide sales  of  TIKAD,  with  royalty  rates  ranging  from  low  to  mid-double  figure percentages, depending on the tiers of the selling price of TIKAD. Revenues to be received from the Project will entitle Duke to a higher payment and rate of royalties. Elbit will pay Duke royalties on sales of TIKAD units for a period starting from the date of the Agreement until 15 years following receipt of US$50 million in cumulative revenues from sales of TIKAD units.
  • Duke to pay Elbit similar rates of royalties for revenues received by Duke from sales of its advanced robotic system for civil use, if such systems will include new know-how developed by Elbit.

Elbit Systems Land is a subsidiary of Elbit Systems  Ltd., an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world.

We believe that this collaboration represents a significant opportunity for UAS Drone Corp. to expand

its global business and sales of its TIKAD product. There is no guarantee that UAS Drone Corp., via Duke, will recognize any royalties or that the further development or future sales of the TIKAD will be successful.

About UAS Drone Corp. and Duke Robotics Inc.:

In June 2020, UAS Drone Corp. (OTCQB: USDR) completed the acquisition of Duke Robotics Inc. Duke Robotics is a forward-thinking company focused on bringing necessary products and solutions to the defense sector. Duke Robotics developed TIKAD, an advanced robotic system designed to serve the growing  need  for  tech  solutions  in  the  combat  field.  Duke  Robotics’  revolutionary  stabilization technology enables remote, real-time and accurate firing of lightweight firearms and weaponry via an unmanned  aerial  platform  (UAV).  The  proprietary  and  confidential  complex  kinematic  algorithms address the crucial need of modern warfare to carry weapon on remote to bear on remote hostile targets without risk to the military personnel.

We believe that troops can use TIKAD to handle potentially dangerous situations quickly and efficiently from the air. This technology also allows troops to potentially disarm a situation remotely, without ever deploying a ground presence.

For more information about Duke Robotics, please visit www.dukeroboticsys.com or view documents that UAS Drone files with the Securities and Exchange Commission at http://www.sec.gov.

Forward-Looking Statements

This  press  release  contains  forward-looking  statements.  Words  such  as  “future”  and  other  similar expressions or future or conditional verbs such as “will” are intended to identify such forward- looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. For example, when we discuss the potential development of our TIKAD system, the potential revenues and/or royalties that may  be  derived  from  the Agreement,  and  the  belief  that  the  collaboration  represents  a  significant opportunity for UAS Drone Corp. to expand its global business and sales of its TIKAD product, we are using  forward-looking  statements. Accordingly,  our  actual  results  may  differ  materially  from  those expressed  or  implied  in  such  forward-looking  statements  due  to  known  or  unknown  risks  and uncertainties that  exist in our operations and business environment including, but not limited to: the successful integration of acquisitions; the continued development of our products; the ability for Elbit to terminate the Agreement, or cease funding certain the development the TIKAD or the marketing, sales and production of the TIKAD, at its discretion; significant fluctuations in foreign currency exchange rates; and competition, including technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Reports on Form 10-Ks and Quarterly Reports on Form 10-Qs. We  undertake  no  obligation  to  update  any  forward-looking  statements,  whether  as  a  result  of  new information, future events or otherwise.

Investor Contact:

Contact name: Erez Nachtomy

Phone number: +97248124101

Email address: invest@dukeroboticsys.com

 

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