NEW YORK--(BUSINESS WIRE)--Drone USA, INC. (OTC Markets: TWDLD) (“Drone USA” or the “Company”), a developer and manufacturer of low altitude unmanned aerial vehicles (UAV) and related technologies, today announced that it has changed its name from Texas Wyoming Drilling, Inc. to Drone USA, Inc. The name change was effected to accurately reflect the Company’s primary line of business. In addition to the name change, the Company also changed its ticker symbol and the changes were approved by the Financial Industry Regulatory Authority on May 19, 2016. The Company will trade for the next twenty business days under the symbol “TWDLD” until June 16, 2016 at which point, the symbol change will take effect and the Company’s common stock will trade under the symbol of “DRUS.”
Michael Bannon, Chief Executive Officer of Drone USA, commented, “We intend for Drone USA to become a major player in the civil defense, military and commercial drone markets. The name and symbol change better communicates our message and strategy of becoming a leading producer and supplier of highly capable fixed-wing and quadcopter systems. A key component to our defined strategy is to seek favorable acquisition candidates with superior technologies and integrate them into our product offerings while combining them with our partnerships and successfully bringing them to market through our relationships and established sales channels. Going forward as Drone USA, Inc., we intend to continue to focus on markets with high potential for growth.”
The name change follows Drone USA LLC entering an Equity Exchange Agreement with Texas Wyoming Drilling, Inc., that was effective January 26, 2016. The final item to be completed under the Equity Exchange Agreement is the spin-off of Texas Wyoming Drilling, Inc.’s business and operations, which will continue to be run by its original management as a separate entity.
Pursuant to agreement, Drone USA has completed a one for twelve reverse stock split of its common stock, par value $.0001 per share. The record date for the stock split is March 24, 2016. Shareholders of record as of such date will receive one share of the Company’s common stock for each twelve shares that they own as of the market close on the record date. The distribution of the new shares will be made available on or about May 19, 2016. When applicable, fractional shares will be rounded up to the nearest whole share and lots of less than 100 shares will be rounded up to 100 in order to retain the requisite round lot holders as one of the requirements for the Company to pursue an “up-listing” of its shares to an exchange. As a result of the stock split, the outstanding shares of the Company's common stock will decrease from 482,582,954 shares outstanding to approximately 40,798,580 shares outstanding.
About Drone USA, LLC Headquartered at One World Trade Center in New York, New York, Drone USA plans to become the primary developer and manufacturer of low altitude unmanned aerial vehicles (UAV) and related technologies. The Company is forming powerful global sales channels through acquisition and by retaining a team of industry experts. Target markets include non-U.S. militaries, civil defense organizations, police and select commercial applications. The Company plans to strengthen its systems portfolio by acquiring UAV firms with superior technologies that are proven in desired high-growth markets and applications.
For additional information about Drone USA, please visit www.drone1usa.com.
Forward-Looking Statements Certain statements in this press release may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the foregoing. Such forward looking statements are generally qualified by terms such as: “plans, “anticipates,” “expects,” “believes” or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information. These factors are discussed in greater detail in the company’s business plan and filings with the OTC Markets Group.