New subsidiary aims to support international growth in the utility maintenance sector following the successful commercial launch of Duke's IC Drone
FT. LAUDERDALE, FL / January 14, 2025 - Duke Robotics Corp. (OTCQB:DUKR) ("Duke Robotics” or the "Company”), a leader in advanced robotics technology and autonomous drone solutions, today announced its plans to establish a wholly owned European subsidiary to support its ongoing global commercialization efforts of its IC Drone. This initiative follows the Company's initial revenue generation from its IC Drone technology through a service agreement with the Israel Electric Corporation (IEC).
The planned European subsidiary will focus on expanding Duke Robotics' innovative IC Drone technology, which provides utility companies with a safer, more efficient, and environmentally sustainable solution for maintaining high-voltage electric infrastructure as well as potential other applications of the Company's technologies and capabilities. The IC Drone's proven success with the IEC demonstrates its significant market potential for broader deployment across additional regions and sectors.
Duke Robotics is currently in the initial phases of its global expansion strategy and remains focused on leveraging its proprietary technologies to unlock new growth opportunities in the civilian sector. The Company aims to expand its IC Drone service offerings to additional utility providers worldwide while continuing to develop new solutions to address evolving industry needs. The European subsidiary is expected to play a key role in Duke Robotics' long-term strategy, helping the Company establish partnerships and generate additional revenue streams across the region as it advances its strategic goals.
Yossef Balucka, Chief Executive Officer of Duke Robotics, commented, "Our plans to establish a European subsidiary reflect Duke Robotics' cautious yet optimistic approach to global expansion. We believe the IC Drone has significant potential to transform the utility maintenance industry, particularly in regions that prioritize infrastructure modernization and sustainability. Establishing a presence in Europe will help us better serve this growing market and further build our international footprint."
About Duke Robotics Corp.
Duke Robotics Corp. (formerly known as UAS Drone Corp) is a forward-thinking company focused on bringing advanced stabilization and autonomous solutions to both military and civilian sectors. Through its wholly owned subsidiary, Duke Robotics Ltd., the company developed TIKAD, an advanced robotic system that enables remote, real-time, and accurate firing of lightweight firearms and weaponry via an unmanned aerial platform (UAV) designed to meet the growing demand for tech solutions in modern warfare. Duke Robotics Ltd. Also developed the IC Drone, a first-of-its-kind robotic, drone-enabled system for cleaning electric utility insulators. The unique system, based on the Company's advanced intellectual property and know-how, integrates algorithms, autonomous systems, and robotic technologies used in mission-critical applications.
For more information about Duke Robotics Corp (Previously UAS Drone Corp) please visit www.dukeroboticsys.com or view documents filed with the Securities and Exchange Commission at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements. Words such as "future" and 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, assumptions, and information currently available to us. For example, we are using forward-looking statements when we discuss our plans to establish a European subsidiary, our subsidiary's anticipated role in our long-term strategy, the potential for broader deployment of the IC Drone technology, our global expansion strategy, and our belief in the IC Drone's ability to transform the utility maintenance industry and serve new markets. Our actual results may differ materially from those expressed or implied due to known or unknown risks and uncertainties. These include, but are not limited to, risks related to the successful market adoption of the IC Drone, continued development and refinement of our technology, fluctuations in foreign currency exchange rates, and competition from 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 Report on Form 10-K for the fiscal year ended December 31, 2023, and any subsequent filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Company Contact:
Duke Robotics Corp.
Yossef Balucka, CEO
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