In order to accurately reflect its primary new line of business, unmanned aerial vehicles (UAVs), mining company Texas Wyoming Drilling Inc. is now Drone USA Inc., headquartered at One World Trade Center in New York City.
The name change follows Drone USA LLC’s entering an equity exchange agreement, effective Jan. 26, with Texas Wyoming Drilling. The final item to be completed under the agreement is the spin-off of Texas Wyoming Drilling’s business and operations, which will continue to be run by its original management as a separate entity.
Drone USA plans to become a primary developer and manufacturer of low-altitude UAVs – including both quadcopter and fixed-wing systems – and related technologies. Target markets include non-U.S. militaries, civil defense organizations, police and select commercial markets. The company plans to strengthen its systems portfolio by acquiring UAV firms in desired high-growth markets and applications.
“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,” comments Michael Bannon, CEO of Drone USA Inc. “Going forward as Drone USA Inc., we intend to continue to focus on markets with high potential for growth.”