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AthenasAItechnology has successfully performed target recognition and battle trackingfor a nighttimeflight of Red Cats Teal 2

Athena AI computer vision technology

Athena AIs computer-vision technology successfully identified human and vehicle targets using drone video recorded during a nighttime test flight of Red Cats Teal 2 military-grade sUAS.

SAN JUAN, Puerto Rico, June 20, 2023 (GLOBE NEWSWIRE) -- Red Cat Holdings, Inc.(Nasdaq: RCAT) (Red Cat or the Company), a military technology company integrating robotic hardware and software to protect and support the warfighter,today announcesit has completed thesecond phaseof its artificialintelligence and computer-visionpartnership withAthena AI.

Athena was firstannouncedasapartner for Red CatsTeal 2military-grade drone in March.Now,byprocessingvideothat the Teal 2s thermal-imagingsensor recorded during a nighttime test flight,Athenas technology hassuccessfully performedtarget recognition and battle tracking. This capability allows commanders fast decision-making on the battlefield with artificial intelligence assistance.

Nighttime computer-vision capability is a Teal 2 add-on we support for users who need high-value data at night, said George Matus,founderand CEO of Red Cat subsidiaryTeal Drones.The images and insights that Athenas technology deliver are outstanding.Athenas battle-tracking capabilities and artificial intelligence,combinedwith Teals best-in-class drone,give warfighterstheunfair advantage.

Australia-based Athena, an AI-enabled military decision-support company, has licensed to Red Cat its proprietarycomputer-vision architecture, which allows high-speed tracking of objects and, at slower speeds, in-depth data exploitation. Athenas solution canidentifyweapons,humansand othertargetsat night, as well as Identification Friend or Foe (IFF) markers, such asCyalumeHALOs and IR beacons.

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Unlike a lot of other drones in the sUAS quad space thatarentMISB-compliant,the Teal 2sKLVmetadata unlocks thefull decision-suite support of Athena AI, saidAthena CEO Stephen Bornstein.Thiscombination of a nighttimesUAS with live-vehicle metadata allows for real-time situational awareness to support battle tracking,common operationalpicture(COP)at higher echelons of command,andaccuratetargeting.

Officiallylaunchedin April, the Teal 2 is designed toDominate the Nightand arrives as the worlds leading sUAS for night operations. The Teal 2 is the first sUAS to be equipped withTeledyne FLIR's new Hadron 640R sensor, providing end users with the highest resolution thermal imaging in a small form factor. The Teal 2 also offers the latest intelligence,surveillanceand reconnaissance (ISR) technology, delivering time-critical information and enabling operators to make faster, smarter decisions.The Teal 2 airframe has been designed as an open platform that can add software features such as Athena AI, and those combined products improve Red Cats gross margins.

Red Cat willexhibitthe Teal2 at theModern DayMarineexpo in Washington, D.C., from June 27-29.

To view a spec sheet forthe Teal2, clickhere.To watch a short video aboutthe Teal2, clickhere.

About Red Cat Holdings, Inc.Red Cat (Nasdaq: RCAT) is a military technology company that integrates robotic hardware and software toprovidecritical situational awareness and actionable intelligence to on-the-ground warfighters and battlefield commanders. Its mission is to enhance the effectiveness and safety of military operations domestically and globally and to Dominate the Night. Red Cats suite of solutions includes Teal Drones, developer of the Teal 2, a small unmanned system with the highest resolution imaging for nighttime operations, andSkypersonic, a leading provider of unmannedaircraftfor interior spaces and other dangerous environments. Learn more athttps://www.redcatholdings.com.

Forward-Looking Statements This press releasecontains"forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to beaccurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contacts NEWS MEDIA: AnthonyPriwer Dalton AgencyPhone: (615) 515-4891 Email:apriwer@daltonagency.com

INVESTORS: CORE IR Phone: (516) 222-2560Email:investors@redcat.redWebsite:https://www.redcatholdings.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef35bdb2-26ed-4e38-9fb3-51c6cace7411

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Red Cat and Athena AI announce breakthrough artificial intelligence and computer-vision capabilities for Teal 2 military-grade drone - Yahoo Finance