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July 30 – Aeronautics Ltd. (TASE: ARCS) based in Yavne will supply unmanned aerial vehicles Dominator (UAV) to the Thai Ministry of Defense, the company reported today at the Tel Aviv Stock Exchange (TASE). The volume of the agreement, which includes UAVs, land equipment and escort services, is $ 27 million over three years.
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The Dominator, developed by Aeronautics on the basis of an inhabited aircraft converted by the company into a drone, can carry up to 1,900 kilograms in special payloads (like a camera, a radar or a bomb), simultaneously and can remain in the air for 20 hours.
Aerospace has said that the Thai Ministry of Defense of its former customers and that the Thai army has been using the company's UAVs for ten years.
Aeronautics develops and manufactures UAVs, observation balloons, bomb rockets and advanced navigation systems. The company is controlled by KCPS, Viola and Bereshit funds. Its CEO is Amos Mathan and his chairman is the former commander of the Israeli Navy and former Vice Admiral of Rafael Advanced Defense Systems Ltd. Yedidia Yaari, who recently replaced the former commander of the Israeli Air Force, Major General Eitan Ben Eliyahu.
The price of Aerospace has reacted upward, but has lost nearly 60% of its value since the company's exit in June 2017, following poor results and a case that has led the Ministry of Defense to suspend its marketing license. Orbiter UAV to a major customer in a foreign country (a gag order is still in effect in the case after the opening of a criminal investigation last November.)
The company announced a 5% drop in revenues in the first quarter. in the first quarter of 2017, and posted an operating loss of $ 1.2 million, compared to an operating loss of $ 858,000 in the corresponding quarter of the prior year, due to higher R & D costs, among other factors. The net loss of the first quarter of aeronautics amounted to $ 1.8 million against a net profit of $ 180,000 in the first quarter of 2017.
Aerospace became a public company at the 39, summer 2017 when funds controlling the company have made a mbadive sell offer over 400 million NIS. The company issued new shares for 53 million NIS at the same time to Leumi Partners. The trading on the TASE in the share of Aerospace started at a market capitalization of 1 billion NIS, which was reduced to 405 million NIS
___ (c) 2018 the Globes (Tel Aviv, Israel) Visit the Globes (Tel Aviv, Israel) at www.globes.co.il/serveen/globes/nodeview.asp?fid=942 Distributed by Tribune Content Agency, LLC.
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