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Han Tang Technology, Inc./UAV Corp, Inc. Announces Third Quarter 2020 Results

Port St. Joe-Wewahitchka, Florida--(Newsfile Corp. - November 16, 2020) -  Han Tang Technology/UAV Corp (OTC Pink: HTTI), ("UAV Corp " or the "Company") announces that it has filed its financial results for the Third Quarter of 2020, and the related Management's Discussion and Analysis, the details of which are available at www.otcmarkets.com.

"We are pleased to report our First Quarter of revenues, positive production test, as our first Airship nears 80% completion. This is the first of future quarters of delivering revenue and projected positive results which shows our vision and years of effort were focused in the right direction. Our sales activity was not recognized until the end of the Third Quarter due to pandemic related lockdowns and delayed budgets. We expect increased sales activity over the next twelve months with prospective clients from both overseas and government related buyers monitoring our current production progress. With the planned flight testing of the new DATT technology airship scheduled for early spring 2021, we should begin to see positive results from our efforts.

"We continue to measure and implement initiatives to reduce costs and operate more efficiently. As the magnitude of the pandemic grew and construction pace decreased during the first half of 2020, the Company had to restructure part of the staff and reduce overhead expenses. All options are under review as we consider strategic alternatives related to our balance sheet and funding our growth. We are enthusiastic about the level of interest globally and continue to look for opportunities to grow the company, contribute to the local economy and increase our shareholders value," stated Billy Robinson, Chairman of UAV Corp.

Highlights Third Quarter 2020:

  • The Company had its best quarter with revenue totaling $174,345.
  • The Company completed the first test of its DATT SA70 Airship.
  • $1.023 million in improvement grants approved for UAV Corp's Costin Airport.

Commenting on the results, Michael Lawson, CEO of HTTI/UAV Corp, stated: "The strategy of focusing on the improvement of our design criteria, upgrading the manned/unmanned flight systems and integrating our new DATT (Detachable Airship From A Tether Technology) has been 100 percent of our focus for the last 24 months. Securing a sale built-to-suit activity has started to prove correct and the Company has improved its key performance indicators which is proving a stable base of employment for the region."

HAN TANG TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 For the Three Months For the Nine Months
 Ended September 30, Ended September 30,
 2020 2019 2020 2019
Revenues$174,345
$-
$174,345
$-
Operating expenses:       
Research and development- - - -
Depreciation7,456 - 22,368 1,250
Strategic and financial consulting36,317 - 111,992 35,575
Legal and professional fees6,829 6,600 37,769 12,659
Occupancy7,850 900 39,188 900
Travel7,965 - 10,037 4,279
Other operating expenses50,660 125 92,288 395
        
Total operating expenses117,077 7,625 313,642 55,058
        
Loss from operations57,268 (7,625) (139,297) (55,058)
        
Other income (expense):       
Interest income- - - 35,201
Interest expense, including amortization of debt discount(281,326) (7,790) (509,842) (99,019)
Loss on settlement of debt- - (156,866) -
Change in fair value of derivative liability192,728 - 87,158 -
        
Total other income (expense)(88,598) (7,790) (579,550) (63,818)
        
Loss before income taxes(31,330) (15,415) (718,847) (118,876)
        
Income tax expense- - - -
        
Net loss($ 31,330) ($ 15,415) ($ 718,847) ($ 118,876)
       
Basic and dilutive net loss per common share($ 0.01)
$0.00 ($ 0.14) ($ 0.03)
       
 Basic weighted average common shares outstanding5,482,052  4,780,141  5,096,386  4,632,001 

 


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Airship

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Airship 1

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Airship 2

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Next Generation Airships and Drones

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Next Generation Airships and Drones 1

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About Han Tang Technology/UAV CORP, Inc.:

Han Tang Technology/UAV Corp (HTTI) is a Research and Development holding company with a focus on Communication Aerospace and Environmental Solutions. Researchers at HTTI are actively engaged in solving transformative problems for the government and commercial clients. We are working on a wide range of topics including but not limited to advanced communication, Airship and Drone Technology and low altitude analysis of carbon dioxide (CO2) conversion, new energy processes, biomass conversion, energy efficiency crop and mining management.

About R Squared Technologies, Inc.:

R Squared Technologies, Inc., ("R2"), a technology company that has developed the SENTINEL, a man portable communication network between wired and Wi-Fi enabled devices within a secure network. It can be used for both defense and emergency management applications. The SENTINEL provides an immediate command and control network and provides a communication solution in response to a variety of adverse circumstances, including severe weather, natural disasters, power outages or even a hostile attack.

About Skyborne Technology, Inc.:

Skyborne Technology Inc., has significant investments in research & development of Intellectual Property and proprietary designs in areas covering semi-rigid and rigid airship design, reverse-ballonet technology, mooring and hybrid propulsion that have competitive advantages for both its Spherical and Cylinder Class tether/airship designs. Skyborne Technology has a manufacturing facility in Wewahitchka, Florida and owns the airport in Port St. Joe, Florida for manned and unmanned operations.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain "forward-looking statements" under applicable US securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals, where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Han Tang Technology/UAV Corp
OTC: HTTI
Billy Robinson, Chairman
504-722-7402
brobinson@uavcorp.net
www.uavcorp.net

Deborah Cheek, Communications Director
850-588-1747
dcheek@uavcorp.net

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68279

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