SHARES IN DRONE FIRM SOAR

The Gold Coast Bulletin - - BUSINESS - TREVOR CHAP­PELL

SHARES in DroneShield soared af­ter the drone se­cu­rity firm won its big­gest ever or­der for DroneGuns, a de­vice that re­sem­bles a ri­fle and dis­ables drones elec­tron­i­cally.

The $3.2 mil­lion or­der for 70 DroneGuns comes from an un­spec­i­fied Mid­dle Eastern coun­try al­lied with western gov­ern­ments.

DroneShield says the coun­try is a so­phis­ti­cated user of se­cu­rity and de­fence equip­ment, with one of the largest de­fence bud­gets in the world. DroneShield shares rose 2.5¢, or 13.8 per cent yes­ter­day to close at 20.5¢.

The com­pany is based in Syd­ney and Vir­ginia in the US, and its DroneGun is a light­weight ra­dio-fre­quency jam­ming de­vice with a range of up to one kilo­me­tre. DroneShield chief ex­ec­u­tive Oleg Vornik said the or­der is likely to be just the be­gin­ning of the com­pany’s re­la­tion­ship with the Mid­dle Eastern coun­try’s min­istry of de­fence.

“We be­lieve that this is a com­pany-mak­ing sale and a game-changer for DroneShield,” he said in a state­ment.

“This sale, the largest ever in the in­dus­try for this kind of equip­ment, es­tab­lishes DroneShield as the leader in the in­dus­try.

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