Update Regarding Litigation

RNS Number : 3741V

Strat Aero PLC

15 April 2016

 

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

15 April 2016

Strat Aero plc ("Strat Aero", the "Company" or the "Group")

Update Regarding Litigation

Strat Aero Plc, the AIM quoted international aerospace company focused on the Unmanned Aerial Vehicle ("UAV") sector, announces that, as anticipated in the announcement made on 6 April 2016, the Company and its directors have received a defence and counterclaim from W. Hulsey Smith.  The Company continues to believe and has been advised that it has a strong claim and a robust defence against Mr. Smith.  The Company intends to vigorously pursue its claims against Mr. Smith and believe his counterclaims and purported defence to be without merit.

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For further information please visit www.strat-aero.com of contact:

Strat Aero plc	Tel: [phone]
Graham Peck (Chairman)
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Joint Broker
Stuart Gledhill Jeff Keating
Beaufort Securities Limited	Tel: [phone]
Joint Broker
Elliot Hance
St Brides Partners Ltd	Tel: [phone]
Financial PR Frank Buhagiar Susie Geliher

Notes

Strat Aero plc is a multi-divisional international aerospace services company, focussed primarily on the provision of complete client solutions in the Unmanned Aerial System ('UAS' market), which is predicted to show exponential growth over the coming decade.  Commercial and military applications in UASs are expected to be a dynamic growth sector in the aerospace industry over the next 10 years with the UAS market forecast to grow to more than US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013) and the global airborne Intelligence, Surveillance and Reconnaissance ('ISR') market estimated to grow to US$19.23 billion by 2023. 

 

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