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15 Apr 2016 12:07
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: +44 (0) 1293 804741 |
Graham Peck (Chairman)
| |
SP Angel Corporate Finance LLP | Tel: +44 (0) 20 3470 0470 |
Nominated Adviser and Joint Broker | |
Stuart Gledhill Jeff Keating | |
Beaufort Securities Limited | Tel: +44 (0) 20 7382 8300 |
Joint Broker | |
Elliot Hance | |
St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
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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