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AeroVironment to Offer Tier II Vertical Takeoff and Landing Unmanned Aircraft System with Strategic Investment in CybAero AB

MONROVIA, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (NASDAQ: AVAV) today announced it has entered into a strategic relationship with Sweden-based CybAero AB (NASDAQOMXS: CBA) to develop and distribute a Tier II vertical takeoff and landing (VTOL) unmanned aircraft system in response to unmet requirements from multiple customers. The relationship gives AeroVironment exclusive rights to provide CybAero AB systems to United States customers and to government customers in NATO and other countries. AeroVironment has agreed to purchase up to $3 million in convertible notes from CybAero to facilitate the company’s growth.