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Red Cat Appoints Two Board Members

May 22, 2019

SANTURCE, Puerto Rico, May 22, 2019 (GLOBE NEWSWIRE) -- Red Cat, Inc. (OTC: TFVR) a leading provider of distributed data storage, analytics and services for the drone industry, today announced the appointment of Nicholas Liuzza Jr. and Patrick R. Mitchell to its Board of Directors. The announcement comes two days after Red Cat’s successful completion of its reverse merger with TimeFireVR, d/b/a TeraForge, which trades as “TFVR” on the OTC markets. The appointments will be effective ten (10) days after mailing to shareholders of a Schedule 14f-1 regarding the proposed change in our board.

“Both Nicholas and Patrick bring a balance of technology and business acumen with a track record of driving market leadership positions for fast-growing companies,” said Jeff Thompson, CEO of Red Cat. “Their experience and commitment to not only business, but also people and communities, will be invaluable as we focus on transforming the rapidly evolving drone industry and developing our SaaS platform for the benefit of the larger UAV ecosystem.”

Nicholas Liuzza Jr., is currently the Executive Vice President of Real Matters, Inc. a network management services provider for the mortgage lending and insurance industries, a position he has held from April of 2016 to the present. Real Matters, Inc. is listed on the Toronto Stock Exchange. Mr. Liuzza was also the founder and CEO of Linear Settlement Services, LLC, a title insurance agency acquired by Real Matters, Inc. As an innovator and a driving force behind Linear’s technology strategy, he was responsible for building the company into one of the top independent title insurance agencies in the U.S.

Mr. Liuzza has more than 20 years of experience as an entrepreneur, with a proven track record for driving growth and building leading market positions. In 2001, he was the President of New Age Nurses & New Age Staffing, a healthcare staffing company which he grew into a national provider of healthcare personnel services which became the platform for a reverse merger upon its acquisition in 2003. Prior to that, Mr. Liuzza was Executive Vice President of AMICUS Legal Staffing, a national staffing services provider with a specialization in real estate transactions. Under his leadership, AMICUS Legal Staffing became one of the largest privately held legal staffing companies in the U.S. Mr. Liuzza started his career with Xerox Corporation in 1988.

Patrick R. Mitchell is the Chief Executive Officer of The Carpenter Health Network, a leading health care provider in the Gulf Coast region providing a continuum of services including nursing, home care, hospice, and rehabilitation care. In 2002, he founded St. Joseph Hospice with the mission of providing peace, comfort and dignity to those facing terminal illness. The Carpenter Health Network was created in 2014 as the parent company of St. Joseph Hospice and its sister companies. In 2006, he formed STAT Home Health, leading to Louisiana’s first AIM Palliative Home Health Program that helps seriously ill patients who lack coordinated hospital, home health and hospice care. In 2013, he created Homedica to improve the patient experience and reducing hospitalizations by enabling physicians and mid-level care providers to make house calls. Mr. Mitchell is a graduate of the University of Louisiana-Monroe.

Red Cat was founded in March 2016 to address a growing need in the rapidly evolving drone ecosystem for a simple and secure data storage and analytics solution. Red Cat developed the industry’s first black box drone flight recorder and distributed system with security and encryption that regulators and insurance companies can trust. The company also provides Blockchain-Based Distributed Storage where stored data (GPS maps and logs; video and photos; telemetry logs) is secured and encrypted, enabling compliant operations and privacy for pilots data.

Red Cat was acquired by TimeFireVR, Inc. (OTC: TFVR), which will continue business through its new subsidiary, Red Cat, under a new management team headed by Red Cat founder and CEO, Jeff Thompson. The company’s shares currently trade on the OTC Markets under the symbol TFVR. The company intends to file necessary applications to change the stock symbol to RCAT and name to Red Cat Propware, Inc.

About Red CatRed Cat is a leading provider of secure blockchain-based distributed storage, analytics and SaaS for the drone industry. Through its innovative products and leadership, Red Cat provides solutions for regulators to track and review flight data, insurance companies to insure drones, and pilots to become compliant with regulations. Red Cat’s success is driven by a commitment to deliver unrivaled innovation that makes drones trackable, accountable and the sky a safer place. Red Cat is headquartered in San Juan, Puerto Rico. For more information, visit www.redcatpropware.com.

Forward-Looking StatementsCertain statements contained in this press release are “forward-looking statements” within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.

Investor Relations Contact Information:Red Cat Inc. Cobian’s Plaza, 1607 Avenida Juan Ponce de León, San Juan, PR 00909 Investors@redcat.red

PR Contact Information:Todd BarrishIndicate Media todd@indicatemedia.com 917-861-0089

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