Shares of the airborne wireless broadband technology developer surged 74% during trading on Monday, June 25, 2018. Over the past month, Airborne Wireless Network has seen average daily volume of 28.75 million shares. However, volume of 468.45 million shares or dollar volume of $3.09 million, exchanged hands during Monday’s trading.
Shares of Airborne Wireless Network surged on Monday after the company announced that it has successfully integrated its proprietary flight control software into the Infinitus Super Highway hardware system and GE Aviation’s Inertial Navigation Units (INU). The integration was completed during aircraft field testing simulation. This is a major step for the company, as it highlights the compatibility of its software to major aircraft hardware systems. Here is the full press release detailing of the of the successful software integration:
Airborne Wireless Network Press Release:
SIMI VALLEY, Calif., June 25, 2018 /PRNewswire/ — Airborne Wireless Network (OTCQB: ABWN), an emerging growth company redefining global connectivity, is pleased to announce that it has successfully demonstrated the integration of its proprietary flight control software with the Infinitus Super HighwaySM system hardware and GE Aviation’s Inertial Navigation Units (INU) during aircraft simulation field testing utilizing the Company’s test platforms.
The Company has developed proprietary algorithms that enable its flight control software to successfully interface with the GE INU and the Infinitus Super HighwaySM system hardware while increasing ABWN’s software’s location abilities of two simulated aircraft in-flight. The field testing of ABWN’s demonstration showed that the Infinitus Super HighwaySM system can pinpoint two aircraft in-flight to within just over one-meter. The Company intends to conduct other simulations of aircraft in-flight using the Company’s test platforms which incorporate the Infinitus Super HighwaySM system hardware, the INU, and antenna prior to the upcoming Cessna plane test.
“The team has been laser focused on development while employing the Company’s test platforms as simulated aircraft in preparation of our upcoming two plane hybrid RF and Free Space Optic (FSO) demonstration,” said Michael Warren, CEO of Airborne Wireless Network. “This milestone is a critical step in ensuring the accuracy and reliability of our Infinitus Super HighwaySM networks’ software and hardware interfaces.”
About Airborne Wireless Network
The Company intends to create a high-speed broadband airborne wireless network by linking commercial aircraft in flight. It is projected that each aircraft participating in the network will act as an airborne repeater or router, sending and receiving broadband signals from one aircraft to the next and creating a digital information superhighway in the sky. The Company intends the network to be a high-speed broadband internet pipeline to improve coverage and connectivity. The Company does not intend to provide retail customer coverage to end users, but, instead, act as a wholesale carrier with target customers, such as internet service providers and telephone companies.
Currently, the world’s connectivity is achieved by use of undersea cables, ground based fiber and satellites. The Company believes that the Company’s airborne digital highway may be a solution to fill the world’s connectivity void. Once the network is developed and fully implemented, its uses may be limitless. The Company’s network, once developed, should provide low cost, high-speed connectivity to rural areas, island nations, ships at sea, oil platforms, in addition to connectivity to commercial and private aircraft in flight.
Notice Regarding Forward-Looking Statements:
This release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward- looking statements.
Risks and uncertainties include, but are not limited to, availability of capital; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to raise the additional funding we will need to continue to pursue our business and product development plans; our ability to develop and commercialize products based on our technology platform; competition in the industry in which we operate and market; general industry conditions; general economic factors; the impact of industry regulation; technological advances; new products and patents attained by competitors; manufacturing difficulties or delays; dependence on the effectiveness of the company’s patents; and the exposure to litigation, including patent litigation, and/or regulatory actions.