Astro
Aerospace Announces
Horizon
Aircraft's 200th
Successful
eVTOL
Flight
Horizon continues test
flights
of
the
Cavorite X5's
sub-scale prototype as it prepares for Astro's acquisition
Dallas,
Texas – March 18, 2021 -- InvestorsHub NewsWire
-- Astro Aerospace (OTCQB:
ASDN) ("Company"
or "Astro"),
a
leading
manufacturer of electric vertical take-off and
landing (eVTOL) aerial vehicles and drones, announced today
that more
than 200 test flights have been successfully
completed on
a
sub-scale prototype
of
the
Cavorite X5, a five-seater hybrid-electric
eVTOL. Horizon Aircraft
("Horizon"),
a Canadian
company
leading
in
the global
aerospace industry, has designed, engineered and
overseen all
testing of
the Cavorite X5.
On
February 18,
Astro announced it has entered
into
an agreement to acquire Horizon to accelerate
Astro's
Alta and
Elroy
programs, one of the first modern eVTOL aircraft to fly with people on board. Astro's existing roots in the
industry and high-calibre expertise, combined with
Horizon's engineering competencies,
is expected to
position the Company to be one
of the
leaders in the eVTOL market.
Astro expects to
complete the acquisition of Horizon in April.
The primary
objective for the sub-scale eVTOL
prototype's test
flights is
to verify aerodynamics, control systems and transition
flight. The Cavorite X5
features
fully autonomous self-learning
auto pilot
software and
an array of
specialized 3D-printed lifting fans in the wings that provide
additional thrust for vertical takeoff and landing.
For vertical
flight, the wing surfaces retract to open its ducted fans before closing
again, maximizing the craft's aerodynamic efficiency.
Horizon Co-Founder
and CEO Brandon Robinson stated, "Completing more than 200 test
flights is extremely exciting for the entire teams at both Horizon
and Astro. Soon, our merged company will have the, capital and
resources to bring our extensively tested
Cavorite to-market,
offering urban centers a reliable, comfortable and high-efficiency
eVTOL."
The
full-scale
Cavorite X5,
which will
travel up to
an estimated 450 km/h with a 500-kilometre
range, is designed
for reduced hydrocarbon emissions, poor weather, traffic avoidance,
and low-time pilots. The patented fan-in-wing allows the
Cavorite to be the world's first eVTOL that can fly the majority of
its mission exactly like a normal aircraft.
"The testing of the
Cavorite X5's sub-scale prototype has exemplified to the global eVTOL market that
Horizon's engineered design is the new standard," said Astro CEO
Bruce Bent. "The soon-to-be completed
acquisition of Horizon is expected to
add tremendous
value to the
combined entity as we move towards the expected commercial launch
of the
X5 into the growing $46.7 Billion eVTOL aircraft
market."
About Astro
Aerospace
Astro Aerospace is
the developer of the world's most advanced, autonomous, short haul,
eVTOL (Electric Vertical Takeoff and Landing) aerial
vehicles.
Our mission is to
make self-flying unmanned and manned vehicles available to anyone,
at any time,
from anywhere, and to turn this new and exciting aircraft into a
mainstream mode of transportation.
Our vision is
"Flight Made Easy".
Visit
www.flyastro.com for more information.
About Horizon
Aircraft Inc.
Horizon Aircraft is
an advanced aerospace engineering company that has developed the
world's first eVTOL that can fly the majority of its mission
exactly like a normal aircraft. This has resulted in
industry-leading speed, range, and operational utility. Our
unique
designs place the
mission first and prioritize safety, performance, and utility. Our Cavorite X5
eVTOL will
enter the market quickly and will service a broad spectrum
of early use-cases that will generate revenue immediately. Our
mission is to produce an eVTOL for real-world applications
that
provides a safe, efficient and
sustainable mode of aerial transport.
Visit
www.horizonaircraft.com for more
information.
Forward-Looking
Statements
All statements
other than statements of historical facts contained in this press
release are "forward-looking statements," which may often, but not
always, be identified by the use of such words as "may," "might,"
"will," "will likely result," "would," "should," "estimate,"
"plan," "project," "forecast," "intend," "expect," "anticipate,"
"believe," "seek," "continue," "target" or the negative of such
terms or other similar expressions. These statements involve known
and unknown risks, uncertainties and other factors, which may cause
actual results, performance or achievements to differ materially
from those expressed or implied by such statements, including: the
Company's reliance on one key customer for a substantial percentage
of its revenue; the Company's ability to consummate any proposed
financing, acquisition or transaction, the timing of the closing of
such proposed event, including the risks that a condition to
closing would not be satisfied within the expected timeframe or at
all, or that the closing of any proposed financing, acquisition or
transaction will not occur or whether any such event will enhance
shareholder value; the Company's ability to continue as a going
concern; the Company's ability to attract, maintain and increase
the number of its customers; the Company's ability to maintain
compliance with certain financial and other covenants; the Company
successfully implementing its growth strategy; management's
relationships with industry stakeholders; the effects of the global
Covid-19 pandemic; changes in economic conditions; competition;
risks and uncertainties applicable to the businesses of the
Company's subsidiaries; and other risks, uncertainties and factors.
These forward-looking statements speak only as of the date hereof
and the Company disclaims any obligations to update these
statements, except as may be required by law. The Company intends
that all forward-looking statements be subject to the safe-harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Investor
Contacts:
invest@flyastro.com
Astro Aerospace Ltd
320 W. Main Street
Lewisville, TX 75057
TraDigital Marketing Group,
Inc.
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com