Horizon continues test flights of the Cavorite X5’s sub-scale prototype as it prepares for Astro’s acquisition
Dallas, Texas, March 18, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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.
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.
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