{"id":18350,"date":"2021-05-10T21:57:41","date_gmt":"2021-05-10T21:57:41","guid":{"rendered":"https:\/\/saj.pachecostudios.com?p=18350"},"modified":"2021-05-10T21:57:43","modified_gmt":"2021-05-10T21:57:43","slug":"astro-aerospace-announces-definitive-agreement-to-acquire-horizon-aircraft","status":"publish","type":"post","link":"https:\/\/stateaviationjournal.com\/index.php\/state-news\/texas\/astro-aerospace-announces-definitive-agreement-to-acquire-horizon-aircraft\/%20","title":{"rendered":"Astro Aerospace Announces Definitive Agreement to Acquire Horizon Aircraft"},"content":{"rendered":"\n

Astro Aerospace Ltd., a developer of eVTOL aerial vehicles\nand drones, and Horizon Aircraft Inc., a developer of advanced eVTOLs, have\nentered into an agreement under which Astro will acquire privately held Horizon\nfor five million common shares of Astro stock, the material terms of which are\ndisclosed in the Company’s related 8-K filing. The transaction was unanimously\napproved by the respective Boards of Directors. The acquisition will broaden\nAstro’s capabilities, and become a leading eVTOL platform while continuing to\ninvest and innovate. The Company’s acquisition of Horizon is expected to close\nin approximately ten days, subject to customary closing conditions. Upon\nclosing the transaction, the CEO and Co-Founder of Horizon, Brandon Robinson,\nwill be appointed as President of Astro and will sit on the Board of Directors.\nJason O’Neill, Horizon’s Chief Operating Officer, will be appointed Executive\nVice President of Astro.<\/p>\n\n\n\n

Astro’s existing Alta and Elroy programs, combined with\nHorizon’s highly accomplished team of engineering and design talent, is\nexpected to better position the Company to pursue its goal of\ncommercialization. This approach will emphasize existing technology and elegant\ndesign to become a leader in the eVTOL market. The new funding provided by\nAstro will enable Horizon to accelerate development of its Cavorite X5 eVTOL\nadvanced prototype. The Company believes this new aerospace technology offers\nsignificant advantages over current conventional aircraft including lower\noperating costs, a reduced noise footprint, increased safety and lower carbon\nemissions.<\/p>\n\n\n\n

“Astro and Horizon, two organizations focused on\ndeveloping innovative air mobility solutions, is a very exciting and promising\ncombination. Our aligned business model, enhanced by the complementary\nexpertise and capabilities of the founder-led Horizon team, creates significant\nopportunities for accelerated growth while simultaneously delivering value to\nour shareholders,” said Astro CEO Bruce Bent.<\/p>\n\n\n\n

Horizon Co-Founder and CEO Brandon Robinson stated,\n“The Horizon family has found a great home in Astro and will continue\noperating with its distinct culture: excellence in product development and a\ndeep passion for aviation. Horizon and Astro share in the mission of being at\nthe forefront of eVTOL design and together we will be a more attractive and\nexciting company for our employees, our partners, and our investors.”<\/p>\n\n\n\n

Horizon co-founders Brandon and Brian Robinson have applied\ntheir excellence in Mechanical Engineering to change the way we approach\ntravel. Brandon Robinson is a Mechanical Engineer, a CF-18 Fighter Pilot Top\nGun graduate, and holds an MBA with more than $400 million in project\nmanagement experience. Horizon’s Chief Engineer, Brian Robinson (Brandon’s\nfather) is also a Mechanical Engineer, beginning his innovation journey long\nbefore Horizon’s existence. Building aircraft from the age of 14, Brian’s\nprevious aerospace engineering company achieved much success as it developed\nnumerous first-of-its-kind innovations. This eventually led to designing a\nrevolutionary new eVTOL prototype, making Horizon a pioneer in the market.<\/p>\n\n\n\n

The Horizon Cavorite X5 eVTOL<\/strong><\/p>\n\n\n\n

Horizon has successfully completed more than 200 test flights\nof its sub-scale prototype Cavorite X5, a five-seat hybrid-electric eVTOL. The\nprimary objective for the sub-scale eVTOL prototype’s test flights is to verify\naerodynamics, control systems and transitional flight. For vertical flight, the\nwing surfaces retract to open its ducted fans before closing again after it\nachieves a minimum forward speed, maximizing the craft’s aerodynamic efficiency\nwhile lowering operational costs.<\/p>\n\n\n\n

The full-scale Cavorite X5, which is expected to travel up\nto an estimated 450 km\/h with a 500-kilometre range, is designed for reduced\nhydrocarbon emissions, operation in poor weather, and ease of flying for\nlow-time pilots. The aircraft targets Urban Air Mobility but also long-range\nRegional Air Mobility, currently an underserved portion of the market. The\npatented fan-in-wing technology allows the Cavorite X5 to be the world’s first\neVTOL that can fly the majority of its mission exactly like a normal aircraft.<\/p>\n\n\n\n

Strategic Benefits of the Transaction:<\/p>\n\n\n\n