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Horizon has successfully completed more than 200 test flights of its sub-scale prototype Cavorite X5, a five-seat hybrid-electric eVTOL. Their combined expertise will help me guide Astro through this transformative chapter as the Company merges product lines, implements Astro's strategic vision and begins the Nasdaq uplist process.' Robinson, who possesses the ability to develop aerial solutions with the perfect balance of analytical and creative. Bruce has been an industry pioneer and driving force behind Astro's success, which has progressed the Company's vision into tangible milestones. 'It will strengthen Astro's ability to pursue commercialization and allow the visions of both Astro and Horizon to align, creating a powerhouse in the eVTOL market. 'The completed Acquisition will propel the development of the Cavorite X5 forward,' said Ms. More than 200 test flights of an existing sub-scale prototype have been successfully completed. The Cavorite X5 travels up to 500 kilometers at a speed of 450 kilometers per hour, offering significant advantages over current conventional aircraft including increased safety, lower operating costs, a reduced noise footprint, and lower carbon emissions.

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The hybrid-electric aircraft carries four passengers plus one pilot, and is built for operational realities such as inclement weather, traffic avoidance and low-time pilots. The Cavorite X5 is the world's first eVTOL to fly the majority of its mission as a normal aircraft. A full-scale, certified prototype of the Cavorite X5 is expected by the end of 2024. The 1:2 prototype will be built at Horizon's production facility in Lindsay, Ontario, and is expected to be completed by Q1 2022. Robinson's leadership, Horizon acquired private funding to build the Cavorite X5 eVTOL prototype which will now be continued by Astro through a committed investment. Astro's respected industry reputation and available funding, together with Horizon's engineering and design talent, will complement Astro's existing product lines, ALTA and ELROY, and will accelerate the development of Horizon's revolutionary eVTOL, the Cavorite X5,' said Mr. 'This completed Acquisition is a huge opportunity for both companies' eVTOL projects to progress exponentially. In addition, the Astro product line includes single passenger, piloted multiple passenger, and cargo aircraft designs.

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Astro's offerings position the Company as one of few businesses in the eVTOL space to offer both full electric and hybrid aircraft options. Astro will now have three eVTOL models under development - Alta, Elroy and the Cavorite X5. The Acquisition of Horizon Aircraft by Astro Aerospace will provide a complete product offering across both commercial and industrial applications. Robinson holds a Mechanical Engineering degree from the Royal Military College of Canada, is a CF-18 Fighter Pilot Top Gun graduate, has an MBA from Royal Roads University, and has led more than $400 million in complex engineering projects. The Company further announces that Horizon co-founder and CEO Brandon Robinson has been appointed President of Astro Aerospace Ltd.

Bent will assume the role of Executive Chairman to assist in implementing the Astro business plan developed over the past two years. Trompeter focused on non-profit ventures and family before co-founding an independent investment and advisory firm growing innovative technologies in emerging markets.

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Trompeter participated in over $17 billion in acquisitions and transactions, earning her a reputation of professional excellence. Trompeter spent a large portion of her career holding a variety of executive positions at GE Capital including CFO, Controller, Operations Leader, Quality Leader, and Mergers & Acquisitions. After graduating from Marquette University's Business Administration program with a major in Finance and Economics, Ms. Trompeter brings more than 16 years of experience in mergers and acquisitions and 15 years in financial management experience to the position. Trompeter has had a love for aviation since wanting to be an astronaut in grade school and will bring that passion to advocating for the Astro business. The Acquisition was completed for common shares of Astro stock, the material terms of which are disclosed in the Company's related 8-K filing.īruce Bent is pleased to announce that Patricia Trompeter, currently a member of Astro's Board of Directors has agreed to take on the role of Chief Executive Officer. (' Horizon'), a privately held developer of advanced eVTOLs, has closed. (OTCQB: ASDN) (' Astro' or the ' Company'), a developer of eVTOL aerial vehicles and drones, announced today that the acquisition agreement (the ' Acquisition') with Horizon Aircraft Inc. Astro expands its offerings in the fast-growing eVTOL Market expected to hit $1 Trillion by 2040(1)ĭallas, Texas-(Newsfile Corp.

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