Press Release

Issued by Horizon Aircraft, Inc..

May 13, 2021

New research with senior private equity and venture capital professionals reveals that over the next two years, 11% predict there will be dramatic positive developments around the regulatory framework for the eVTOL market. A further 67% anticipate continued improvement in this area, with just 16% predicting no positive developments. Only 5% expect the situation will deteriorate.

The research was commissioned by Horizon Aircraft, the Canadian advanced aerospace engineering company that has developed the Cavorite X5, the world's first eVTOL (electric vertical take-off and landing) aircraft that can fly the majority of its mission exactly like a normal aircraft. Horizon Aircraft commissioned the market research company Pure Profile to interview 100 private equity and venture capital professionals based in the United States, United Kingdom, Australia, France, Germany, Netherlands and New Zealand. on their views on the eVTOL market. The interviews were conducted online in March 2021.

In terms of the biggest hurdles to achieving regulatory approval for eVTOL aircraft, 71% of private equity and venture capital professionals interviewed cited meeting certain standards regarding operations and maintenance, followed by 54% who said the quality of software used by operators and 47% who said environmental requirements.

When asked which five countries are the most advanced in terms of their regulatory plans for the eVTOL market, 60% of private equity and venture capital professionals included the USA in their selection, followed by 52% who chose Germany and 42% who selected Russia and France.

Brandon Robinson, CEO and co-founder of Horizon Aircraft said: “Governments and authorities around the world are increasingly acknowledging the hugely positive impact eVTOLs can have on their transportation policies, and the pace of developing a workable regulatory environment for the sector is picking up. However, countries and regions are at different stages of their plans, but those who are most advanced will be in the best position to capitalise on a market that could be generating as much as $90 billion in revenue by 2050.”

On 18th February 2021, Astro Aerospace, a global leader in eVTOL aerial vehicles and drones, entered a binding agreement to acquire Horizon Aircraft Inc. The transaction is expected to close on or before the beginning of second quarter pending customary closing conditions.

Astro, a pioneer in the eVTOL market, has developed one of the market's safest and most efficient eVTOLs in the world. In 2018, the company's drone, Elroy, was one of the first to seamlessly fly with humans on board. Astro continually defies traditional aviation design, and the acquisition of Horizon will only push the company further, with the ability to reach greater heights working in tandem with Horizon's exceptional team.