CINCINNATI, Jan. 3, 2018 /PRNewswire/ -- Workhorse
Group Inc. (NASDAQ: WKHS), an American technology
company focused on providing sustainable and cost-effective
electric mobility solutions to the commercial transportation
sector, today announced it has received an Experimental
Airworthiness Certificate from the Federal Aviation Administration
(FAA) that will allow the company to conduct test flights of its
SureFly™ electric hybrid helicopter. The first test flight is
scheduled for 12:00 p.m. local time
in Las Vegas on January 8, 2018, prior to the start of the 2018
Consumer Electronic Show (CES). On December
27, 2017, Workhorse announced that it intends to spin off
its SureFly business into a separate publicly traded company called
SureFly, Inc.
SureFly, the world's first electric hybrid helicopter, features
a drone-like octocopter design, a two-person, 400-pound payload
capacity and a range of approximately 70 miles. SureFly was first
unveiled at the Paris Air Show in June
2017, and will be on display at the Workhorse CES exhibit,
located on the Central Plaza at Booth #31, near the main entrance
of the show. The company is currently accepting SureFly pre-orders
at www.workhorse.com.
About SureFly
SureFly re-invents the helicopter,
making it safer, easier to fly and much more affordable than a
conventional helicopter. Its design includes four propeller arms,
with two fixed contra-rotating propellers on each arm; a hybrid
propulsion system combining gasoline and electric power; and a
backup lithium battery pack to drive the electric motors in the
event of engine failure. In addition to its redundant safety
features, SureFly includes a ballistic parachute that is designed
to safely return the aircraft to the ground in emergency
situations.
SureFly's hybrid design leverages Workhorse's battery pack,
management systems and controls utilized in its currently
commercialized range-extended battery electric trucks.
SureFly's gasoline combustion engine generates electricity
and a parallel battery pack offers a backup power source,
eliminating the need for larger batteries or long battery charging
periods between flights. Pilots who have inspected SureFly are
attracted to its easy-to-pilot design -- the aircraft is piloted by
joystick in a similar fashion to flying a drone. The SureFly is
expected to be capable of carrying a pilot and passenger or cargo
up to 70 miles. After a quick refueling, SureFly will be ready for
the next hop.
Early models will be pilot-operated. Future models are intended
to be capable of autonomous flight. Anticipated markets for the
SureFly are precision agriculture, surveillance, aerial inspection,
emergency response tasks, urban commuting and various military
applications. The company is working toward full FAA certification
of the helicopter in late 2019. The expected price of the SureFly
is approximately $200,000.
About Workhorse Group Inc.
Workhorse is a technology
company focused on providing sustainable and cost-effective
solutions to the commercial transportation sector. As an American
original equipment manufacturer, we design and build high
performance battery-electric vehicles including trucks and
aircraft. We also develop cloud-based, real-time telematics
performance monitoring systems that are fully integrated with our
vehicles and enable fleet operators to optimize energy and route
efficiency. All Workhorse vehicles are designed to make the
movement of people and goods more efficient and less harmful to the
environment. For additional information visit
www.workhorse.com.
Forward-Looking Statements
This press release
includes forward-looking statements. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These statements may be identified
by words such as "believes," "expects," "anticipates," "estimates,"
"projects," "intends," "should," "seeks," "future," "continue," or
the negative of such terms, or other comparable terminology.
Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein.
Factors that could cause actual results to differ materially
include, but are not limited to: our limited operations and need to
expand in the near future to fulfill product orders; risks
associated with obtaining orders and executing upon such orders;
the ability to protect our intellectual property; the potential
lack of market acceptance of our products; potential competition;
our inability to retain key members of our management team; our
inability to raise additional capital to fund our operations and
business plan; our inability to maintain our listing of our
securities on the Nasdaq Capital Market; our ability to continue as
a going concern; our liquidity and other risks and uncertainties
and other factors discussed from time to time in our filings with
the Securities and Exchange Commission ("SEC"), including our
annual report on Form 10-K filed with the SEC. Workhorse expressly
disclaims any obligation to publicly update any forward-looking
statements contained herein, whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE Workhorse Group Inc.