CINCINNATI, Sept. 18, 2018 /PRNewswire/ -- Workhorse Group
Inc. (NASDAQ: WKHS), an American technology company focused on
changing the way the world works by providing sustainable and
cost-effective electric transportation solutions, announced today
they have begun the formal process to sell its SureFly operating
unit, which is developing a vertical take-off and landing (eVTOL)
aircraft. Workhorse has engaged investment bank B. Riley FBR to
manage the process.
"Now that SureFly is doing hover test flights and has entered
into the Type Certification Process with the FAA, we believe it is
the ideal time to find a suitable partner or buyer that wishes to
lead the eVTOL race," stated Stephen
Burns, CEO of Workhorse. "Finding a suitable partner for
SureFly will enable Workhorse to continue focusing on its N-GEN
electric delivery truck platform as well as our W-15 Electric
Pickup Truck."
In recent years, the global interest in the VTOL market has
rapidly increased. The Workhorse team has been working closely with
the Federal Aviation Administration (FAA) throughout the
development process and is currently carrying out manned test
flights under FAA Experimental Certification.
The SureFly is a two-person hybrid-electric
VTOL multi-copter aircraft developed by Workhorse. It
is designed to accommodate a pilot and passenger or a pilot and
cargo, up to 550 pounds at a speed of about 70 miles per hour, for
up to two hours, day or night. The aircraft utilizes a fly-by-wire
flight control system designed to maintain the flight envelope of
the aircraft.
The aircraft was developed to be quiet, comfortable, practical
and, above all else, safe. It has eight independent,
electrically-driven props each driving a single carbon fiber
propeller powered via a piston or turbine-based generator. The
craft also has a small lithium battery backup to power the motors
for a safe descent and landing in the rare event that the generator
should fail while in flight. In addition to these
redundancies, the SureFly design has a ballistic parachute that
works above 100ft of altitude.
In June 2018, the Federal Aviation
Administration (FAA) accepted Workhorse's application for Type
Certification, an important step forward, as the SureFly design
appears to be the first hybrid-electric VTOL multi-copter to reach
this important milestone with the FAA.
About Workhorse Group Inc.
Workhorse is an American
technology company focused on changing the way the world works by
providing sustainable and cost-effective transportation solutions.
As an original equipment manufacturer, Workhorse designs and builds
high performance battery-electric vehicles, including trucks,
aircraft and drones. They also develop cloud-based, real-time
telematics performance monitoring systems that are fully integrated
with their vehicles to 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
workhorse.com.
Forward-Looking Statement
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.
Contact: Ryan Hallett
212-546-2598
ryan.hallett@grey.com
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SOURCE Workhorse Group Inc.