Astro Aerospace, a global leader in electric vertical take-off and landing (eVTOL) aerial vehicles and drones, announced today that it has entered a binding agreement to acquire Horizon Aircraft Inc. ("Horizon"), creator of the world's first eVTOL that flies exactly like a conventional aircraft for the majority of its mission. The transaction is expected to close on or before the beginning of 2nd 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.

Horizon, a Canadian company trailblazing in the global aerospace industry, has developed the prototype Cavorite X5, an eVTOL travelling up to an estimated speed of 450 km/h with a 500 kilometre range and a five passenger capacity. The vehicle has been designed to have reduced hydrocarbon emissions, and built for operational realities including bad weather, traffic avoidance, and low-time pilots. Its patented fan-in-wing patent enables the Cavorite to be the world's first eVTOL that can fly the majority of its mission exactly like a normal aircraft.

Horizon co-founders Brandon and Brian Robinson are aerospace revolutionaries applying their excellence in Mechanical Engineering to change the way we approach travel. Son Brandon Robinson, Horizon's Chief Executive Officer, is a Mechanical Engineer, a CF-18 Fighter Pilot Top Gun graduate, and holds an MBA with more than $400 million in projects overseen. Brandon has a strong drive to think and 'create-outside-the-box', a skill passed down by his father. Brian, Horizon's Chief Technology Officer, is also a Mechanical Engineer, beginning his innovation journey long before Horizon's existence. Building aircraft from the age of 14, Brian's previous aerospace engineering company saw much success as it developed numerous first-of-its-kind innovations. This eventually led to designing a revolutionary new eVTOL prototype, long before the market took off.

Today, the Robinson duo is steering Horizon's team through this pivotal transaction with Astro, whose well-established reputation, growth trajectory and pool of dedicated investors in the public market presents a transformational opportunity. Brandon commented, "My father and I have long admired the unprecedented advances Astro has achieved in the aerospace sector. Astro is a pioneer in the industry, and its work has remained incredibly relevant amongst the rise of eVTOL popularity. Horizon could not be happier to join forces with such an influential company who will contribute its high-calibre expertise to bring our design to market."

The eVTOL aircraft market size is projected to reach $87.64 billion by 2026, and the Urban Air Mobility (UAM) market is estimated to surpass $1 trillion in the next decade. Astro's strong foundation in the industry, now paired with Horizon's ground breaking design and Mechanical Engineering expertise, presents an advantageous opportunity for the combined entity to bring its designs quickly to market.

"The acquisition of Horizon will allow the visions of both Horizon and Astro to align, creating a powerful force in the eVTOL market," said Astro CEO Bruce Bent. "Astro shareholders can soon anticipate exponential growth as we enter this next chapter as an even greater player in the aerospace industry."