AERWINS Technologies Inc. announced today its Board of Directors has approved the establishment of a United States subsidiary in Los Angeles, California to pursue the redesign of its XTURISMO Ltd Edition prototype 1 hoverbike. These plans are intended to position the XTURISMO more favorably for wider markets, including the United States and Europe and to seek certification of the XTURISMO by the U.S. Federal Aviation Administration. The redesign is expected to include an alternative powerplant and fuel source, airframe stabilization, use of more efficient rotors with safety features, an upgraded driver seat and enclosure, use of a harness-based wiring system and redesigned onboard electronic systems, among other things.

This initiative will be led by the Company’s Executive Chairman and President, Kiran Sidhu. Mr. Sidhu will lead a dedicated U.S. based team that will focus on obtaining FAA approval for XTURISMO and managing necessary redesigns. Among the recent steps Mr. Sidhu has taken on this project include discussions with an FAA-certified manufacturer with expertise in helicopter system design and the identification of additional FAA-certified companies that are expected to join the project. The Company believes that utilizing FAA-certified companies offers an increased level of technical and engineering and financial support that will enable the Company to implement the enhancements to the XTURISMO and thus expand its potential to enter new markets.

In addition, Mr. Sidhu will oversee various contractors who will be working on this initiative. These include Kevin Su who will be reviewing XTURISMO’s mechanical engineering and manufacturing practices, Cassidy McCord who will oversee the overall design and product positioning, David Bentil who will be responsible for developing North American distribution channels and Gursimran Gill who will be developing a website for future customer orders.

Mr. Sidhu has agreed to provide the Company with up to $300,000 in working capital to launch the initial phase of this redesign initiative by way of an interest free demand loan. “I strongly believe in the potential of XTURISMO, am fully committed to its success and have agreed to personally provide seed financing to jump start our planned redesign. I have not drawn a salary nor have I received any equity compensation for my work since I joined.”, said Kiran Sidhu, Executive Chairman and President of AERWINS.