Astro Aerospace Ltd., a developer of eVTOL aerial vehicles and drones, announced today that the acquisition agreement with Horizon Aircraft Inc., a privately held developer of advanced eVTOLs, has closed.
The Acquisition was completed for common shares of Astro stock, the material terms of which are disclosed in the Company’s related 8-K filing.
Bruce Bent has announced that Patricia Trompeter, currently a member of Astro’s Board of Directors has agreed to take on the role of Chief Executive Officer.
Ms. Trompeter has had a love for aviation since wanting to be an astronaut in grade school and will bring that passion to advocating for the Astro business.
Ms. Trompeter brings more than 16 years of experience in mergers and acquisitions and 15 years in financial management experience to the position.
Mr. Bent will assume the role of Executive Chairman to assist in implementing the Astro business plan developed over the past two years.
The Company further announces that Horizon co-founder and CEO Brandon Robinson has been appointed President of Astro Aerospace Ltd.
Astro will now have three eVTOL models under development – Alta, Elroy and the Cavorite X5. Astro’s offerings position the Company as one of few businesses in the eVTOL space to offer both full electric and hybrid aircraft options.
In addition, the Astro product line includes single passenger, piloted multiple passenger, and cargo aircraft designs.
“This completed Acquisition is a huge opportunity for both companies’ eVTOL projects to progress exponentially,” said Mr. Robinson.
“Astro’s respected industry reputation and available funding, together with Horizon’s engineering and design talent, will complement Astro’s existing product lines, ALTA and ELROY, and will accelerate the development of Horizon’s revolutionary eVTOL, the Cavorite X5”.
Horizon acquired private funding to build the Cavorite X5 eVTOL prototype which will now be continued by Astro through a committed investment.
The 1:2 prototype will be built at Horizon’s production facility in Lindsay, Ontario, and is expected to be completed by Q1 2022. A full-scale, certified prototype of the Cavorite X5 is expected by the end of 2024.
“The completed Acquisition will propel the development of the Cavorite X5 forward,” said Ms. Trompeter.
“It will strengthen Astro’s ability to pursue commercialization and allow the visions of both Astro and Horizon to align, creating a powerhouse in the eVTOL market.
“Bruce has been an industry pioneer and driving force behind Astro’s success, which has progressed the Company’s vision into tangible milestones.
“I am excited to be working with Mr. Robinson, who possesses the ability to develop aerial solutions with the perfect balance of analytical and creative.
“Their combined expertise will help me guide Astro through this transformative chapter as the Company merges product lines, implements Astro’s strategic vision and begins the Nasdaq uplist process.”