Workhorse Group Inc. To Display SureFly™ Helicopter Concept at EAA AirVenture Oshkosh
Technology Company Reinvents Helicopter after 78 years
CINCINNATI, July 10, 2017 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an American technology company focused on providing electric mobility solutions to the transportation sector, today announced that it will display the SureFly™ helicopter concept for the first time in the U.S. at EAA AirVenture Oshkosh 2017 (BOOTH #IC-9 in the EAA Innovation Center). The booth will also display the Workhorse HorseFly™ package delivery drone.
The goal of SureFly is to be safer and more stable than a typical helicopter due to its redundant design which includes a lightweight Carbon Fiber fuselage, four propeller arms, two fixed contra-rotating propellers on each arm, a backup battery to drive the electric motors in the event of engine failure and a ballistic parachute that safely brings down the craft in the unlikely event of an engine failure.
SureFly's hybrid design leverages Workhorse's platform battery packaging, management systems and controls utilized in its currently commercialized medium-duty, range-extended battery electric vehicles. It features a gas combustion engine generating electricity and a parallel battery pack offering a redundant backup power source, eliminating the need for long battery charging periods between flights. SureFly is designed to be easy to pilot, and is expected to be capable of carrying pilot and passenger or cargo up to 70 miles. After a quick refill, SureFly is ready for the next hop.
Early models will be pilot-operated. The goal is to introduce future models featuring autonomous flight capable of carrying payloads of up to 400 pounds. Anticipated markets for the SureFly are precision agriculture, emergency responders, city commuters and military.
The SureFly is currently undergoing ground testing in Ohio and the company anticipates its first human test flight later this year with FAA certification in 2019. Workhorse estimates the SureFly to cost about $200,000 and is accepting pre-orders at its website, www.workhorse.com.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing electric mobility solutions to the 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.
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.
SOURCE Workhorse Group Inc.
Released July 10, 2017