Workhorse Group Inc. Engages B. Riley FBR to Manage Formal Process to Sell SureFly eVTOL
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.
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
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SOURCE Workhorse Group Inc.
Released September 18, 2018