- Horizon Aircraft Electric Vertical Take-Off and Landing ("eVTOL") technology and expertise complements and expands the Astro platform, together providing a more comprehensive solution for aerial transport
- Horizon Aircraft CEO & Co-founder and Chief Operating Officer to remain in key leadership roles, bringing additional talent to Astro Aerospace
- Value creation for shareholders through synergies, enhanced innovation and new growth opportunities
Dallas, Texas - April 30, 2021) - Astro Aerospace Ltd. (OTCQB: ASDN) ("Astro" or the "Company"), a developer of eVTOL aerial vehicles and drones, and Horizon Aircraft Inc. ("Horizon"), a developer of advanced eVTOLs, have entered into an agreement under which Astro will acquire privately held Horizon for five million common shares of Astro stock, the material terms of which are disclosed in the Company's related 8-K filing. The transaction was unanimously approved by the respective Boards of Directors. The acquisition will broaden Astro's capabilities, and become a leading eVTOL platform while continuing to invest and innovate. The Company's acquisition of Horizon is expected to close in approximately ten days, subject to customary closing conditions. Upon closing the transaction, the CEO and Co-Founder of Horizon, Brandon Robinson, will be appointed as President of Astro and will sit on the Board of Directors. Jason O'Neill, Horizon's Chief Operating Officer, will be appointed Executive Vice President of Astro.