CINCINNATI, Nov. 29, 2018 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an American technology company providing sustainable and cost-effective transportation solutions, announced today that Quantum XYZ Incorporated, a Los Angeles-based Urban VTOL air carrier service, has placed a pre-order for Workhorse SureFly Personal Electric Octocopters valued at $2 million. Quantum XYZ plans to use the SureFlys to become the first air taxi service in Los Angeles.
"The SureFly is an American-made eVTOL currently pursuing FAA Type Certification with a smart design that emphasizes safety, all of which is important to us," said Tony Thompson, President of Quantum XYZ. "Quantum XYZ plans to submit its application to become a FAA certified Urban VTOL air carrier. Once SureFly receives FAA Type Certification, we feel that together, Quantum and SureFly will be in a position to bring the first Urban VTOL air service to market."
"Having hybrid-electric eVTOLs as a safe, fast, convenient method of travel is an idea for today," said Steve Burns, Chief Executive Officer of Workhorse. "We are very excited to be a part of Quantum's initiative to become the first eVTOL air taxi service in Los Angeles" continued Mr. Burns.
"We invite a future where safe, on-demand air travel is as ubiquitous as car service, a future in which aircrafts consume half the energy but generate twice the fun. We're excited to partner with Workhorse in our efforts to bring the first Urban VTOL air carrier service to market, starting with a SureFly launch fleet in Los Angeles," stated Zeeshan Moha, Vice President and Chief Route Architect of Quantum XYZ.
SureFly, a wholly-owned subsidiary of Workhorse, is currently testing under an experimental certificate with the Federal Aviation Administration (FAA). SureFly has submitted its Type Certification application for the SureFly eVTOL aircraft.
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.
About Quantum XYZ Incorporated
Quantum XYZ, headquartered in Downtown Los Angeles, intends to change the way people travel in urban markets through cutting-edge aeronautics, made available to the general public in a cleaner, safer, and more exhilarating way than ever before. Currently in FAA certification, Quantum plans to be the first or among the very first FAA certified Urban VTOL air carriers. With a vision to catalyze a new age of aviation travel, Quantum XYZ intends on integrating advanced technologies in aviation which promise enormous positive potential for congested cities and a worn down transportation infrastructure. Quantum XYZ's founding team is comprised of architects, attorneys, aviation veterans, hospitality gurus, and technologists. Visit FlyQuantum.com for more information.
Forward Looking Statement
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.
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SOURCE Workhorse Group Inc.