CINCINNATI, April 15, 2020 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS)("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, has expanded its patent portfolio through a recently filed provisional application, further protecting the HorseFly™ Unmanned Aerial System (UAS) and several of the system's key components and capabilities, including its ground control station, winch deliveries and aircraft structure. The HorseFly UAS includes a safe, reliable, multi-use aircraft that can deliver parcels, carry sensors and cameras, and operate autonomously with a high degree of precision.
The HorseFly was designed to deliver what represents approximately 80% of most commercial package sizes, shapes, and weights while safely carrying a five-pound payload up to 10 miles. The HorseFly system's success has been demonstrated through real-world commercial deliveries, flying autonomously from truck-top operations in U.S. airspace, in a process that meets all Federal Aviation Administration (FAA) flight standards. The aircraft's flexible design allows users to select different delivery methods including air drops, winch deliveries from various altitudes, and ground deliveries. Its quick-change battery system also effectively reduces ground time between missions. The aircraft's durable structure supports superior levels of reliability in the high-utilization, demanding markets of commercial and industrial users.
HorseFly's mission planning software enables operators to coordinate precise delivery routes, avoiding no-fly zones and hazardous weather. The planning system also includes a customer interface that enables remote pilots to monitor missions from virtually anywhere, notifying pilots when their attention is required. With this capability, the system can adapt to most every mission and customer's need.
"In the last several months we have seen significant and growing interest in our vehicle-launched HorseFly delivery drone, making the need to expand the HorseFly patent portfolio even more critical," said Workhorse CEO Duane Hughes. "We believe this increased consideration is a direct result of the COVID-19 global pandemic and the recognition that new methods of delivery are quickly becoming essential. Additionally, we are hearing from many businesses that this transition is not a temporary one, and that we need to adapt to a new normal. We feel strongly that all Workhorse electric delivery vehicles, with their integrated drone capabilities, are the most economical and efficient last mile option currently available, making our solutions a necessity now and for future critical applications."
About Workhorse Group Inc. Workhorse is a technology company focused on providing electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. Workhorse also develops 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 workhorse.com.
Forward-Looking Statements 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 satisfy covenants in our financing agreements; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our inability to satisfy our customer warranty claims; 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.