CINCINNATI, Jan. 3, 2018 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an American technology company focused on providing sustainable and cost-effective electric mobility solutions to the commercial transportation sector, today announced it has received an Experimental Airworthiness Certificate from the Federal Aviation Administration (FAA) that will allow the company to conduct test flights of its SureFly™ electric hybrid helicopter. The first test flight is scheduled for 12:00 p.m. local time in Las Vegas on January 8, 2018, prior to the start of the 2018 Consumer Electronic Show (CES). On December 27, 2017, Workhorse announced that it intends to spin off its SureFly business into a separate publicly traded company called SureFly, Inc.
SureFly, the world's first electric hybrid helicopter, features a drone-like octocopter design, a two-person, 400-pound payload capacity and a range of approximately 70 miles. SureFly was first unveiled at the Paris Air Show in June 2017, and will be on display at the Workhorse CES exhibit, located on the Central Plaza at Booth #31, near the main entrance of the show. The company is currently accepting SureFly pre-orders at www.workhorse.com.
SureFly re-invents the helicopter, making it safer, easier to fly and much more affordable than a conventional helicopter. Its design includes four propeller arms, with two fixed contra-rotating propellers on each arm; a hybrid propulsion system combining gasoline and electric power; and a backup lithium battery pack to drive the electric motors in the event of engine failure. In addition to its redundant safety features, SureFly includes a ballistic parachute that is designed to safely return the aircraft to the ground in emergency situations.
SureFly's hybrid design leverages Workhorse's battery pack, management systems and controls utilized in its currently commercialized range-extended battery electric trucks. SureFly's gasoline combustion engine generates electricity and a parallel battery pack offers a backup power source, eliminating the need for larger batteries or long battery charging periods between flights. Pilots who have inspected SureFly are attracted to its easy-to-pilot design -- the aircraft is piloted by joystick in a similar fashion to flying a drone. The SureFly is expected to be capable of carrying a pilot and passenger or cargo up to 70 miles. After a quick refueling, SureFly will be ready for the next hop.
Early models will be pilot-operated. Future models are intended to be capable of autonomous flight. Anticipated markets for the SureFly are precision agriculture, surveillance, aerial inspection, emergency response tasks, urban commuting and various military applications. The company is working toward full FAA certification of the helicopter in late 2019. The expected price of the SureFly is approximately $200,000.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing sustainable and cost-effective solutions to the commercial 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.
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