In addition, Astro will have the first right of refusal to acquire the remaining 49% of LTT. SOME of the initial projects to be undertaken by LTT and LGAA is the development of a 9- and a 19-seater plane, with Astro commanding exclusive international distribution and naming rights for these and all other future products. In addition, the companies will pursue joint research and development of the next generation of electric aircraft through a development and commercialisation agreement with Liaoning General Aviation Research Institute (“ LGAA”), investing initially $3 million in operations and research and development. Ltd (“ LTT”), along with an exclusive, perpetual license to all LTT Technology and IP for use in Astro’s business and the international distribution rights for LTT’s 2-seater RX1E and RX1E-A, 4-seater RX4E, freighter KN60F and RX Seaplane. In exchange for 3 million Astro Shares, Astro will acquire 51% of Lotus’s subsidiary Liaoning Tongda Transport Technologies Co. (“ Lotus”) to acquire all IP, technology, and exclusive global distribution rights to Lotus’s line of cutting-edge electric aircraft. Dallas, Texas, J(GLOBE NEWSWIRE) - Astro Aerospace Ltd (OTCQB: ASDN) (“ Company” or “ Astro”), a global leader in electric vertical take-off and landing (eVTOL) aerial vehicles and drones, today announced that it has signed a letter of intent with Lotus Mobility Ltd.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |