New research (1) reveals some 36% of eVTOL professionals predict a dramatic increase in the level of consolidation in the eVTOL market over the next two years, and 51% think there will be a slight increase.

There are currently around 245 companies who have developed eVTOL concepts, but in five years' time 60% of professionals working in the sector believe this number will be smaller. One in three (33%) predict there will be between 100 and 200 companies, and one in five (20%) think there will be fewer than 100. Some 7% believe there will be between 200 and 244 companies, but just 39% think there will be more than this.

The research (1) was commissioned by Horizon Aircraft, the advanced aerospace engineering company that has developed the Cavorite X5, the world's first eVTOL (Electric Vertical Take-off and Landing) that can fly the majority of its mission exactly like a normal aircraft.

There are currently around 407 eVTOL concepts globally, but 54% believe this number will be lower by 2026, with 36% predicting there will be fewer than 300.

Brandon Robinson, CEO and Co-Founder of Horizon Aircraft said: "The eVTOL market is attracting huge amounts of investment, but this will increasingly focus on those concepts and companies that have prototypes that are commercially viable. With new funds, these companies will progress dramatically leaving the others to struggle, and in many cases close down."

On 18th February 2021, Astro Aerospace (OTCQB: ASDN), a global leader in eVTOL aerial vehicles and drones, entered a binding agreement to acquire Horizon Aircraft Inc. The transaction is expected to close on or before the beginning of 2nd Quarter pending customary closing conditions.

Astro, a pioneer in the eVTOL market, has developed one of the market's safest and most efficient eVTOLs in the world. In 2018, the Company's drone, 'Elroy', was one of the first to seamlessly fly with humans on board. Astro continually defies traditional aviation design, and the acquisition of Horizon will only push the Company further, with the ability to reach greater heights working in tandem with Horizon's exceptional team.

-Ends-

Notes to editors

(1) Horizon Aircraft commissioned Revolution Aero to interview 93 eVTOL professionals from around the world on their views on the eVTOL market. The interviews were conducted online in April 2021.

For further information please contact Phil Anderson or Taylor Marriott at Perception A at:

phil@perceptiona.com

Tel: 00 44 7767 491 519

taylor@perceptiona.com

Tel: 00 44 7983 335021

About Horizon Aircraft Inc.

Horizon Aircraft is an advanced aerospace engineering company that has developed the world's first eVTOL that can fly the majority of its mission exactly like a normal aircraft. This has resulted in industry-leading speed, range, and operational utility.

Our unique designs place the mission first and prioritize safety, performance, and utility. Our Cavorite X5 eVTOL will enter the market quickly, and will service a broad spectrum of early use-cases that will generate revenue immediately.

Our mission is to produce an eVTOL for real-world applications that provides a safe, efficient, and sustainable mode of aerial transport.

Visit www.horizonaircraft.com for more information.

About Astro Aerospace

Astro Aerospace is the developer of the world's most advanced, autonomous, short haul, eVTOL (Electric Vertical Takeoff and Landing) aerial vehicles.

Our mission is to make self-flying unmanned and manned vehicles available to anyone, at anytime, from anywhere, and to turn this new and exciting aircraft into a mainstream mode of transportation.

Our vision is "Flight Made Easy".

Visit www.flyastro.com for more information.

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(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE