CINCINNATI, Dec. 9, 2015 (GLOBE NEWSWIRE) -- The Federal Aviation Administration (FAA) has granted Workhorse Group Inc. (OTCQB:WKHS) Exemption No. 13564 (Regulatory Docket No. FAA-2015-3055) following the company's petition requesting Section 333 exemption to test its HorseFly™ unmanned aerial system (UAS), stating, in part "in consideration of the size, weight, speed, and limited operating area associated with the aircraft and its operation, the Secretary of Transportation has determined that this aircraft meets the conditions of Section 333…. [T]he UAS operation enabled by this exemption is in the public interest."
The Section 333 Exemption process provides operators who wish to pursue safe and legal entry into the National Air Space a competitive advantage in the UAS marketplace, thus discouraging illegal operations and improving safety. It is anticipated that the use of UAS could result in significant economic benefits, and the FAA Administrator has identified this as a high priority project to address demand for civil operation of UAS for commercial purposes.
This exemption follows the receipt of a Certificate of Authorization to the Ohio/Indiana UAS Center and Test Complex, which allows Workhorse and the University of Cincinnati to continue their joint development of Workhorse Group's HorseFly™ at the Wilmington Air Park in Wilmington, Ohio.
Stephen Burns, CEO of Workhorse Group, said, "The granting of this exemption by the FAA represents a key milestone in our development of the HorseFly UAS. We have already initiated testing HorseFly in conjunction with our partner, the University of Cincinnati, at the Ohio/Indiana UAS Center and Test Complex. We expect to keep our shareholders informed of progress as testing continues."
Workhorse Group is developing HorseFly, an eight-rotor "octocopter," designed to be used in tandem with its EPA-approved electric work trucks. Weighing 15 pounds empty, HorseFly has a payload capacity of 10 pounds; it can achieve a maximum speed of 50 mph and a flight time of 30 minutes. The HorseFly UAS, which is subject to FAA approval for commercial use, is designed to be given a package and a delivery destination by a delivery driver, using a touchscreen interface in the delivery truck. The HorseFly has the ability to launch itself from the roof of the delivery vehicle and ascend to a safe cruising altitude and then navigate to the desired delivery point—say, a house's front stoop—autonomously, using GPS navigation.
About Workhorse Group, Inc.
Workhorse Group, Inc. is the parent company of AMP Electric Vehicles Inc. and AMP Trucks Inc. AMP Electric Vehicles manufactures electric drive systems for medium-duty, class 3-6 commercial truck platforms. AMP Trucks Inc., which purchased the assets of Workhorse Custom Chassis LLC from Navistar in March of 2013, can equip its Workhorse chassis with gasoline, propane, or CNG engines in addition to all-electric. Workhorse Group's HorseFly line of Unmanned Aerial Vehicles (UAV) is designed to be the 'last mile' solution in delivery logistics. The HorseFly is differentiated from other UAVs as it is designed to work in tandem with a Workhorse electric truck. HorseFly is designed to deliver packages, loaded on-route by the truck's driver, to remote locations, while the driver continues on the main delivery route. For additional information visit www.workhorse.com.
This press release includes forward-looking statements, which 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 achieve a listing of our securities on a major securities exchange; 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.
Daniel Zito Executive Vice President Workhorse Group Inc. 513-300-5910 Media: Laura Radocaj Dian Griesel Int'l. 212-825-3210