Latest news with #RegionalAirMobility
Business Wire
4 days ago
- Business
- Business Wire
Surf Air Mobility Announces $1 Million Purchase of Company Stock by Co-Founder
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ('the Company', 'Surf Air Mobility'), a leading regional air mobility platform, announced that Co-Founder and Member of the Board, Sudhin Shahani, purchased 408,163 shares of the Company's common stock at the market price, for a purchase price of approximately $1 million, directly from the Company in a private transaction. Mr. Shahani said: "Our Transformation Plan is already having an early impact. We've improved operations and strengthened the core business. I'm confident in our experienced leadership team's continued execution capabilities." The Company remains focused on the Optimization Phase of the Transformation Plan with key initiatives to optimize airline operations, recalibrate the On Demand business, and drive efficiencies from SurfOS. About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability. Forward-Looking Statements This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air's profitability and future financial results and its ability to achieve its business objectives. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company and reflect the Company's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air's ability to anticipate the future needs of the air mobility market; Surf Air's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air's development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air's growth; the inability of Surf Air's customers to pay for Surf Air's services; the inability of Surf Air to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, the risks associated with Surf Air's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that the Company files with the SEC, and investors are urged to review those periodic reports and the Company's other filings with the SEC, which are accessible on the SEC's website at before making an investment decision. The Company assumes no obligation to update its forward-looking statements except as required by law.
Yahoo
19-05-2025
- Business
- Yahoo
Canada's eVTOL firm makes history, becomes first to achieve full wing transition
Canada-based aerospace engineering company Horizon Aircraft has hit a significant milestone by becoming the first eVTOL developer to achieve stable wing-borne flight transition with its large-scale prototype aircraft, Cavorite X7, using a fan-in-wing design. The Cavorite X7 demonstrator is designed primarily as a conventional aircraft but with a unique twist—it can take off and land vertically like a helicopter, combining traditional fixed-wing performance with the versatility of eVTOL capability. The aircraft uses 14 fans embedded within its airframe—five in each main wing and two in each forward canard—to enable vertical takeoff and landing. Horizon Aircraft developed a patented mechanism that cleverly allows the wing surfaces to slide open, exposing the battery-powered lift fans during vertical flight. As the aircraft transitions to forward flight, the wing surfaces close, turning it into a conventional fixed-wing aircraft powered by a gas turbine engine driving a rear push-propeller. The patented fan-in-wing system builds on established technologies, using modern electric motors and batteries to power a next-generation eVTOL platform that prioritizes simplicity, safety, and efficiency. Designed for real-world performance, the hybrid-electric Cavorite X7 is expected to reach cruising speeds of up to 250 mph and cover over 500 miles with fuel reserves, positioning it as a potential game-changer in the rapidly growing Regional Air Mobility (RAM) market. "From the beginning, we have focused on innovations that make the most operational sense with the best available technology. We are looking forward to proving this next on our full-scale, piloted technical demonstrator that is currently under construction," said Brandon Robinson, CEO and co-founder of Horizon Aircraft, in a press release. Blending science fiction with engineering, the Cavorite X7—named after the imaginary anti-gravity material in H.G. Wells' The First Men in the Moon—is built to carry six passengers and a pilot. With a maximum gross weight of 5,500 lbs, it can transport up to 1,500 lbs of cargo for vertical takeoffs, or 1,800 lbs when using a traditional runway. Unlike most eVTOLs, the X7 is designed to function as a true hybrid aircraft and will be certified for both instrument (IFR) and visual (VFR) flight rules, allowing it to operate safely in all weather conditions. If certified, it would be the first aircraft of its kind to achieve such a rating. According to Brian Robinson, chief engineer and co-founder of Horizon Aircraft, the latest milestone confirms the strength and effectiveness of their unique approach to managing the transition phase of flight. "In our aircraft, the transition phase was designed from the beginning to be a non-event, as there are no complicated multi-copter rotating nacelles or heavy tilt-wing mechanisms, and we have multiple layers of redundancy. The result is an extremely safe and stable transition, a vital part of eVTOL operations, and an area in which many of our competitors have faced serious challenges," Robinson noted.
Yahoo
15-05-2025
- Business
- Yahoo
Horizon Aircraft Achieves Historic Transition to Forward Flight
~ Horizon Aircraft's unique Cavorite X7 eVTOL becomes the first aircraft in the world to achieve a stable transition using a novel fan-in-wing design ~ TORONTO, May 15, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft, an advanced aerospace engineering company and developer of one of the world's first hybrid eVTOL aircraft, announces that it has achieved full wing transition of its large-scale prototype aircraft. 'Today we join a very small group of companies worldwide that have achieved this critical technical milestone,' said Brandon Robinson, CEO and co-founder of Horizon Aircraft. 'From the beginning, we have focused on innovations that make the most operational sense with the best available technology. We are looking forward to proving this next on our full-scale, piloted technical demonstrator that is currently under construction.' 'This incredible achievement validates our unique and robust approach to the transition phase of flight,' said Brian Robinson, Chief Engineer and co-founder. 'In our aircraft, the transition phase was designed from the beginning to be a non-event, as there are no complicated multi-copter rotating nacelles or heavy tilt-wing mechanisms, and we have multiple layers of redundancy. The result is an extremely safe and stable transition, a vital part of eVTOL operations, and an area in which many of our competitors have faced serious challenges.' Horizon Aircraft's patented fan-in-wing technology is based on proven technology that leverages the advantages of modern electric motors and batteries to create a next-generation eVTOL system that enables a simpler, safer, and more efficient way to fly. With projected enroute speeds up to 250 mph and operational ranges over 500 miles with fuel reserves, the hybrid electric Cavorite X7 aims to be a disruptive force in the emerging Regional Air Mobility (RAM) market. For more information about Horizon Aircraft, please see the Company's website or watch its innovative technology in action on the Company's YouTube channel. About Horizon Aircraft Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world's first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon Aircraft's unique designs put the mission first and prioritize safety, performance, and utility. Horizon intends to successfully complete testing and certification of its Cavorite X7 eVTOL and then scale unit production to meet expected demand from regional operators, emergency service providers, and military customers. Visit for more information. Forward-Looking Statements The information in this press release contains certain 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'aim,' 'future,' 'opportunity,' 'plan,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result' and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the ability of the parties to recognize the benefits of the business combination agreement and the business combination; (iv) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (v) statements regarding Horizon's industry and market size; (vi) financial condition and performance of Horizon, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vii) Horizon's ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (viii) successful completion of testing and certification of Horizon's Cavorite X7 eVTOL; (ix) the targeted future production of Horizon's Cavorite X7 aircraft; and (x) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the 'Risk Factors' section of the Proxy Statement and other documents to be filed by New Horizon from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Horizon may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Horizon does not give any assurance that Horizon will achieve its expectations. Contacts Investors:Matt Chesler, CFAFNK IR(646) 809-2183HOVR@ Media:Edwina Frawley-GangaharEFG Media Relations+44 7580 174672edwina@
Business Wire
14-05-2025
- Business
- Business Wire
Surf Air Mobility to Present at the Third Annual Jefferies eVTOL / AAM Summit
LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ('Surf Air Mobility'), a leading regional air mobility platform, today announced that CEO and COO Deanna White and co-founder Sudhin Shahani will present at the Jefferies eVTOL / AAM Summit on Wednesday, May 28, 2025, at 1:20 PM ET. Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations and On Demand charter services, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry to improve safety, efficiency, and profitability.
Yahoo
02-05-2025
- Business
- Yahoo
Surf Air Mobility to Announce First Quarter 2025 Financial Results on May 13, 2025
LOS ANGELES, May 02, 2025--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ("Surf Air Mobility"), a leading regional air mobility platform, today announced that it will release its first quarter 2025 financial results after market close on Tuesday, May 13, 2025, and will host a webcast at 5:00 pm ET the same day. Interested parties can register in advance to listen to the webcast here or can find a link on the 'Events & Presentations' section of our investor relations website. Alternatively, listeners may dial into the call as follows:North America - Toll-Free (800) 715-9871International (Toll) - (646) 307-1963Conference ID: 4775356 About Surf Air Mobility Surf Air Mobility is a Los Angeles-based regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures. It is also the largest U.S. passenger operator of Cessna Caravans. In addition to its airline operations, Surf Air Mobility is developing an AI-powered software platform for the Regional Air Mobility industry. The company is also working to commercialize electrified aircraft and creating proprietary powertrain technology for the Cessna Caravan. Surf Air Mobility plans to offer its software and electrification solutions to the Regional Air Mobility industry, with the aim to improve safety, efficiency, and profitability. View source version on Contacts Surf Air Mobility Media Contacts Press: press@ Investors: investors@
