Tokyo, Japan--(Newsfile Corp. - July 17, 2023) - AERWINS Technologies Inc. (NASDAQ: AWIN) ("AERWINS" or the "Company") is excited to announce it has unveiled the blueprint for a revolution in personal transportation - XTURISMO™. AERWINS has developed the technology for its new hovercraft launching to market later this year after receiving necessary approvals from the Japan Civil Aviation Bureau (JCAB), the equivalent Japanese air mobility regulatory body to the U.S. Federal Aviation Administration (FAA). The Company's one-of-a-kind patent-protected design blends the practicality of electric cars with the thrill of airborne travel, providing a clear, integrated solution for current electric vehicles (EV). The Company has accepted initial orders for the exclusive launch of the first commercialized model, with scheduled deliveries starting in Q3 2023. The Company's new technologies will revolutionize the EV landscape as key players in the automotive manufacturing sector adopt the latest technology into their new and current models. The Company will continue plans to scale and commercialize its design by pursuing licensing agreements with the top electric automotive manufacturers in North America, Europe, and Asia as the demand continues to increase for innovative technology within the automotive and air mobility industries.

AERWINS' advanced technology revolutionizes low-altitude air mobility for vehicles. Its superior design allows it to integrate with many EVs and transform a typical electric car into a flying vehicle. Alef Aeronautics, a California-based start-up, recently received a special airworthiness certification from the FAA to start testing their "Model A" flying car, showcasing an impressive movement in the government approvals for personal air mobility.^[1] After receiving the necessary permissions from JCAB, AERWINS is applying for licenses from the FAA. McKinsey & Company report, "Even today, in major cities such as Hong Kong and New York, a fortunate few escape the gridlock and congestion on the ground by taking helicopters to and from work. Each day in São Paulo, for example, hundreds of people trade a four-hour commute on the ground for a ten-minute helicopter ride costing anywhere from $500 to $1,500. While expensive for everyday commuters, the dream of rising above the ever-increasing road- traffic congestion, coupled with the promise of new technological advances, explains why air mobility has recently gained significant momentum. The media buzz surrounding the topic has grown more than tenfold in the past 18 months, as measured by mentions of personal air mobility and similar terms."^[2]

AERWINS has produced a vehicle chassis system with two parallel rotors aligned to lift and land and four smaller rotors to steer and bank at high speeds in the air. The device is paired with an electric control system which is synced with the hovercraft for additional security and safety. XTURISMO™ is no larger than an average car, can hover on streets in traffic a few feet off the ground, and quickly skyrocket to heights of 100 meters within a minute^[3]. The impressive new XTURISMO™ has the agility to execute 90-degree turns at speeds up to 30 miles per hour and complete a 180-degree turn in one second while carrying a 100kg payload. .

We believe XTURISMO™ to be the only commercial hovercraft with these collective capabilities. According to a report issued by Morgan Stanley^[4], the Urban Air Mobility market will be $1.5 trillion by 2040 and $9 trillion by 2050. The Company sees massive potential in the space and believes that none of its potential competitors currently have these collective capabilities in one hovercraft.

Pictured is the top view of the XTURISMO™ with two helicopter-like rotors aligned to lift and land. It also has four smaller rotors to steer, bank, and flip 180 degrees within one second.

To view an enhanced version of this graphic, please visit:

AERWINS has received one Japanese patent and four Patent Cooperation Treaty patents for its unique technology, design, and use for XTURISMO™. XTURISMO™ also won the prestigious Edison Award in 2023.

"AERWINS Air Mobility Platform is a proven product that could be easily attached to the undercarriage of many electric cars and powered by the car's battery system with minimal redesign. We have received overwhelming interest from high-net-worth individuals who plan to use XTURISMO™ primarily for recreation, and we plan to focus on large-scale partnerships with certain top global EV manufacturers to bring this concept to the masses. We plan to target enthusiasts and early adopters initially," states Taiji Ito, Chief Executive Officer of AERWINS. "AERWINS plans to distribute the product through luxury car dealerships and direct-to-customer internet platforms. The team has already begun pitching government agencies on commercial applications. AERWINS aims to be a high-performance company in the Low Altitude and Ultra Low Altitude categories."

XTURISMO™ is a versatile product opening up sales channels and opportunities in various industries, including; Military, Security, Search and Rescue, Recreation, and Tourism. XTURISMO™ is the first commercial hovercraft to launch retail sales, with the first wave of deliveries planned for 2023. This puts AERWINS far ahead of the curve as we believe all known competitors are planning to launch closer to 2025 and 2026. Earlier this year, AERWINS entered a Joint Venture Agreement with Vault Investments LLC, under which A.L.I. Technologies Inc. agreed to establish a joint venture company in the United Arab Emirates ("U.A.E.") as a production and marketing base for the AERWINS air mobility products and solutions in the U.A.E. The Company plans to produce our third XTURISMO™ version this year through this previously announced in the UAE. With an award-winning design that promises speed and agility, XTURISMO™ is poised to redefine consumers' perception of personal mobility.

As the technology and government bodies continue to advance the air mobility sector following the recently granted approvals, the Company looks forward to realizing revenues after receiving many inquiries through its online platforms.

XTURISMO™ 2023 Edison Award Recipient

XTURISMO won Third Place at Edison Awards for Best New Product for Air Mobility in 2023.

The Edison Best New Product™ award brings a unique distinction to a product or service by recognizing all the intellectual capital, research, planning, engineering, design, strategy, and marketing that has gone into making a new product or service. The Edison Award recognizes the persistence and excellence that characterized Thomas Edison's work.

For more information about this award, visit .

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About AERWINS Technologies Inc.

Under the mission statement Changing Society from the Top Down, AERWINS Technologies has developed and released an air mobility platform and the XTURISMO™ hovercraft. AERWINS will continue to innovate, unbound by existing ideas, to build and deploy systems necessary to realize an air mobility society. For more information, please visit .

Important Notice Regarding Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "intend," "expect," "anticipate," "plan," "potential," "continue," or similar expressions. Such forward-looking statements include risks and uncertainties, and important factors could cause results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in AERWINS' filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond AERWINS' control which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects AERWINS' current views concerning future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. AERWINS assumes no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

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[3] Subject to government regulations and permissions
^[4] Morgan Stanley Research Reports titled "eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky's the Limit," dated May 6, 2021.

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