AERWINS and Vault Investments Conducted a Flight Demonstration of XTURISMO in Abu Dhabi, UAE

TOKYO, March 16, 2023 (GLOBE NEWSWIRE) -- AERWINS Technologies Inc. (NASDAQ: AWIN) (“AERWINS” or the “Company”), the developer and manufacturer of air mobility platform, COSMOS (Centralized Operating System for Managing Open Sky), and the XTURISMO Limited Edition Hoverbike, has announced today that it has conducted a flight performance for the government and government entities of the United Arab Emirates (“UAE”).

This flight demonstration was conducted together with AERWINS' Strategic Partner Vault Investments L.L.C. and Bayanat, an AI powered geospatial solutions provider in Abu Dhabi. From March 8 to 12, 2023, the flight demonstration and flight training for government agencies were conducted in a publicly closed environment. Another flight demonstration as an unveiling event was held for VIPs on March 13, 2023, in the Yas Bay area of Abu Dhabi. In addition to infrastructure-less transportation, AERWINS is considering introducing the system for border security and lifesaving in deserts, etc. As a concrete example of XTURISMO’s practical use, AERWINS also unveiled a system that could take off quickly and share information promptly on its surroundings using on-board cameras.

“For the past year, we have been in discussions with our partner, the Lootah family, regarding the introduction of XTURISMO to the UAE market, as well as a capital business alliance with a UAE state-owned enterprise. We have also been coordinating the necessary arrangements for its manufacturing, production and delivery,” said AERWINS chairman and CEO, Shuhei Komatsu. “As a result of these efforts, we would like to express our gratitude to all parties involved for the successful performance. Moving forward, we plan to offer a package consisting of XTURISMO and COSMOS*, a Drone and Air Mobility Control System, enabling full-scale social implementation. Additionally, we will continue to work diligently to showcase diverse models of infrastructure-less mobility that can be applied to a range of environments.”

“The show went very well to demonstrate that the XTURISMO is a good product, moving toward to a new generation of the transportation,” said Sultan Lootah, the CEO of Vault Investments LLC. “It follows the strategic approach of the UAE and achieves the goals of eVTOL flying in our country. The COSMOS*, the software used to control XTURISMO, has also proved that it is a proper navigation tool without any risk of having turbulence and trouble of traffic in the air.”

The JV company, which will be soon established based on the with Vault Investments LLC and A.L.I. Technologies Inc, a wholly owned subsidiary of AERWINS, will manufacture, produce, and deliver the vehicle in the UAE, while expanding sales to government agencies and companies.

About XTURISMO

XTURISMO Limited Edition was developed by AERWINS. It is a manifestation of the dream of air mobility that endeavors to create a completely new way to experience the world, enabling users to feel the joy and pleasure of moving freely in space. The Company believes that it has a wide range of practical possibilities, both in Japan and overseas, including use in disaster relief, infrastructure inspection, and entertainment.

XTURISMO Limited Edition was unveiled at Fuji Speedway in October 2021, and orders are now being accepted. XTURISMO Limited Edition also participated in the Detroit Auto Show in September 2022.

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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, COSMOS*, and the XTURISMO Limited Edition Hoverbike. AERWINS will continue to innovate, unbound by existing ideas, to develop and deploy systems that are necessary for the realization of an air mobility society. For more information, please visit .

*COSMOS: Centralized Operating System for Managing Open Sky

About Vault Investment LLC

Lootah established Vault Investments LLC in 2012; one of Dubai’s most dynamic, interconnected, technology-oriented and innovative investment and advisory firms. Holding a portfolio with companies worth over $500 Million, Vault Investments has diversified into technology, retail, commercial, real assets and trading sectors and has a wide geographical footprint covering GCC, India, Egypt, APAC and Europe.

The Lootah is a family, which belonged to the Al Bu Humeir tribe and moved from Abu Dhabi to Dubai, and got the name Lootah. Its forefathers lived in Dubai for 200 years and later moved to Ajman, driven by the demands of a livelihood. The Lootah family was in pearling, gold trading along with the real estate business. Once They returned to Dubai in the 1940s, the family entered the construction business. Lootah then got into various business such as banking (Initiated Dubai Islamic Bank), manufacturing, food and beverage, food processing (Al Islami foods), oil and gas and always look at new areas of investments. The family has well known and notable members who had a great presence in both the government and private sectors, and always worked for the benefit of the nation. Sultan Lootah is currently the CEO of Vault Investments LLC. Sultan Lootah was raised in a business family, holds an MBA in strategic management, a degree in technology and public policy, along with 23 years of experience in public and private sector, he has led various government initiatives and creative, diversified and successful businesses.

About Bayanat

Bayanat, an ADX listed public company with majority shareholding by G42, provides comprehensive world-class AI-powered geospatial solutions to a growing number of sectors such as Defense, Environment, Energy & Resources, Smart Cities and Transportation. Its offering includes topographic, hydrographic, and aeronautical products and charts, as well as spatial data surveying, analysis, management, modelling, visualization, and cartography services. Bayanat’s solutions harness vast amounts of premium and unique data from a range of sources including Satellites, High Altitude Pseudo Satellites (HAPS) and Earth Observation powered by AI to drive geospatial intelligence (gIQ).

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Important Notice Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond AERWINS control. While AERWINS believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to AERWINS on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties. Actual results could be materially different. AERWINS undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, after the date of this release, except as required by law.

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