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Astro Aerospace Signs Letter of Intent for Exclusive Distribution

Dallas, Texas, July 28, 2021 – Astro Aerospace Ltd (OTCQB: ASDN) (“Company” or “Astro”), a global leader in electric vertical take-off and landing (eVTOL) aerial vehicles and drones, today announced that it has signed a letter of intent with Lotus Mobility Ltd. (“Lotus”) to acquire all IP, technology, and exclusive global distribution rights to Lotus’s line of cutting-edge electric aircraft.

In exchange for 3 million Astro Shares, Astro will acquire 51% of Lotus’s subsidiary Liaoning Tongda Transport Technologies Co. Ltd (“LTT”), along with an exclusive, perpetual license to all LTT Technology and IP for use in Astro’s business and the international distribution rights for LTT’s 2-seater RX1E and RX1E-A, 4-seater RX4E, freighter KN60F and RX Seaplane. In addition, the companies will pursue joint research and development of the next generation of electric aircraft through a development and commercialisation agreement with Liaoning General Aviation Research Institute (“LGAA”), investing initially $3 million in operations and research and development. SOME of the initial projects to be undertaken by LTT and LGAA is the development of a 9- and a 19-seater plane, with Astro commanding exclusive international distribution and naming rights for these and all other future products. In addition, Astro will have the first right of refusal to acquire the remaining 49% of LTT.

In an effort to jointly explore opportunities in the Asia Pacific region, Astro and LTT will also establish Singapore-based Astro Apac Pte Ltd. Astro Aerospace will own 51% OF ASTRO Apac Pte Ltd, with the remaining 49% held by Lotus Mobility. Astro will contribute $1 million as part of an overall raise to expand to new opportunities in the Asian Pacific markets.

In China, Astro and LTT plan to jointly develop a 4-hectare site to construct a state-of-the-art aviation exhibition for learning and tourism purposes, along with a 133-hectare site to host a regional flight school, airport, hospitality facilities, and residences.

“This is an amazing opportunity for Astro Aerospace to further expand our vertical product offering while joining forces with Lotus to further develop our global reach. Astro’s majority stake in LTT will provide us with direct access to the Asia Pacific region as well as pioneering aerospace technology produced by LGAA, including the RX4E, China’s first domestic 4-seater electric aircraft,” said Patricia Trompeter, Chief Executive Officer of Astro Aerospace.

Neil Sumaru, Chief Executive Officer of Lotus Mobility Ltd, commented, “We are excited to partner with Astro Aerospace to extend our market reach beyond Asia Pacific to North America and Europe. With Astro, we will co-develop next generation electric aircraft, beyond our current two- and four-seater models, to include nine- and nineteen-seater types.”

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.

About Lotus Mobility Ltd

Lotus Mobility Ltd is a US mobility group dedicated to developing technologies, products, and services for electric vehicles for the air, land, and water transport. Lotus has strategic operating bases in the Asia Pacific region plus partnerships in other regions of the world.

FORWARD-LOOKING STATEMENTS:

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realisation of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Our vision is “Flight Made Easy”

Visit www.flyastro.com for more information.

For inquiries contact [email protected].

Astro Aerospace Ltd.
320 W. Main Street
Lewisville, TX 75057

Kim Askew named a Leader in Diversity by the Dallas Business Journal

DLA Piper is pleased to announce that Kim Askew, a partner in the firm’s Employment practice, was named to the Dallas Business Journal’s inaugural Leaders in Diversity list honouring “organisations and individuals who have shown exceptional commitment to promoting practices that advance diversity and inclusion in the workplace.”

Askew has received numerous awards throughout her career as a result of her legal practice and her efforts to advance diversity and inclusion, including the inaugural Dallas Bar Association Distinguished Service Award, which was named after her and recognises a Dallas Bar Association member who is dedicated to good work and positive relations with lawyers, the judiciary and the community, and the ABA Spirit of Excellence Award, which recognises contributions to diversity in the legal profession. Askew serves as the local Diversity and Inclusion chair for DLA Piper’s Dallas office. She has moderated firmwide webinars focusing on racial equality, allyship and social justice, and she sits on the board of the National Women’s Law Center, a non-profit that advocates for women’s rights through litigation and policy initiatives.

In her practice, Askew represents clients in significant employment matters involving claims of race, disability, gender and age discrimination and sexual harassment, as well as in litigation involving business torts, trade secrets, non-compete, and non-solicitation and employment agreements. She has successfully tried cases to jury and non-jury verdicts in state and federal courts across the US and has handled appeals before federal and Texas appellate courts.

Duane Morris Opens Dallas Office with Addition of Four New Partners

Duane Morris LLP has opened a new office in Dallas, Texas, with the addition of Trial partners Robert M. Castle III, Randy D. Gordon, Jamie R. Welton and Lucas “Luke” Wohlford. The group joins Duane Morris from Barnes & Thornburg LLP. The move further aligns Duane Morris’ domestic operations with the robust high-technology and energy sectors in Texas. The firm opened its Austin office in 2017 and its Houston office in 1999. The new Duane Morris LLP office is located at 100 Crescent Court in Dallas.

“For more than 20 years, we have focused on and invested in Texas. With our new Dallas location and team, our commitment is clear,” said Matthew A. Taylor, Chairman and CEO of Duane Morris. “Duane Morris now has a critical mass of legal talent and a footprint in key markets, including Houston and Austin, and we expect to expand our presence in Texas in the years to come. We look forward to supporting our broad client base with high quality and cost-efficient legal services.”

“Texas is central to Duane Morris’ strategic growth plan, and our Dallas office creates more opportunities to better service our technology, corporate and energy clients and grow our business in-state,” said Tom Sankey, managing partner of Duane Morris’ Houston office and Texas operations. “Our Corporate, Trial and IP practice groups represent a large client base in Texas, and our interdisciplinary, industry-sector approach to legal services enables us to deliver additional value.”

“Dallas, in particular, is an extremely positive business climate for entrepreneurs, the many Fortune 500 firms headquartered here and a broad array of high technology, healthcare, financial, energy and transportation clients,” added Randy Gordon, the managing partner of the Dallas office. “We are excited to plant the flag for Duane Morris in Dallas.”

“Matt Taylor’s vision for Texas is exciting, and the firm’s industry-focus groups represented a great opportunity to collaborate in new ways,” noted partner Rob Castle. “Overall, Duane Morris offers a unique and collegial culture that will enable me to better serve my healthcare client base.”

As one of the most diverse regional economies in the nation, Dallas offers a thriving commercial environment. With more than 65,000 businesses located in the metropolitan region including Texas Instruments, AT&T, Comerica and Southwest Airlines, the city serves as headquarters to more than 20 Fortune 500 firms.

Kim Askew joins DLA Piper’s Employment practice in Dallas

DLA Piper announced today that Kim Askew has joined the firm’s Employment practice as a partner in the Dallas office.

Askew represents clients in significant employment matters involving claims of race, disability, gender and age discrimination and sexual harassment, as well as in complex commercial disputes including business torts, trade secrets, non-compete, and non-solicitation and employment agreements.

“Kim is widely regarded as one of the top employment and commercial litigators in Texas, and her addition to the firm bolsters our Employment team and supports our goal of bringing on partners with deep experience in handling high-profile matters of consequence, together with a strong track record of professionalism and success,” said Brian Kaplan, chair of DLA Piper’s US Employment practice and co-chair of the global Employment practice. “She has been recognised repeatedly for her accomplishments and distinguished service to the legal profession and we couldn’t be happier that Kim has chosen to join our team.”

“As we continue to expand our presence in Dallas, Kim will play a key role in allowing us to increase our service offerings and better respond to the needs of clients,” said Marc Katz, managing partner of the firm’s Dallas office. “She is well-known as an involved and enthusiastic leader in the legal and business communities in Dallas, and we are thrilled to welcome her on board.”

Askew, who joins from K&L Gates, received her J.D. from Georgetown University and her B.A. from Knoxville College. She is the recipient of dozens of local, regional and national awards for her achievements and contributions, including her groundbreaking work on diversity, from organisations such as the American Bar Association, State Bar of Texas, Dallas Bar Association, Dallas Women’s Foundation, the American Inns of Court, Texas Lawyer, D Magazine (Dallas 500), Lawdragon 500 and Best Lawyers in America.