31 Dec '17, 7am

Workhorse Plans to Spin Off SureFly Business

Fleet EV developer Workhorse Group Inc. has announced its intention to spin off its aviation division, which includes its SureFly personal helicopter, into a separate publicly traded company named SureFly, Inc. SureFly, Inc. will encompass all SureFly aerial technology and expertise, including property related to the personal helicopter, but it will not own the assets related to the package express-related HorseFly drone, which will be retained by Workhorse. Workhorse expects to grant SureFly, Inc. a royalty-free, perpetual license to utilize the HorseFly drone except with respect to deliveries implemented from a ground-based vehicle focused on package express. At the time of the spin off, Workhorse expects to enter into a transition services agreement with SureFly, Inc. to provide certain engineering and accounting services not anticipated to be provided immediately by em...

Full article: https://electriccarsreport.com/2017/12/workhorse-plans-sp...

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