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AERWINS Technologies (AWIN) and OUTSOURCING Partner to Develop and Produce New Air Mobility Products
AERWINS Technologies Inc. (AWIN) has reached a strategic agreement with OUTSOURCING Inc. (“OUTSOURCING”) by entering into a Memorandum of Understanding (“MOU”) with OUTSOURCING intending to partner via a joint venture in the Middle East. The joint venture is intended to allow AERWINS to advance its manufacturing and production capabilities of air mobility units in the Middle East.
Background and Objectives of the Joint Venture
AERWINS has reached an agreement with OUTSOURCING, by entering into a MOU, which the Company believes will provide labor resources to domestic and overseas production for a variety of products. OUTSOURCING agreed to invest, if certain conditions are met by April 30, 2023, up to ¥300 million (approximately $2.3 million USD) in this joint venture. Under the constitution of the business agreement, AERWINS will look to develop various adjacent operational structures such as establishing air mobility production houses in the United Arab Emirates (“UAE”).
This release follows the recently established planned joint venture with Vault Investment in the UAE, as well as the successful business combination resulting in the Company’s common stock trading on the Nasdaq Global Market under the symbol “AWIN” and the Company’s warrants trading on the Nasdaq Capital Market under the symbol “AWINW.”
“We are grateful to have the opportunity to receive capital and manufacturing support for our recently established joint venture in the UAE from OUTSOURCING, a company with a proven track record in manufacturing for many of the world’s leading mobility companies in Japan as well as numerous operations in locations around the globe,” said AERWINS Founder Shuhei Komatsu. “We are confident that this partnership with a manufacturing professional will further accelerate our air mobility business. On brand with our mission, we look to provide the comfort and well-being of life brought by technological innovations in mobility space globally.”
Overview of the Planned Joint Venture
| (1) | Company Name | Lootah Aerwins Aviation LLC. | |
| (2) | Address | Duja Tower, Office 8, Shk Zayed Road- Dubai – United Arab Emirates (planned) | |
| (3) | Business Contents | Production and sales of air mobility in the United Arab Emirates, etc. | |
| (4) | Capital | 161,782,760 UAE Dirham (planned) （1UAE Dirham ＝37.09JPY ※As of 9th March） |
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| (5) | Date of Establishment | March 2023… |
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