Astro Aerospace Sponsors Leading SPAC, Parsec Capital Acquisitions Corp.

Astro Sponsors SPAC Focused on Space Economy, Technology and Transport Industries

Dallas, Texas--(Newsfile Corp. - April 21, 2021) - Astro Aerospace (OTCQB: ASDN) ("Company" or "Astro"), a global leader in electric vertical take-off and landing (eVTOL) aerial vehicles and drones, announced today its sponsorship of Parsec Capital Acquisitions Corp. ("Parsec"), an emerging SPAC investing in businesses within the space economy, technology and transport industries. Last month, Parsec CEO and Board member Patricia Trompeter was appointed to Astro's Board of Directors. The Parsec sponsorship is a huge development in driving Astro's mission to introduce greater environmentally and economically sustainable solutions to the aerial vehicle industry.

Parsec is ideally positioned with an offering size of $50 million. The SPAC focuses on smaller mid cap size targets allowing much greater freedom for asset selection. Parsec's three target industries continue to welcome more and more innovative technologies, pushing space economy towards a $1 trillion evaluation by 2040, the artificial intelligence market toward $390.9 billion by 2025, and the sustainable aviation fuel market toward $15.3 billion by 2030.

Parsec offers a calculated and strategic approach when sourcing opportunities due to its high-level expertise across its management team and Board of Directors. CEO Patricia Trompeter's career spans more than 16 years in mergers and acquisitions and over 15 years in financial management. Her financial competencies are matched by her breadth of knowledge in the aviation industry which she acquired throughout her career including positions at GE Capital Aircraft Services (GECAS) with the acquisition of Guinness Peat Aviation.

Ms. Trompeter's leadership makes Parsec part of a growing representation of female minority-led SPACs, which according to Bloomberg only half of the SPACs they reviewed had women present on their board.

Ms. Trompeter commented, "I have always had an obsession with aircraft industry and by nature space travel. Astro's vision for the future of transportation is a huge inspiration to Parsec. Astro's sponsorship will help us grow emerging businesses that will make a true impact on the environment and the way society functions. Astro can fully relate to our efforts as an emerging pioneer in the growing $46.7 billion eVTOL aircraft market."

Parsec's executive team also includes CFO, Paul Haber who brings 25 years in corporate finance and capital markets. Mr. Haber and Ms. Trompeter are also active on the SPAC's Board of Directors. They are joined by world-class Board.

"Astro's sponsorship of Parsec is a natural fit," said Astro CEO, Bruce Bent. "Parsec's vision and goals align with Astro's objectives, and the Parsec team brings decades of experience to successfully grow companies while increasing shareholder value. Astro had the pleasure of welcoming Ms. Trompeter to our Board last month, and we could not be happier to invest in a SPAC under her leadership."

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 any time, from anywhere, and to turn this new and exciting aircraft into a mainstream mode of transportation. Our vision is "Flight Made Easy".

Visit www.flyastro.com for more information.

About Parsec

Parsec Capital Acquisitions Corp. is an emerging SPAC investing in businesses within the space economy, technology and transport industries launched April 2021.

Parsec is ideally positioned with an offering size of $50 million to allow a much greater freedom for asset selection. Parsec's three target industries continue to welcome more and more innovative technologies, pushing space economy towards a $1 trillion evaluation by 2040, the artificial intelligence market toward $390.9 billion by 2025, and the sustainable aviation fuel market toward $15.3 billion by 2030.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are "forward-looking statements," which may often, but not always, be identified by the use of such words as "may," "might," "will," "will likely result," "would," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target" or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company's reliance on one key customer for a substantial percentage of its revenue; the Company's ability to consummate any proposed financing, acquisition or transaction, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition or transaction will not occur or whether any such event will enhance shareholder value; the Company's ability to continue as a going concern; the Company's ability to attract, maintain and increase the number of its customers; the Company's ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy; management's relationships with industry stakeholders; the effects of the global COVID-19 pandemic; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company's subsidiaries; and other risks, uncertainties and factors. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1993

This document does not constitute an offer to subscribe for, buy or sell the securities mentioned herein or any other securities in any jurisdiction, including the United States of America, its territories and possessions (the "United States"). The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or exemption from registration under the Securities Act.

Investor Contact
For inquiries contact:
Kevin McGrath
kevin@tradigitalir.com
Astro Aerospace Ltd
320 W. Main Street
Lewisville, TX 75057

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81172

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