Lewisville, Texas--(Newsfile Corp. - April 21, 2021) - Today, Parsec Capital Acquisitions Corp. ("Company" or "Parsec"), filed a confidential S1 as a Special Purpose Acquisition Company (SPAC) with a focus on the space economy, technology and transport industries. Astro Aerospace (OTCQB: ASDN) ("Astro") has sponsored their SPAC.
Astro, a global leader in electric vertical take-off and landing (eVTOL) aerial vehicles and drones, is a pioneer in the aerial eVTOL market, which has an estimated value of $46.7 billion. Astro's sponsorship is of great value to Parsec, as the new relationship not only brings financial investment but a vault of transport industry expertise. Astro developed one of the market's safest and most efficient eVTOLs in the world, and in 2018 its drone 'Elroy' was one of the first to seamlessly fly with humans on board.
Overpopulation, traffic congestion and pollution in urban areas are three main drivers of Astro's eVTOL designs. These escalating crises will continue to amplify if 'green' and sustainable transport solutions are not implemented globally. Astro CEO Bruce Bent stated, "The UN predicts that by 2050, 68 percent of populations will be in urban centers. Astro is happy to sponsor Parsec who like us, is driven to bring safe, reliable and environmentally-sustainable transport to market."
Parsec was formed in 2021 with a purpose of growing businesses that will make the greatest impact on the future of transportation while delivering attractive investor returns. Sponsoring a SPAC with a smaller offering size of $50 million, Parsec has greater freedom with asset selection than other SPACs as it focuses on small to mid-cap companies in the space economy, technology and transport arenas. The Company offers a calculated and strategic approach when sourcing opportunities due to its high-level expertise across its management team and Board of Directors.
Parsec CEO Patricia Trompeter has a career spanning more than 16 years in mergers and acquisitions and over 15 years in financial management. Last month, Ms. Trompeter was appointed to Astro's Board of Directors.
Ms. Trompeter has always had a fascination with planes from the early days of flying with her father, an army pilot veteran who served in World War 2. Years later, Ms. Trompeter began a career at GE Capital where she held a variety of executive positions including CFO and Controller. This eventually led to working for GE Capital Aircraft Services (GECAS) acquiring a breadth of knowledge in the aviation industry which was also gained from the successful acquisition of Guinness Peat Aviation.
"Becoming the CEO of Parsec is honestly a dream job," said Ms. Trompeter. "I, along with our talented team and Board of Directors, get to explore emerging companies in the sectors I find most fascinating - space, technology and transport. I have always had a passion for the airline industry and as a natural segway - space."
In 2019, total investment in space companies was nearly $6 billion. Space has become the new economy, and many investors are looking to get their piece of the market. Global electric sales are also growing, with sales expected to grow 50 percent or more in 2021. Due to this surge, an increasing number of investors are also seeing tremendous potential in the eVTOL market.
Ms. Trompeter continued, "Astro's vision and drive to bring its eVTOLs to market is exactly the type of charisma Parsec is seeking in potential opportunities. Astro's sponsorship and mentorship is warmly embraced during this initial phase of our SPAC's growth, and we look forward to working with them as we move forward to identify a target."
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.
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.
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 release 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 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 patricia@parsecacquisition.com
Parsec Capital Acquisition Corp
320 W. Main Street
Lewisville, TX 75057
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