AERWINS Technologies Inc. has reached a strategic agreement with OUTSOURCING Inc. by entering into a Memorandum of Understanding 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 USD 2.3 million) 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.

XTURISMO Limited Edition was developed by AERWINS. It is a manifestation of the dream of air mobility that endeavors to create a completely new way to experience the world, enabling users to feel the joy and pleasure of moving freely in space. The Company believes that it has a wide range of practical possibilities, both in Japan and overseas, including use in disaster relief, infrastructure inspection, and entertainment.

XTURISMO Limited Edition was unveiled at Fuji Speedway in October 2021, and orders are now being accepted. XTURISMO Limited Edition also participated in the Detroit Auto Show in September 2022.