Business
Greenpro to Invest in Adventure Air Race Company Limited for the World Championship Air Race Events
KUALA LUMPUR / ACCESSWIRE / October 27, 2020 / Greenpro Capital Corp. (NASDAQ:GRNQ) today announced that it has signed a Letter of Intent on October 21, 2020
About this update from Greenpro Capital Corp.
[{"type":"text","content":"KUALA LUMPUR / ACCESSWIRE / October 27, 2020 / Greenpro Capital Corp. (NASDAQ:GRNQ) today announced that it has signed a Letter of Intent on October 21, 2020 with Adventure Air Race Company Limited, a company incorporated in Hong Kong, in cooperation to promote the World Championship Air Race (\"WCAR\") which is a new international world championship air racing series to be sanctioned by the Federation Aeronautique Internationale (\"FAI\").Greenpro intends to raise US$ 5 million via a private placement to fund the business development and the preparation for the upcoming World Championship Air Race (\"WCAR\") for the proposed 2021/22 air race events in Saudi Arabia, Egypt, Australia, India, China, South Africa, United Kingdom, France and other countries included in the Racing Calendar for the upcoming racing season.WCAR is not simply the fastest motorsport on the planet, but will evolve into the ultimate proving ground for future competitive air racing, urban air mobility, and clean technology. The World Championship Air Race as a global sporting series will be at the cutting edge, as the industry and aviation technology transforms over the coming years.WCAR is working to secure a racing sanction from the FAI who will also provide sporting governance and safety oversight for the racing events. WCAR intends to enter into a long term agreement with FAI which will allow exclusivity on air racing of all forms of piloted air vehicles flown on a track consisting of air gates, which will allow WCAR to shape and define the future of this format of air racing giving investors, sponsors and event partners confidence in the series. WCAR has an Electrication Strategy for its race planes in place and will actively push the inclusion of eVTOL (Electric Vertical Take Off and Landing) aircraft and Jetpack/Gravity Suit racing into the air sports, with as future inclusion of an Original Equipment Manufacturer (OEM) competition in the racing series. Hence, WCAR will also serve as a R&D (Research and Development) platform for technology and innovation.Alongside safety, environmental sustainability is a strategic driver at the heart of shaping WCAR organizational values and behaviour. WCAR will follow a three-step strategy to achieve a net zero carbon footprint: effective measurement of carbon output, prioritising reduction of the footprint and offs...