Changes to Management Structure

As disclosed by AERWINS Technologies Inc. (“AERWINS”), the developer and manufacturer of air mobility platform, COSMOS (Centralized Operating System for Managing Open Sky), and the XTURISMO Limited Edition Hoverbike, and A.L.I. Technologies (“A.L.I.”) in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2023,  on March 20, 2023, Taiji Itoh was appointed as the CEO of AERWINS and on March 22, 2023, Daisuke Katano was appointed as the COO (Chief Operation Officer) of AERWINS. In addition, A.L.I. has reformed its management structure to include Taiji Itoh as Chairman of the Board, Daisuke Katano as President, and Kensuke Okabe as Director, in order to integrate management with AERWINS.

“Our company is listed on the NASDAQ in the U.S., and we are now renewing our management structure aiming to further strengthen our global business,” said Chairman and CEO Taiji Itoh. “First, I would like to express my sincere gratitude to our founder, Shuhei Komatsu*1, and Kazuo Miura*2, who had taken the lead in product design and development, for their efforts in growing the company to this point.”

“I, Taiji Itoh, have assumed the position of CEO of AERWINS. We believe that the nascent air mobility industry is expected to grow dramatically in the future, according to third-party research. We believe that being able to offer both hardware and software in this market, XTURISMO and COSMOS respectively, puts our company in a rare position in the world.”

Taiji continued, “We plan to return to the essence of being a manufacturing company and focus all our resources on the development and growth of our core products, the XTURISMO hovercraft, and COSMOS. In terms of laws and regulations, we believe that the Middle East is currently the most advanced region in the world and the most receptive to our products. For this reason, management plans to continue to work with state-owned enterprises to promote joint development via the current and future iterations of our publicly disclosed agreements.”

“We are pleased and grateful to continue to work with our stakeholders on the path of aiming to become a leading deep-tech company in Japan.”

Important Notice Regarding Forward-Looking Statements

This website disclosure contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond AERWINS control. While AERWINS believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to AERWINS on the date of this website disclosure. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties. Actual results could be materially different. AERWINS undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, after the date of this website disclosure, except as required by law.

*1*2 Mr. Komatsu and Mr. Miura no longer belong to AERWINS Technologies Inc. as of April 24, 2023.