Horizon Aircraft Provides Corporate Update

~ Substantive Progress in the Transition to Forward Flight Test Program of the Company’s Large-Scale Prototype eVTOL Aircraft ~

~ Continuing Detailed Design of the Full-Scale Cavorite X7 Hybrid eVTOL Aircraft, on Track for Completion and Testing in 2026 ~

~ Successful Completion of the Business Combination in January 2024 that Provided Proceeds to Continue Hybrid eVTOL Development ~

TORONTO, April 16, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon” or the “Company”), a leading hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, today is publishing a comprehensive Company update.

Brandon Robinson, Chairman and Chief Executive Officer of Horizon commented, “Horizon had a tremendous start to 2024. After successfully completing our business combination, we were able to continue making significant technical progress on our unique hybrid electric eVTOL development program.”

Mr. Robinson continued, “Our practical and capital efficient approach has resonated with investors and operators alike. Our last quarter saw us sign an LOI with Indian regional air transport JetSetGo for purchase of up to 100 aircraft ($500M USD), continue the flight test program of our scale prototype, and further the design of our full-scale aircraft. I am incredibly proud of the team, our progress, and our differentiated place in the Advanced Air Mobility (AAM) market.”

The Company continues to apply the lessons learned from its current large-scale prototype flight test program to develop its full-scale aircraft. The Cavorite X7 will leverage a real-world approach to eVTOL design and is expected to fly faster and carry more than its competitors. The aircraft features a patented wing system allowing it to fly the majority of its mission in a configuration similar to that of a normal aircraft. It will also use a hybrid electric main power system that promises to be extremely efficient, safe, and able to re-charge its battery array in flight and after landing. With a growing team of aviation professionals, engineers and technicians, Horizon Aircraft elite prototyping team is positioned to build its full-scale demonstrator on schedule.