Horizon Aircraft Signs Letter of Intent with Discovery Air Chile Ltda., Expanding Global Presence of Cavorite X7 Hybrid eVTOLs

~ Horizon Aircraft Will Deliver 5 Cavorite X7s in 2028 ~

~ The Cavorite X7 Provides a Cost-Effective Alternative to Traditional Helicopters with Twice the Speed and up 75% Lower Operating Costs ~

TORONTO, Jan. 10, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ:HOVR), doing business as Horizon Aircraft ("Horizon Aircraft" or the "Company"), a leading hybrid electric Vertical Take-Off and Landing ("eVTOL") aircraft developer, announced today it has signed a Letter of Intent ("LOI") with Discovery Air Chile Ltda., a leading Chilean helicopter operator to lease five Cavorite X7 eVTOLs with a projected delivery timeline of 2028. The addition of this unique eVTOL aircraft will transform services in Chile by dramatically reducing transfer times for passengers, patients, and time sensitive goods while cutting costs for operators.

Álvaro González, General Manager, of Discovery Air Chile Ltda. said, "We are proud to be the first South American operator of Horizon Aircraft's Cavorite X7 Hybrid eVTOL. Sustainable, cost-effective operations and innovative technology, such as what Horizon Aircraft offers, advances Chilean regional air services and is integral to maintain competitive operations. The Cavorite X7 is expected to transform the speed, flexibility, and cost to transport people and critical goods. This will be transformative for Chilean air movements at a regional level."

Brandon Robinson, CEO and Co-founder of Horizon Aircraft, stated, "This agreement with Discovery Air Chile Ltda. marks a significant milestone for Horizon Aircraft as we further expand our international footprint into South America. In Chile, when it comes to emergency evacuations, transfers and quickly reaching hospitals, speed is essential. Our Cavorite X7 hybrid eVTOL offers a compelling economic and operational alternative to helicopters. Our aircraft can fly almost twice as fast as a traditional helicopter with an estimated 30% lower per-hour operating cost. This results in over 75% savings as compared to a traditional helicopter on a per-mile basis."

About Horizon Aircraft

Horizon Aircraft (NASDAQ:HOVR) is an advanced aerospace engineering company that is developing one of the world's first hybrid eVTOL aircraft that is expected to perform most missions similar to a traditional aircraft while offering industry-leading speed, range, and operational utility. Horizon's unique designs put the mission first and prioritize safety, performance, and utility. Visit www.horizonaircraft.com for more information.

Forward-Looking Statements

The information in this press release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "aim," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result" and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Horizon competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the ability of the parties to recognize the benefits of the business combination agreement and the business combination; (iv) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (v) statements regarding Horizon's industry and market size; (vi) financial condition and performance of Horizon, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon; (vii) Horizon's ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (viii) successful completion of testing and certification of Horizon's Cavorite X7 eVTOL; (ix) the targeted future production of Horizon's Cavorite X7 aircraft; and (x) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the "Risk Factors" section of the Proxy Statement and other documents to be filed by New Horizon from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Horizon may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Horizon does not give any assurance that Horizon will achieve its expectations.

Contacts

Horizon Aircraft Inquiries (PR):

Phil Anderson

Phone: +44 (0)7767 491 519

[email protected]

Investor Contacts:

Shannon Devine and Rory Rumore

MZ Group

Phone: (203) 741-8841

[email protected]