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. 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.

Key Operating Highlights

• Successfully Completed the Business Combination with Pono Capital Three, Inc. ("Pono") and began trading on the Nasdaq as a public company. This structural pivot permits the company to benefit from increased liquidity and capital raising options and has resulted in a powerful partnership with global reach to leverage best-in-class technology, and for future investment;
  
  
• Signed a Letter of Intent with JetSetGo, a regional aviation fleet operator serving the Indian market with multi-purpose mission air transport, for an initial purchase of fifty (50) Cavorite X7 aircraft with an option to purchase an additional fifty (50) aircraft for an aggregate consideration commitment of up to $500 million;
  
  
• Began Execution of the Transition to Forward Flight-Testing Program for the Cavorite X7 large-scale prototype. The Company continued its robust flight-testing program that is now systematically exploring transition to forward flight. This testing is proceeding very well and continues to yield positive results. It is expected that transition flight testing of the large-scale aircraft could achieve measurable results in May of 2024 with several test dates scheduled in the upcoming weeks; and
  
  
• Continued Detailed Design of the Full-Scale eVTOL Prototype. The Company applied results of from its large-scale prototype program including flight tests, wind tunnel tests, and digital twin studies to improve the full-scale aircraft design. The Company is preparing to commence assembly of the full-scale aircraft later in 2024, with testing expected to begin in 2026.
  

Upcoming Investor Conferences

Horizon Aircraft's Management team will be participating in the following upcoming investor events:

• Sidoti Virtual Micro-Cap Conference
  • Date: Wednesday, May 8^th and Thursday, May 9^th
  • Location: Virtual
    
    
• EF Hutton Annual Investor Conference
  
  • Date: Wednesday, May 15^th
  • Location: The Plaza Hotel, New York, NY
    

About Horizon Aircraft

Horizon Aircraft is an advanced aerospace engineering company that is developing one of the world's first hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. Horizon's unique designs put the mission first and prioritize safety, performance, and utility. Horizon hopes to successfully complete testing and certification of its Cavorite X7 eVTOL quickly and then enter the market and service a broad spectrum of early use cases. 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; (x) the number of aircraft purchased under the LOI with JetSetGo; and (xi) 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
Phil@perceptiona.com

Investor Contacts:        
Shannon Devine and Rory Rumore
MZ Group
Phone: (203) 741-8841
HorizonAircraft@mzgroup.us