Company Announcements

TORONTO, Sept. 05, 2024 (GLOBE NEWSWIRE) -- New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), the advanced aerospace engineering company and developer of an electric Vertical Take-Off and Landing (eVTOL) aircraft, has commissioned a study that indicates a strong return by investors to small and micro-cap companies with unique and sustainable technologies may be imminent.

The global study with small and micro-cap fund managers in the US, Canada, Europe, the Middle East and Asia with collectively $82.4 billion assets under management, found that 76% of respondents anticipate the level of exposure to small and micro-caps from institutional investors to increase over the next six to 12 months. One in three (34%) fund managers believe allocations could increase by 25% or more.

Brandon Robinson, CEO of Horizon Aircraft, commented, “Investors are once again being drawn to smaller public companies that offer much more upside potential. In our case, offering cutting edge aerospace technology that enables a new way to move people and goods around our crowded planet is a perfect example of how smaller companies are helping to build a better, more sustainable future.”

Horizon Aircraft is developing an eVTOL aircraft that stands out amongst its peers. With its patented HOVR wing technology that allows it to fly 98% of its mission in a configuration similar to that of a normal aircraft, featuring a hybrid power system that offers superior range, speed, and payload in its class, the Company believes that this aircraft could be a disruptive force of change within the regional air travel market.

Horizon Aircraft’s hybrid eVTOL, the Cavorite X7, is designed to perform at a speed of almost twice that of a comparable helicopter while operating at a materially lower cost. With an estimated maximum speed of 250 miles per hour and an average range of over 500 miles with fuel reserves, Horizon believes that this aircraft, if eventually licensed for commercial use, would be well-positioned to excel in medical evacuation, critical supply delivery, disaster relief, and special military missions.

The Company believes that flying most of the time as a normal aircraft is also safer and will make the aircraft easier to certify than other radical new eVTOL designs. The Cavorite X7 will be powered by a hybrid electric system that will recharge the battery array in-flight and post-flight, while also providing significant system redundancy. The Company is continuing the testing of its large-scale prototype and is in active design and manufacturing of a full-scale technical demonstrator aircraft.

Notes to Editors

* Horizon Aircraft commissioned the market research company PureProfile to survey 100 small and micro-cap fund managers in the US, Canada, Europe, the Middle East and Asia with collectively $82.4 billion assets under management, to capture their views on the small and micro-cap market. The survey was conducted online in July 2024.

About Horizon Aircraft

Horizon Aircraft (NASDAQ: HOVR) 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; 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
Phil@perceptiona.com

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