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,
announced several updates as the Company continues to prove
critical technology elements of its unique aircraft.
Brandon Robinson, Chairman and Chief Executive
Officer of Horizon commented, “The extremely positive test results
continue to validate our innovative technology, our practical
approach, and the team’s capability to deliver on our target
timeline.”
Mr. Robinson continued, “Over the past several
months, Horizon has made incredible progress. I am continually
amazed with the technical aptitude of our team as it clears one
engineering hurdle after another. The transition flight testing
program has taken significant strides forward, with the aircraft
demonstrating impressive stability and control all the way from
hover to approaching transition speeds.”
Click here to see our most recent test
flight video
Key Technical Highlights
Validation of the patent pending yaw
control system, a key component of the patented HOVR Wing
technology, has also been an important element in the recent
testing phases. This system enables precise hover and performance
in strong crosswinds, providing a smoother and more comfortable
ride for passengers as well as enhanced stability and control for
pilots.
Full-scale propulsion unit production
has commenced. With the detailed design and aerodynamic
analysis sufficiently developed, physical production and testing of
the core vertical lifting fan technology represents a significant
technical step towards building the full-scale prototype
aircraft.
Horizon’s large-scale prototype
continues to reach technological milestones as it moves through its
rigorous flight-testing program governed under Transport Canada’s
Special Flight Operations Certificate (SFOC). Transitional flight
tests remain on schedule to be completed by mid-summer and the
aircraft continues to demonstrate expected stability and
control.
Mr. Robinson added, “I am immensely proud of our
team’s relentless pursuit of excellence and their unwavering
determination to push boundaries. As we celebrate these victories,
we remain focused on our ultimate objective, ensuring that every
flight test brings us closer to realizing our vision.”
The Company continues to leverage lessons
learned from its current large-scale prototype flight test program
to develop its full-scale aircraft. The Cavorite X7 eVTOL design is
expected to fly faster and carry more cargo than its all-electric
competitors. The aircraft features a patented wing system allowing
it to fly most of its mission in a configuration like that of a
normal aircraft. It will 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’s elite aerospace team is positioned to build its
full-scale demonstrator on schedule and capitalize on a rapidly
growing Advanced Air Mobility (AAM) market.
Upcoming Investor and Trade
Conferences
As a reminder, Horizon Aircraft’s Management
team will be participating in the following upcoming investor and
trade events:
- EF Hutton Annual Global Investor Conference
- Date: Wednesday, May 15, 2024
- Location: The Plaza Hotel, New York, NY
- The International Aerospace Innovation Forum
- Date: May 21-22, 2024
- Location: Tech Zone, Palais de Congrès de Montréal, Montreal,
Québec
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
AndersonPhone: +44 (0)7767 491 519Phil@perceptiona.com
Investor
Contacts: Shannon
Devine and Rory Rumore MZ GroupPhone: (203)
741-8841HorizonAircraft@mzgroup.us
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