HOVR

Horizon Aircraft

READ THE INVESTOR PRESENTATION HERE

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Hello Everyone,

We have another company that we want you to research ahead of Monday’s session.

This company is operating in one of the hottest sectors around that has been dominating the headlines in recent years.

The eVTOL (electric Vertical Take-Off and Landing) sector represents a burgeoning segment of the aviation industry focused on developing electric aircraft capable of vertical take-off and landing. These vehicles are designed to provide efficient, eco-friendly urban air mobility solutions, aiming to alleviate traffic congestion and offer new transportation options within cities.

eVTOL aircraft utilize electric propulsion systems, which contribute to reduced noise and lower emissions compared to traditional helicopters and airplanes. They employ various rotor configurations or other innovative lift technologies to achieve vertical take-off and landing.

The primary goal of eVTOL vehicles is to enhance urban mobility by providing on-demand air transport services, such as air taxis, emergency medical services, and cargo delivery. They are envisioned to operate in densely populated areas where conventional transportation infrastructure is inadequate.

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. HOVR’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.

‍HOVR was founded by an elite fighter pilot and is backed by a lifetime in military and commercial aviation experience. HOVR has assembled a team of engineers, pilots, and business specialists dedicated to expanding the possibilities of regional transportation.

HOVR aims to deliver a hybrid electric 7-seat aircraft, called the Cavorite X7, that can take off and land vertically like a helicopter. However, unlike a traditional helicopter, for the majority of its flight it will return to a configuration much like a traditional aircraft. This would allow the Cavorite X7 to fly faster, farther, and operate more efficiently than a traditional helicopter

Horizon Aircraft’s Cavorite X7 aircraft will have a gross weight of an estimated 5,500 lbs with a projected useful load of 1,500 lbs. With an anticipated maximum speed of 250 miles per hour and an average range of over 500 miles with fuel reserves, Horizon believes that this experimental 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 the proposed aircraft would also be attractive for Regional Air Mobility – moving people and cargo 50 to 500 miles.

Unlike many in its category, the Cavorite X7 is being designed with a hybrid electric power system. The Company is designing the Cavorite X7 such that it could, after its vertical takeoff, re-charge its batteries enroute when it is flying in a configuration like a traditional aircraft. After a vertical landing and completion of a mission, the Company is designing the Cavorite X7 to recharge its battery array in under 30 minutes to be ready for its next mission.

Horizon believes that its innovative approach and technology will allow the Cavorite X7 to fly 98% of its mission in a very low-drag configuration like a traditional aircraft. 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 is designed to 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 50%-scale aircraft that it believes will reduce technical risk moving forward as it continues to develop its full-scale aircraft.

USES

At Horizon Aircraft their sights are set beyond simply flying a couple of people to an airport or making commuting easier for a select wealthy few. Instead, they want to make a positive contribution to people’s lives,by developing and manufacturing this revolutionary aircraft to meet true regional transportation needs. With its anticipated flexibility, speed and extraordinary range, the Cavorite X7 is ready to be used in several vital sectors.

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Securing medical services

The Cavorite X7’s agility, capacity and cabin configuration enable the medevac of seriously injured patients from accident sites or isolated areas to a hospital up to twice as fast as a conventional helicopter. It can also ensure safe, swift transfer anddelivery of organs and time-sensitive medication, as well as carrying other crucial medical supplies.

Redefining disaster response

Catastrophic weather is a growing threat to many regions around the globe. The X7 offers a prompt, effective complement to state and federal operations through search and rescue missions and supply delivery to zones affected by tornadoes, hurricanes, landslides, storms, floods, or forest fires.

Crafted for commercial convenience

In addition to its suitability for inter-city business or personal travel, the Cavorite X7 has the safety and range to provide shuttle and transportation services, plus time-sensitive cargo and goods delivery in underserved, remote regions.

Made for municipal missions

The Cavorite X7 offers a cost-effective, nimble alternative for an array of applications – from traffic observation and control, investigative usage, emergency surveillance, missing persons in the wilderness, helping to monitor crowds and circumstances at special events and co-ordinating evacuation in anticipation of catastrophic weather conditions.

Horizon Aircraft Enters into Letter of Intent to Purchase $250M of Cavorite X7 Aircraft, with an Option for up to $500M


~ Horizon Aircraft Signs Letter of Intent with JetSetGo, a Leading Regional Air Transportation Operator in India ~

TORONTO, Jan. 16, 2024 (GLOBE NEWSWIRE) — New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer, announced today that it has entered into a Letter of Intent (“LOI”) with JetSetGo, a regional air operator servicing multiple mission profiles. This LOI allows JetSetGo to purchase 50 Cavorite X7 Aircraft at a purchase price up to $5M USD per aircraft for a total aggregate consideration of $250M USD, with an option to purchase an additional 50 aircraft for a total possible consideration of $500M USD.

Brandon Robinson, Chief Executive Officer of Horizon commented, “We are truly honoured by this commitment from JetSetGo, a leading private aviation operator with a shared vision of a more sustainable and efficient on-demand regional travel. We are confident that our Cavorite X7 eVTOL will operate sustainably and profitably across India as well as many other global locations. As a hybrid electric aircraft, there is no need to install expensive charging support equipment across the travel network; it is a machine designed for challenging, real-world operations.”

Kanika Tekriwal, JetSetGo’s CEO and co-founder, stated, “Our decision to enter into this Agreement with Horizon Aircraft was not taken lightly. We ultimately decided to partner with a company with a deep operational and aerospace technology background that will deliver a product that will help usher in a new era of sustainable air travel while also providing significant value for our customers. This partnership will help JetSetGo profitably enter new markets by leveraging the versatility of the Cavorite platform to bring about the vision of Advanced Air Mobility in India.”

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.

About JetSetGo

JetSetGo, founded in 2014 by the visionary duo Kanika Tekriwal and Sudheer Perla, has been on a mission to revolutionise private air travel in India. Its core principles, putting customer needs first, maximising the value of their time, and making private aviation simple and accessible, have positioned the brand as a leading provider of on-demand private aviation services.

Headquartered in New Delhi, JetSetGo was conceived by a commitment to tackle the significant challenges within the private aviation sector. The brand has created a more transparent and accessible marketplace for private jet charter, making private jet ownership more affordable and convenient while elevating the quality and consistency of charter services. The fleet currently comprises five mid-size Hawker aircraft, meticulously tailored to the unique demands of the Indian market, and six other aircraft ranging from large cabin jets to helicopters.

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; an

*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.

Partners and ecosystem

3C Flight Center of Excellence

Horizon Aircraft has signed a Memorandum Of Understanding (MOU) with 3C, a major technical and certification resource in the Canadian aerospace industry, to formalize collaboration on the path to certification of the Cavorite X7. This affords us expanded access to 3C’s renowned services and expertise, including: gap analysis, certification planning, certifiable design consulting, training, flight test planning and execution, and eventual airworthiness approval. The partnership is a critical step in mitigating risk and evolving the project toward an exciting and sustainable future.

NEWS

September 5, 2024 Horizon Aircraft Positioned for Increased Investment as a Small-Cap Stock with its Disruptive Aerospace TechnologyRead MoreAugust 21, 2024 New Horizon Aircraft Announces Closing of $2.9 Million Public Offering

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August 21, 2024 Horizon Aircraft Appoints Tom Brassington as Chief Technology Officer

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August 20, 2024 New Horizon Aircraft Announces Pricing of $2.9 Million Public Offering

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August 6, 2024 New Research Predicts an Increase in Allocation from Institutional and Retail Investors to Small- and Micro-Caps Over the Next 12 Months

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July 15, 2024 Horizon Aircraft to Attend the Farnborough International Airshow 2024

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July 10, 2024 Horizon Aircraft Appoints Phil Kelly as Senior Vice President Business Development

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May 23, 2024 Horizon Aircraft Announces Participation in the 2nd Annual Jefferies eVTOL / AAM Summit

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May 8, 2024 Horizon Aircraft Provides Update on Technical Flight Testing Progress

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May 6, 2024 Horizon Aircraft Announces Participation in the EF Hutton Annual Global Conference

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April 16, 2024 Horizon Aircraft Provides Corporate Update

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March 19, 2024 Japanese Investors Believe Increased Global Urbanisation is Set to Fuel Growth in eVTOL Sector

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March 4, 2024 Horizon Aircraft to Participate in the 36th Annual Roth Conference on March 18 and 19, 2024

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February 27, 2024 Major Investors Expect First Commercial eVTOL Passenger Routes to be Operational by 2026

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January 24, 2024 Horizon Aircraft to Ring the Nasdaq Closing Bell on Thursday, January 25, 2024 to Commemorate Public Listing

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