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

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, advance Chilean regional air services and is integral to maintaining competitive operations. The Cavorite X7 is expected to transform the speed, flexibility, and cost of transporting 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 favorite 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.”