New Horizon Aircraft Ltd., doing business as Horizon Aircraft, a leading hybrid electric Vertical TakeOff and Landing aircraft developer, announced several key business and technical updates as the Company is steadily progressing in the development of key technological components of its novel, hybrid-powered eVTOL aircraft.

Brandon Robinson, CEO of Horizon Aircraft, commented, "I am extremely proud of the pace of our full-scale aircraft systems development program, the world-class team we're building, and the game-changing technology that we're bringing to Advanced Air Mobility. Our unique, customer-first approach prioritizes building a tough eVTOL aircraft that can operate in bad weather, icing conditions, and other challenging operational environments. This strategy is gaining strong traction with operators, driving substantial demand."

Flight Test Program:

The large-scale prototype continues to exceed expectations. Hundreds of flight tests have been conducted and we are approaching full transition speed. The Company expects to achieve full transition by the end of the year. The real-world test results are rapidly improving the design and production of the full-scale aircraft and its sub-systems.

Full-Scale Aircraft Development:

The Company continues to develop and patent key technologies that underpin its unique aircraft including the full-scale propulsion units that are key to the HOVR Wing technology. Testing of the cooling system and power tests for the full- scale propulsion units are ongoing, yielding positive outcomes, and load testing results for the HOVR Wing mechanism are very positive.

Digital Twin Development:

The Company also continues to develop its sophisticated hardware-in-the-loop (HITL) digital twin technology that has enabled a more efficient and rapid testing of the large-scale prototype aircraft with thousands of digital flight tests informing real-world anticipated handling characteristics of the large-scale prototype.

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 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.