• Analysis shows medical emergency transfer times across 230kmcan be cut by nearly three hours compared with ambulances and by nearly 30 minutes compared with helicopters
• Horizon Aircraft’s Cavorite X7 can cover all of Ireland, is 50% more cost efficient and has twice the range of comparable helicopters
• eVTOLs will also help boost tourism and cut costs for passengers and operators, Horizon Aircraft believes

Toronto, Canada – 13^thJanuary 2025–Switching to hybrid electric Vertical TakeOff and Landing (eVTOL) aircraft will transform air ambulances in Ireland dramatically reducing transfer times for patients and cutting costs for operators, analysis* from New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”) shows.

Hybrid eVTOLs, which have a flight range of up to 800 km with fuel reserves, can cover all of Irelandusing existing helipads and analysis shows they are up to two-times faster andare 50% more cost efficient with almost twice the range of twin engine helicopters.

Horizon Aircraft, the leading hybrid eVTOL aircraft developer,says speed is essential with medical evacuations and transfers and the ability to reach hospitals faster will save lives. Data shows a 230kmtransfer from Letterkenny University Hospital to Dublin Hospital would take 35 minutes in the Cavorite X7, compared with nearly an hour in a helicopter and as long as three-and-a-half hours by road in an ambulance. The cost per mile for the Cavorite X7 would be 74% cheaper when compared with a twin helicopter for the 230km journey, Horizon Aircraft says. Other operating savings for the Cavorite X7 include hangar costs which are around 40% of a helicopter as its wingspan can be reduced by folding the wings.

The company believes hybrid eVOTLs can also play a major role in tourism in Ireland – for instance 300km transfers from Dublin Airport toBelmullet on the Wild Atlantic Way would take around 40 minutes with the Cavorite X7 compared with one hour and 10 minutes in a helicopter and four hours or more in a hire car.

Phil Kelly, Senior Vice President Business Development said: “Hybrid eVTOLs are up to two times faster, 50% more cost efficient with almost twice the range and a quarter of the carbon emissions of helicopters which is a compelling argument for their use as air ambulances.”

“They cover all of Ireland and will transform medical evacuation times and ultimately save lives. However, it is crucial that hybrid eVTOLs are suited to working as air ambulances. The Cavorite X7 has a range of up to 800 kmwhen carrying medical personnel, equipment and patients.”

Investorsbelieve air ambulances will be one of the biggest growth areas for hybrid eVTOLs with speed over the next five years – personal transportation, fire service and air ambulanceswere rated as the top three growth areas in Horizon Aircraft’s global study** with small- and micro-cap fund managers in the US, Canada, Europe, the Middle East and Asia who collectively manage $82.4 billion assets under management.

Horizon Aircraft’sCavorite X7 aircraft will have a gross weight of an estimated 5,500 lbs with a projected useful load of 1,500 lbs. With an estimated maximum speed of 450 km per hour and an average range of over 800 km with fuel reserves, Horizon believes that this experimental aircraft, if eventually licensed for commercial use, would be well-positioned to excel in medical evacuation The Company believes that the proposed aircraft would also be attractive for passenger transport and tourism moving people and luggage 50 to 800 km.

Unlike many in its category, the Cavorite X7 is being designed with a hybrid electric power system. The Company is designing the Cavorite X7such 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 own battery array with no ground charging infrastructure required 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 X7will be powered by a hybrid electric system that will recharge the battery array in-flightandpost-flight, while also providing significant system redundancy. The Company is continuingthe testing of its 50%-scale aircraft that it believes will reduce technical risk moving forward as it continues to developits full-scale aircraft.

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 traditional 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.