Horizon Aircraft Secures LOI with V-Star Powered Lift Aviation for the Purchase of Up to 100 Hybrid eVTOLs for $600 Million

V-Star's addition of Cavorite X7 hybrid-electric VTOLs to its fleet will deliver faster, more affordable emergency air response across Australia

FARNBOROUGH, GB / ACCESS Newswire / July 21, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR), an advanced aerospace company developing one of the first hybrid-electric Vertical Takeoff and Landing (VTOL) aircraft, today announced it has signed a Letter of Intent ("LOI") with V-Star Powered Lift Aviation Pty Ltd. ("V-Star"), an Australian-based aircraft operator specializing in advanced power-lift aircraft, to purchase 5 Cavorite X7 hybrid-electric VTOL aircraft with options to purchase up to an additional 95 aircraft. V-Star intends to secure the delivery slots for these 5 aircraft with a firm deposit upon execution of the definitive agreement.

V-Star provides innovative, cost-effective aviation solutions with particular expertise in critical emergency services. The addition of Cavorite X7s into V-Star's fleet will significantly reduce medevac response times and patient transfers, and search and rescue missions can be executed faster and more cost-efficiently.

V-Star CEO Tony Laws commented, "Flying at nearly twice the speed of helicopters, the addition of Cavorite X7s to our fleet will be a critical advantage to help people in need when minutes matter. V-Star is committed to delivering leading powered-lift technologies across Australia to improve outcomes on critical missions, and this LOI with Horizon Aircraft brings us one step closer to a new standard for emergency services operations and cost-effective transport solutions in regional Australia."

Horizon Aircraft Co-Founder and CEO Brandon Robinson said, "V-Star's intentions of moving to a firm order to deploy Cavorite X7s for time-critical missions makes this LOI significant. As more operators learn how the X7 is a compelling operational and economic alternative to helicopters, we believe a significant transformation will occur across emergency air services worldwide."

For more information, visit Horizon Aircraft's website or watch its innovative technology in action on the Company's YouTube channel. Information on Horizon Aircraft's website does not constitute a part of and is not incorporated by reference into this press release.

About V-Star Powered Lift Aviation
V-Star Powered Lift Aviation Pty Ltd. is an Adelaide-based aircraft operator dedicated to bringing powered-lift aviation to Australia and the wider Oceania and Southeast Asia region. Formed through the merger of two established South Australian aviation businesses, V-Star provides safe, cost-effective, and operationally efficient aviation solutions, with expertise in emergency services, search and rescue, aeromedical, and regional transport. The Company offers a holistic service model spanning flight operations, training, infrastructure, logistics, and engineering support, and is working to establish next-generation powered-lift aircraft as a faster, more affordable alternative to traditional rotary-wing operations across the region.

Website: www.vstarpoweredliftaviation.com
LinkedIn: https://www.linkedin.com/company/v-star-powered-lift-aviation

About Horizon Aircraft
Horizon Aircraft (NASDAQ:HOVR) is an advanced Canadian aerospace company that is developing one of the world's first hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft designed to fly most of its mission in traditional wing-borne flight, offering industry-leading speed, range, and operational utility. Horizon Aircraft's unique designs put the mission first and prioritize safety and performance. Upon successful completion of testing and certification of its full-scale aircraft, Horizon Aircraft intends to scale unit production to meet expected demand from regional aircraft operators, emergency service providers, and military customers.

For further information, visit:
Website www.horizonaircraft.com
LinkedIn https://www.linkedin.com/company/horizon-aircraft-inc

For further information, contact:

Investors:
Kathryn Burns
ir@horizonaircraft.com

Media:
Edwina Frawley-Gangahar
EFG Media Relations
+44 7580 174672
edwina@efgmediarelations.com

Forward-Looking Statements

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 and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). 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," "target," "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 herein include, but are not limited to, statements relating to the targeted readiness of the full-scale hybrid Cavorite X7 eVTOL demonstrator aircraft for initial testing, development priorities and technical milestones; the Cavorite X7's design specifications, anticipated operational parameters and projected performance, including assumptions regarding operating costs, fuel consumption, maintenance costs and utilization rates; funding and liquidity sufficiency and runway; certification and testing plans; and potential production, partnership, supply chain and market opportunities.

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 Aircraft competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Horizon Aircraft will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Horizon Aircraft's industry and market size; (v) financial condition and performance of Horizon Aircraft, including the condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Horizon Aircraft; (vi) Horizon Aircraft's ability to develop, certify, and manufacture an aircraft that meets its performance expectations; (vii) successful completion of testing and certification of Horizon Aircraft's Cavorite X7 eVTOL; (viii) the targeted future production of Horizon Aircraft's Cavorite X7 aircraft; and (ix) other factors detailed by us in the Company's public filings with the SEC and under the Company's profile on sedarplus.ca, including the disclosures under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2026, filed with the SEC and filed under the Company's profile on sedarplus.ca on July 16, 2026. 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 the Company may elect to update these forward-looking statements at some point in the future, it assumes 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 Aircraft does not give any assurance that Horizon Aircraft will achieve its expectations.

SOURCE: Horizon Aircraft

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