Horizon Aircraft Signs LOI with Great Lakes Helicopter for Cavorite X7 Maintenance and Pilot Training

TORONTO, ON / ACCESS Newswire / September 29, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR), a Canadian aerospace company developing one of the first hybrid-electric Vertical Take-off and Landing (VTOL) aircraft, today announced it has signed a Letter of Intent ("LOI") with Great Lakes Helicopter ("GLH"),an Ontario-based helicopter operator, MRO service provider, and pilot school. Under the LOI, GLH intends to provide maintenance, repair and overhaul (MRO) services for Horizon Aircraft's Cavorite X7 aircraft and facilitate pilot training programs to support future X7 operators. In addition, GLH intends to purchase a number of Cavorite X7 aircraft.

Chad McIntosh, Managing Director of Great Lakes Helicopter stated, "At Great Lakes Helicopter, our vision extends beyond operating aircraft. We're a flight school and operator building the training, maintenance, and operational infrastructure to support our operations and the clients we serve today - and this partnership with Horizon Aircraft is a natural extension of that work."

The proposed partnership with GLH is intended to help establish the operational infrastructure needed as Horizon Aircraft advances the Cavorite X7 toward commercialization. By combining MRO, aircraft operations, and pilot training, GLH would be positioned to support future Cavorite X7 customers.

Mr. McIntosh continued, "We are building a new Rotor Services maintenance facility that will support next-generation platforms like the X7. Aircraft like this could open up faster, more reliable access to critical services for remote and underserved communities, and we want GLH's maintenance, training, and operations expertise to be part of making that real."

Horizon Aircraft Co-Founder and CEO Brandon Robinson stated, "Partnering with an experienced MRO and pilot training organization like Great Lakes Helicopter is an important step as we build the ecosystem needed to support the Cavorite X7 and its future customers. With so many operators and communities poised to benefit from the X7's capabilities, having reliable maintenance and pilot training in place gives future customers a clearer path toward integrating our next-generation VTOL aircraft into their operations."

About Great Lakes Helicopter

Great Lakes Helicopter (GLH) is a vertically integrated aviation company based in Ontario, Canada, providing helicopter flight training, commercial operations, aircraft maintenance, repair and overhaul (MRO), aircraft sales, and aviation support services. Through its affiliated companies, including Rotor Services Ltd., GLH serves operators, pilots, and aviation customers across Canada. With a focus on safety, innovation, and workforce development, GLH is expanding its capabilities to support the next generation of aircraft technologies and the evolving needs of the aviation industry.

For further information, visit:
https://glheli.ca/

About Horizon Aircraft

Horizon Aircraft (NASDAQ:HOVR) is a 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
YouTube https://www.youtube.com/@horizonaircraft
LinkedIn https://www.linkedin.com/company/horizon-aircraft-inc

Information on Horizon Aircraft's website does not constitute a part of and is not incorporated by reference into this press release.

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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