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Horizon Aircraft Welcomes Former Rolls-Royce Propulsion Expert Justin Chapman as Senior Technical Advisor

1. Horizon Aircraft appoints Justin Chapman as a senior advisor. 2. Chapman brings extensive experience in aerospace engineering and electric propulsion. 3. His role will enhance the development of the Cavorite X7 hybrid eVTOL project. 4. Horizon aims to deliver a safe and practical aviation solution. 5. Company optimistic about meeting testing and certification timelines for its aircraft.

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FAQ

Why Bullish?

The addition of an industry expert like Chapman can enhance investor confidence. Similar prior appointments have led to positive stock movement in aerospace companies.

How important is it?

The announcement reinforces Horizon’s technical credibility and ambition in the eVTOL market, which can drive stock interest.

Why Short Term?

Investor sentiment could improve quickly with news of successful technical developments. Historically, rapid advancements in technology companies lead to quick market reactions.

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TORONTO, May 07, 2025 (GLOBE NEWSWIRE) -- New Horizon Aircraft (NASDAQ: HOVR), doing business as Horizon Aircraft (“Horizon Aircraft” or the “Company”), an advanced aerospace engineering company and developer of one of the world’s first operationally-focused hybrid-eVTOL (electric Vertical Take-Off and Landing) aircraft, announced today that Justin Chapman will be supporting the Company in a senior advisory capacity, contributing his extensive expertise to the technical development of aircraft systems, including electronics, batteries, and electric propulsion. Mr. Chapman brings decades of engineering leadership and deep domain knowledge to Horizon Aircraft. Widely regarded as an expert in electric propulsion and energy systems for aviation, he has held senior roles, such as Chief of Electronics and Chief of FADEC (Full Authority Digital Engine Control) at Rolls-Royce, where he helped lead some of the industry’s most advanced aerospace technology initiatives. “I’m thrilled to be supporting Horizon Aircraft in their revolutionary Cavorite X7 project,” said Justin Chapman recently. “My initial activities on the project have shown me a company of highly dedicated and talented people who are all striving to deliver an innovative product into a very challenging arena. I will use all my experience from aerospace and beyond to help develop the full-scale demonstrator. I’m excited to be a small part of Horizon’s ‘Real World Ready’ hybrid eVTOL.” Tom Brassington, Chief Technology Officer at Horizon Aircraft, added: “I am delighted to work with Justin again. He brings a rare combination of world-class electronics, propulsion, and control systems knowledge to Horizon. His efforts will advance and de-risk our Cavorite X7 development programs, helping us achieve our goal to produce a safe and reliable piloted full-size demonstrator.” Mr. Chapman’s involvement will strengthen Horizon’s technical development team, as the Company advances the design and construction of its flagship Cavorite X7 aircraft—an innovative hybrid eVTOL platform purpose-built for real-world performance, safety, and practicality. For more information about Horizon Aircraft, please see the Company’s website or watch its innovative technology in action on the Company’s YouTube channel. About Horizon Aircraft Horizon Aircraft (NASDAQ: HOVR) is an advanced aerospace engineering company that is developing one of the world’s first hybrid eVTOL aircraft that is to be able to fly most of its mission like a normal plane 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. Contacts Investors:Matt Chesler, CFAFNK IR(917) 312-2181HOVR@fnkir.com Media:Edwina Frawley-GangaharEFG Media Relations+44 7580 174672edwina@efgmediarelations.com

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