Horizon Aircraft and MHIRJ Join Forces to Advance Regional Air Mobility

Promising collaboration with MHI RJ Aviation Group (MHIRJ) will advance the development of the Cavorite X7 through specialist engineering services and deep regional aviation expertise

TORONTO, ON / ACCESS Newswire / April 8, 2026 / New Horizon Aircraft Ltd. ("Horizon Aircraft" or the "Company") (NASDAQ:HOVR) announces its agreement with MHI RJ Aviation Group (MHIRJ), a subsidiary of Mitsubishi Heavy Industries Ltd. This collaboration aims to support the ongoing development of Horizon Aircraft's hybrid-electric VTOL (Vertical Take-Off and Landing) aircraft, the Cavorite X7.

Through this collaboration, MHIRJ will provide specialist engineering services focused on the design and development of flight test instrumentation for the Cavorite X7. This effort is essential to enable critical data collection from the aircraft's flight test program expected to begin in early 2027. In addition, MHIRJ will offer broad engineering support and utilize its regional aviation expertise to help move the Cavorite X7 program forward.

"We're excited to team up with Horizon Aircraft on their innovative Cavorite X7 project. With our expertise in engineering and regional aviation, we believe we can make a significant impact as they lead the way in hybrid-electric VTOL aircraft," declared Elio Ruggi, Senior Vice-President, Chief Engineer- Head of Aircraft Development, Quality & Flight Ops, MHIRJ. "This collaboration not only opens doors for business growth, but lets us use our engineering strengths to push this cutting-edge initiative forward. We're committed to contributing to the value chain and supporting sustainable technology in regional aviation."

Founded in 2020 following Mitsubishi Heavy Industries' acquisition of the CRJ Series program-one of the world's most successful regional aircraft families-MHIRJ brings decades of experience designing, certifying, and producing new aircraft types. The organization's team of highly experienced aerospace engineers and aviation specialists makes the partnership a strong strategic fit for the rapidly growing Horizon Aircraft.

Horizon Aircraft Co-Founder and CEO Brandon Robinson stated, "MHIRJ represents an elite engineering group within the global aerospace community with a proven track record in regional aircraft development. This partnership strengthens the Cavorite X7 program and helps significantly reduce the technical risk associated with advancing our aircraft toward flight testing and eventual certification."

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 MHI RJ Aviation Group

The MHI RJ Aviation Group (MHIRJ) provides comprehensive critical operational, engineering and customer support solutions including maintenance, refurbishment, technical publications, marketing and sales activities for the global regional aircraft industry. Headquartered in the Montréal area, Canada, and bolstered by an Aerospace Engineering Centre, MHIRJ's network of service centers, support offices and parts depots are positioned in important aviation hubs in Canada, the U.S. and Germany. A wholly-owned group of subsidiaries of Mitsubishi Heavy Industries, Ltd., the MHI RJ Aviation Group includes MHI RJ Aviation ULC (Canada), MHI RJ Aviation Inc. (U.S.A.) and MHI RJ Aviation GmbH (Germany). For more information about MHI RJ Aviation Group, please visit: mhirj.com.

About Horizon Aircraft

Horizon Aircraft (NASDAQ:HOVR) is an advanced aerospace engineering 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 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 prototype for initial testing, development priorities and technical milestones; 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 Securities and Exchange Commission ("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, 2025, filed with the SEC and filed under the Company's profile on sedarplus.ca on August 22, 2025. 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