TORONTO, ON / ACCESS Newswire / November 5, 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 Memorandum of Understanding ("MOU") with Constance Lake First Nation ("CLFN") to advance the potential purchase of Cavorite X7 aircraft to bring faster critical air services such as Medevac, patient transfer, and critical delivery to Northern Ontario Indigenous communities.

The proposed initiative is intended to address a critical challenge facing Canada's remote and Indigenous communities: timely access to emergency medical transport and other vital services. CLFN and other First Nations in Northern Ontario are located far from advanced medical care and currently have access to unsatisfactory helicopter medevac services that cannot always get to patients in time. Horizon Aircraft's Cavorite X7 is designed to fly the same routes at twice the speed without needing a runway.

Chief Rick Allen of Constance Lake First Nation stated, "For too long our people have been facing delays in accessing medical care which has resulted in lives lost. Owning these aircraft and developing a real time service working alongside a proven aviation operator will let Constance Lake deliver fast, reliable, year-round emergency medevac to our community and other First Nations. We are working on use cases and service standards now."

In addition to superior speed, the Cavorite X7 is being developed for all-weather operation, targeting Instrument Flight Rules (IFR) and Flight Into Known Icing (FIKI) certification. These capabilities would let the X7 operate in the cold, snow, and low-visibility conditions common to Northern Ontario that regularly ground helicopters, delivering reliable, year-round critical air service where none currently exists.

This partnership highlights a potential Canadian-built aerospace solution to improve access to critical medical services for Indigenous and Northern communities. The Cavorite X7's speed, operational flexibility, and lower operating costs relative to conventional helicopters could make the aircraft suitable for many other remote communities across Canada.

Horizon Aircraft Co-Founder and CEO Brandon Robinson said, "The Cavorite X7 is a made-in-Canada aircraft that can save lives in the communities that need it most. Remote and Indigenous communities shouldn't have to wait longer for emergency care simply because of geography. Cutting transport time in half could mean the difference between life and death, and we believe the Cavorite X7 can become a national model for improving critical air services in remote and Indigenous communities with the right partners like CLFN at the table."

About Constance Lake First Nation

Constance Lake First Nation (CLFN) is an Oji-Cree and Cree community of approximately 1,800 members, located on the shores of Constance Lake near Hearst in Northern Ontario, within Treaty 9 territory. Its traditional territory covers the Kenogami Watershed, part of the Arctic Watershed, where its people have hunted, fished, trapped and cared for the land for generations. CLFN is a member of the Matawa First Nations and the Nishnawbe Aski Nation. Guided by Chief and Council, the community is investing in housing, community infrastructure, health and wellness, and economic development partnerships that build long-term self-sufficiency and improve services for its members and neighbouring First Nations.

For further information, visit: www.constancelakefn.ca

About Horizon Aircraft

Horizon Aircraft (NASDAQ:HOVR) is an advanced aerospace company developing one of the world's first hybrid-electric VTOL 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.

The Company's financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP).

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