Horizon Aircraft Enters into Letter of Intent to Purchase $250M of Cavorite X7 Aircraft, with an Option for up to $500M
January 16 2024 - 8:00AM
New Horizon Aircraft Ltd. (NASDAQ: HOVR), doing business as Horizon
Aircraft (“Horizon Aircraft” or the “Company”), a leading hybrid
electric Vertical TakeOff and Landing (“eVTOL”) aircraft developer,
announced today that it has entered into a Letter of Intent (“LOI”)
with JetSetGo, a regional air operator servicing multiple mission
profiles. This LOI allows JetSetGo to purchase 50 Cavorite X7
Aircraft at a purchase price up to $5M USD per aircraft for a total
aggregate consideration of $250M USD, with an option to purchase an
additional 50 aircraft for a total possible consideration of $500M
USD.
Brandon Robinson, Chief Executive Officer of
Horizon commented, “We are truly honoured by this commitment from
JetSetGo, a leading private aviation operator with a shared vision
of a more sustainable and efficient on-demand regional travel. We
are confident that our Cavorite X7 eVTOL will operate sustainably
and profitably across India as well as many other global locations.
As a hybrid electric aircraft, there is no need to install
expensive charging support equipment across the travel network; it
is a machine designed for challenging, real-world operations.”
Kanika Tekriwal, JetSetGo’s CEO and co-founder,
stated, “Our decision to enter into this Agreement with Horizon
Aircraft was not taken lightly. We ultimately decided to partner
with a company with a deep operational and aerospace technology
background that will deliver a product that will help usher in a
new era of sustainable air travel while also providing significant
value for our customers. This partnership will help JetSetGo
profitably enter new markets by leveraging the versatility of the
Cavorite platform to bring about the vision of Advanced Air
Mobility in India.”
About Horizon Aircraft
Horizon Aircraft is an advanced aerospace
engineering company that is developing one of the world’s first
hybrid eVTOL that is to be able to fly most of its mission exactly
like a normal aircraft 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.
About JetSetGo
JetSetGo, founded in 2014 by the visionary duo
Kanika Tekriwal and Sudheer Perla, has been on a mission to
revolutionise private air travel in India. Its core principles,
putting customer needs first, maximising the value of their time,
and making private aviation simple and accessible, have positioned
the brand as a leading provider of on-demand private aviation
services.
Headquartered in New Delhi, JetSetGo was
conceived by a commitment to tackle the significant challenges
within the private aviation sector. The brand has created a more
transparent and accessible marketplace for private jet charter,
making private jet ownership more affordable and convenient while
elevating the quality and consistency of charter services. The
fleet currently comprises five mid-size Hawker aircraft,
meticulously tailored to the unique demands of the Indian market,
and six other aircraft ranging from large cabin jets to
helicopters.
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; (x) the number of aircraft
purchased under the LOI with JetSetGo; and (xi) 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
Horizon Aircraft Inquiries (PR):Phil
AndersonPhone: +44 (0)7767 491 519Phil@perceptiona.com
Investor Contacts:Shannon Devine & Rory
Rumore MZ GroupPhone: (203) 741-8841HorizonAircraft@mzgroup.us
JetSetGoInquiries (PR):Aishwarya Jayaraman,
Value360Phone: 9538362445E-mail:
Aishwarya.jayaraman@value360india.comPriyanshi Jain, Value360Phone:
+91 9917161856E-mail: priyanshi@value360india.com
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