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.

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