Horizon Aircraft signs LOI with Great Lakes Helicopter for X7 services

New Horizon Aircraft Ltd. (NASDAQ: HOVR) has signed a Letter of Intent with Great Lakes Helicopter (GLH), an Ontario-based helicopter operator, to provide maintenance, repair and overhaul services for its Cavorite X7 aircraft and to facilitate pilot training programs for future X7 operators. GLH also intends to purchase a number of Cavorite X7 aircraft, according to a company statement.

GLH operates as a vertically integrated aviation company offering helicopter flight training, commercial operations, MRO services, aircraft sales, and aviation support services across Canada through its affiliated companies, including Rotor Services Ltd.

Chad McIntosh, Managing Director of Great Lakes Helicopter, said the company is building a new Rotor Services maintenance facility intended to support next-generation aircraft platforms. "We are building a new Rotor Services maintenance facility that will support next-generation platforms like the X7," McIntosh said.

Brandon Robinson, Co-Founder and CEO of Horizon Aircraft, said the arrangement is intended to help build the operational infrastructure needed to support future Cavorite X7 customers. "Partnering with an experienced MRO and pilot training organization like Great Lakes Helicopter is an important step as we build the ecosystem needed to support the Cavorite X7 and its future customers," Robinson stated.

Horizon Aircraft is a Canadian aerospace company developing a hybrid-electric VTOL aircraft. The Cavorite X7 has not yet completed testing or certification.

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