New Horizon Aircraft Ltd. is a Canada-based advanced aerospace company. The Company is engaged in designing and developing hybrid-electric vertical takeoff and landing (VTOL) prototype aircraft for future regional air mobility (RAM) networks. The Company's Cavorite X7 prototype can take off vertically, but once in flight, its patented HOVR wing system reverts to the configuration of a conventional airplane. It operates with up to 30% less hydrocarbon emissions than conventional aircraft conducting similar operations. It is designed with 14 redundant lift fans in hover, through which multiple failures can be tolerated. The Company's Cavorite X7 offers state and federal operations through search and rescue missions and supply delivery to zones affected by tornadoes, hurricanes, landslides, storms, floods, or forest fires. It also provides shuttle and transportation services, plus time-sensitive cargo and goods delivery in underserved, remote regions.