FLYHT Aerospace Solutions Ltd. Announces Updates Including New Airline Contracts and IP Sales Update
Calgary, Alberta – March 29, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced the following updates:
FLYHT has signed contracts over the past six months with six new airlines including three in China, for a total of 13 aircraft, that will install the Automated Flight Information Reporting System (“AFIRSTM”) and/or sign up for UpTimeTM products, generating recurring revenue. Aggregate revenue on all six contracts will be approximately $615,000 USD provided FLYHT completes all installations and provides recurring revenue services for the full terms of the agreements. Optional services are available to the customers in addition to what has been ordered.
“We are making progress worldwide with airlines and China continues to be a growing market for FLYHT,” remarked VP Sales and Marketing David Perez. To improve customer relations and sales opportunities in China, FLYHT has hired a new account manager stationed in Shanghai. “The new position provides local support for airlines in the region which allows the VP, China Sales to focus full-time on sales efforts.”
Independent from these events noted above, FLYHT has executed an amendment modifying the payment dates for the IP license agreement previously entered into between FLYHT and a technology company (the "Licensee") (see press release dated December 21, 2015). All terms of the agreement remain unadjusted except for the license payments to FLYHT have been delayed while the Licensee completes certain internal processes and confirms their market demand. The amendment modifies the license payments to occur in the second quarter of 2016.
About FLYHT Aerospace Solutions Ltd.
FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 50 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems in order to increase safety, improve operational efficiencies and enhance profitability. FLYHT’s proprietary technology, the Automated Flight Information Reporting System (AFIRSTM), operates on multiple aircraft types and provides functions such as safety services voice and text messaging, data collection and transmission, and on-demand streaming of flight data recorder (black box), engine and airframe data. AFIRS sends this information through the Iridium Satellite Network to FLYHT’s UpTimeTM ground-based server, which routes the data to customer-specified end points and provides an interface for real-time aircraft interaction. AFIRS has flown over 2 million aggregate flight hours and 1.5 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.
FLYHT Aerospace Solutions Ltd.
Nola M. Heale, CPA, CA
Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
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