FLYHT Aerospace Solutions Ltd. (formerly Aeromechanical Services Ltd.) and Star Navigation Systems Group Ltd. Announce Settlement of Litigation
CALGARY, AB and TORONTO, ON, MAY 18, 2012: FLYHT Aerospace Solutions Ltd. (formerly Aeromechanical Services Ltd.) (TSX: FLY.V) and Star Navigation Systems Group Ltd. announce that they have reached a full and final settlement of outstanding litigation between them, and that they have agreed to file dismissals of all outstanding claims and counterclaims.
The parties (FLYHT Aerospace Solutions Ltd. (formerly AeroMechanical Services Ltd.), Star Navigation Systems Group Ltd., Star Navigation Systems Inc., Peter Verbeek, and Viraf Kapadia) have agreed to a dismissal of their existing litigation in Ontario on a without costs basis, with no admissions of liability.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.
AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
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