FLYHT Aerospace Solutions Ltd. Increases its Line of Credit to $1.5 Million
Calgary, Alberta – July 7, 2017 - FLYHT Aerospace Solutions Ltd. (“FLYHT” or “the Company”) (TSX-V: FLY) (OTCQX: FLYLF) is pleased to announce that it has amended its operating demand loan (the "Line of Credit") with a Canadian chartered bank to increase its borrowing availability to CAD $1.5 million from $250,000.
Proceeds from the Line of Credit will be used to support short-term cash needs from increasing trade receivables and inventory requirements from growing sales.
The Line of Credit will continue to bear interest at Canadian chartered bank prime plus 1.5%.
Security includes specific accounts receivable, a guarantee under the Export Development Canada’s (EDC) Export Guarantee Fund and a general security agreement including a security interest in all personal property. This amendment will release the GIC of $250,000 previously pledged as security.
‘’EDC’s focus is to support Canadian companies whose capital needs are predicated on export transactions,’’ said Mark Livingston, Regional Vice President, Western Region, EDC. “With a significant portion of its revenue derived from emerging market opportunities outside of North America, FLYHT is a great example of a company with a successful international growth strategy. We are pleased to provide additional capacity that will continue to support the company’s global sales and corresponding needs for growth capital.”
About FLYHT Aerospace Solutions Ltd.
FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems 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 2.6 million aggregate flight hours and 1.7 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.
Paul Takalo CPA, CA
Interim Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
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