FLYHT Aerospace Solutions Ltd. (TSX.V:FLY) Announces Lead Order For Previously Announced Non-Brokered Private Placement
Calgary, Alberta – June 15, 2012 – FLYHT Aerospace Solutions Ltd. (the "Corporation") (TSX Venture: FLY) today announced BluMont Capital has placed a lead order of $800,000 or four million units for its previously announced non-brokered private placement (press released on May 25, 2012 and June 14, 2012).
“The corporation is pleased that a long term shareholder supports the efforts FLYHT has made over the past few years and sees the importance in the milestones that have been achieved in recent months,” stated Bill Tempany, President and CEO of FLYHT.
“We are very pleased to be the lead $800,000 order for this financing, and that—upon closing of the financing—our participation will take us above the 10% ownership threshold,” stated Hugh Cleland of BluMont Capital. “After a two year lull in sales, the successful launch of the AFIRS 228 heralds a new era for FLYHT. With the NetJets deal and the L-3/OEM assembly line deal as strong signs of pent-up industry demand, we believe that this capital is sufficient to allow FLYHT to become a generator of significant free cashflow. We believe that FLYHT is now positioned to grow its installed base to 3,000 planes or higher over our investment horizon, and we are encouraged that at least four other institutions appear to see the same potential we do, investing in this round of financing at a time when capital is difficult to come by for small and microcap companies.”
With the recent announcements, the Corporation is excited about the acceptance of FLYHT’s solutions by major aviation organizations.
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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