FLYHT Announces Approved Debenture Extension and Warrant Extension
Calgary, Alberta – December 22, 2014 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announces that its Debenture Extension, previously announced in a press release dated December 10, 2014, has been approved by the necessary majority of the debentureholders in accordance with the trust indenture; and that final approval has been received from the TSX Venture Exchange.
“We appreciate the strong support of the debentureholders,” stated Bill Tempany, CEO of FLYHT. “We wish all of our shareholders, customers and partners a Merry Christmas and a Happy and prosperous New Year.”
The approval of the extensions will:
(i) extend the maturity date of the Company’s debentures (the "Debentures") that were originally issued on December 23, 2010 from four (4) years to six (6) years from the date of issuance in accordance with Exchange policies. The outstanding Debentures that are the subject of the extension consist of an aggregate of $3,101,000 Debentures. The application approved by the Exchange extends the maturity date until December 23, 2016. The Debentures continue to bear interest at a rate of 8% per annum and continue to be convertible at any time at the election of the debenture holder into common shares of the Corporation ("Common Shares") at a conversion rate of $0.40 per share. The application approved by the Exchange extends the conversion right expiry date until December 23, 2015 (being one year prior to the proposed revised maturity date of the Debentures); and
(ii) extend the term of the share purchase warrants (the "Debenture Warrants") that were originally issued on December 23, 2010 in connection with the Company's private placement of Debentures from four (4) years to five (5) years from the date of issuance in accordance with Exchange policies. The Debenture Warrants that are the subject of the extension application consist of an aggregate of 3,948,750 Debenture Warrants, each with an exercise price of $0.75 per warrant. The application approved by the Exchange extends the expiry date until December 23, 2015.
For further information on the original issuance of the Debentures and the Debenture Warrants - please see the Company’s press release dated December 23, 2010.
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 Dragon is FLYHT’s latest product, a revolutionary light weight portable satellite communications device that blends existing FLYHT technology with that of the iPad.
AFIRS, UpTime, the Dragon, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
FLYHT Aerospace Solutions Ltd.
Nola Heale, CA
Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
Bristol Institutional Relations
Kin Communications Inc.
(866) or (604) 684-6730
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.