FLYHT Awarded Western Innovation Initiative (WINN) Loan of $2.76 Million
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) has been selected as the recipient of a $2.76 million interest-free WINN repayable contribution by Western Economic Diversification Canada.
In early 2018, FLYHT applied for WINN funding to support the design and development of an updated Automated Flight Reporting System (AFIRS™) product that will exploit our significant investment in existing aircraft certifications (STCs), UpTime Cloud™, and business intelligence applications enabling us to continue to offer existing and new customers enhanced capabilities which will reduce operating costs and improve aviation safety. FLYHT was selected for this interest-free, repayable contribution through a competitive process that evaluated our business plan, technology, commercial viability, internal expertise, and capabilities.
The focus of FLYHT’s development over the past two years, supported by the first WINN repayable contribution (previously announced in November 2016), was to update the Real-Time Aircraft Intelligence and Communications analytics software applications and UpTime Cloud portal to support alerts and notifications and provide customers with actionable intelligence captured by the AFIRS product from data collected from the aircraft.
“Innovation in digital technology is essential to growing our economy, attracting investment, and creating good, middle-class jobs. This is why the Government of Canada is supporting small- and medium-sized businesses like FLYHT in bringing new technologies and ideas to market,” said the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada.
With the support of this federal funding, FLYHT will design the next generation of AFIRS hardware and embedded software to address parts obsolescence issues and add new market-driven features. The new product will also leverage our expansive library of STCs to provide a faster upgrade path for existing aircraft installations—making it easier for customers to get access to enhanced safety and business analytics capabilities.
FLYHT’s program manager Flint Walters says the design and development team are excited to get started on the project and to have the opportunity to work in Alberta on challenging and innovative projects in the aerospace sector. As Flint noted, “Obtaining WINN funding for a second design and development project is validation that the work we are doing innovating aviation safety and business analytics is important. With support like this, we can grow and build our aerospace talent and expertise in Alberta and continue to deliver cutting edge products to our aviation customers.”
About FLYHT Aerospace Solutions Ltd.
2018 marks FLYHT’s 20th anniversary as a leader in real-time aircraft data streaming. FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRS™) on their aircraft. The solution is used to capture, process and stream aircraft data providing real-time alerts. AFIRS sends this information through satellite networks to FLYHT’s UpTime™ Cloud data center, which gives aircraft operators direct insight into the operational status and health of their aircraft, which in turn enables them to take corrective action to maintain the highest standard of operational control. The Company recently acquired the assets of Panasonic Weather Solutions, including FlightLink™ Iridium Satellite Data Unit and Tropospheric Airborne Meteorological Data Reporting (TAMDAR™) sensor. For more information visit flyht.com.
About Western Economic Diversification Canada
Western Economic Diversification Canada (WD) promotes the development and diversification of the economy of Western Canada and advances the interests of the West in national economic policy, program and project development and implementation.
WD administers programs that advance innovation, business development and community economic development in rural and urban areas throughout the four western provinces. For more information visit https://www.wd-deo.gc.ca/eng/home.asp
|FLYHT Aerospace Solutions Ltd.
Chief Financial Officer
|Adelaide Capital Markets Inc.
Western Economic Diversification Canada
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