FLYHT Clarifies Proposed Share Consolidation for Consideration at the Annual General Meeting on June 24, 2014
Calgary, Alberta – June 9, 2014 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (the “Company” or “FLYHT”) would like to provide some additional commentary in relation to the information provided in the Company’s annual information circular dated May 23, 2014 (the “Circular”). The Company has received numerous questions from shareholders regarding the proposed shareholders resolution to consolidate shares of the Company as included in the Circular and therefore wishes to clarify its position on this proposed resolution.
It is not the Company’s intent to immediately undertake and complete a share consolidation, nor is it a forgone conclusion that it will ever be completed. FLYHT has been exploring various means to facilitate additional interest in the Company to a broader rank of investors, including both institutional and retail investors. The listing of the Company’s shares on exchanges other than the current TSX Venture Exchange is one possible step to accomplish that goal. Such other exchanges may have numerous listing requirements and in order for FLYHT to qualify to list its common shares on these exchanges a share consolidation may be required. The share consolidation would require shareholder approval (thus a shareholder meeting would be required), which is a costly and time-consuming process. Management of the Company decided it prudent to include the necessary shareholders resolution at the upcoming annual shareholders meeting on June 24, 2014 so if future circumstances were such that the Company thought it was the correct time to graduate and/or list on another exchange, such action could be taken in a timely fashion without the requirement to host an additional shareholders meeting.
FLYHT encourages the investment community to contact the Company or our representatives directly with any further questions.
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.
Thomas R. French, CGA
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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