FLYHT Provides Quarterly Update
Calgary, Alberta – July 6, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce the following updates:
- During the second quarter of 2016, FLYHT signed three new contracts for voice and data services. Two of the airlines elected to turn on the services after purchasing preowned aircraft with the Automated Flight Information Reporting System (“AFIRSTM”) already installed. In the case of the third airline, the value of the hardware sale was accounted for in a contract in the Fall of 2015 (see press release dated September 28, 2015). New, aggregate data services revenue on the three new contracts will be approximately $304,000 USD assuming FLYHT provides services for the full term of the agreements. Optional services are available to the customers in addition to what has been ordered.
- FLYHT is also pleased to report that a former client that had been discontinued for non-payment in 2014, has extended their contract, paid their arrears and added additional aircraft to the service agreement. Aggregate data and hardware revenue on this contract will be approximately $972,000 USD assuming FLYHT provides services over the full term of the agreement.
These four airlines bring the number of new direct sales contracts signed in the second quarter to five (including one customer in China announced in a press release dated April 25, 2016). The combined value of the new contracts signed in the second quarter is $2.3 million USD over the term of the agreements.
- In the quarter FLYHT added further certifications with the receipt of the Civil Aviation Administration of China (“CAAC”) supplemental type certificate (“STC”) for the Boeing 767 200 and 300 series. This STC is important to FLYHT because FLYHT has a Chinese Operator under contract with five 767s. Management of FLYHT anticipates that the operator is close to completing the first AFIRS 228 installation with the second installation underway.
- The Company’s outstanding redeemable debentures matured and were repaid in full by FLYHT for $2.5 million on June 30, 2016.
About FLYHT Aerospace Solutions Ltd.
FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 50 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems in order 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 million aggregate flight hours and 1.5 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.
Nola M. Heale, CPA, CA
Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
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