FLYHT Provides Second Quarter 2017 Update
Calgary, Alberta – June 26, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce more than USD $3 million in additional sales contracts and purchase orders during the quarter, bringing the total for the quarter to nearly USD $5 million. The following are the updates to the sales activity during the second quarter of 2017:
- FLYHT received orders from an existing OEM partner (see release on July 15, 2014) for approximately USD $2.2 million of parts with related license fees for delivery through January 2018.
- Seven current customers signed contracts for additional Automated Flight Information Reporting System (AFIRSTM) 228 hardware kits and/or voice and data services. These include two Chinese customers, three customers in Africa, one in North America and one in Mexico. These contracts will total approximately USD $833,000 assuming FLYHT provides services over the full term of the agreements.
In addition to these orders, FLYHT previously announced an AFIRS contract with a new Chinese commercial airline customer for USD $1.9 million in a press release on April 20, 2017.
“Our sales team continues to engage with airlines in our target market and attended a number of globally-recognized conferences this quarter in the United States, China, Europe and Mexico,” remarked FLYHT’s CEO Thomas R. Schmutz. “FLYHT’s sales order backlog for just two of our revenue sources, AFIRS hardware kits and the associated recurring voice and data services, now exceeds $25 million dollars.”
The measure of sales order backlog is comprised of the sales value of prior committed contracts for which neither the AFIRS hardware is installed, nor the voice and data services activated. These signed contracts have been previously announced in various press releases. This sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts.
FLYHT was also awarded a Supplemental Type Certificate (STC) for the AFIRS 228 by the Civil Aviation Administration of China (CAAC) for Boeing 737-300/400/500 aircraft. FLYHT holds an industry-significant number of STCs which authorize installation of FLYHT’s products on air transport aircraft, thus enabling sales opportunities for FLYHT. A complete list of STCs can be found on FLYHT’s website (certifications).
About FLYHT Aerospace Solutions Ltd.
FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems 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 2.6 million aggregate flight hours and 1.7 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.
Interim Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
Join us on social media!
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.