FLYHT Provides Third Quarter 2017 Update
Calgary, Alberta – October 3, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce USD $1.7 million in additional sales contracts and purchase orders during the third quarter of 2017, bringing the total for the quarter to nearly USD $3.1 million, assuming FLYHT provides services over the full term of the agreements. The following are the updates regarding sales activity during the third quarter.
- FLYHT received additional orders from an existing OEM partner (see release on July 15, 2014) for parts with related license fees for delivery.
- Three existing customers, one in Africa and two in China, ordered additional Automated Flight Information Reporting System (AFIRSTM) 228 hardware kits and/or voice and data services.
- FLYHT received a purchase order from a leasing company located in Ireland for three aircraft. Along with Avmax, this is FLYHT’s second relationship with a leasing company.
- FLYHT also received a purchase order from a military logistics company for AFIRS units.
- FLYHT signed a contract with one Airline in South Korea.
- FLYHT signed a contract with the Operator Bahamasair.
Bahamasair, which operates in the Caribbean, will add AFIRS to their current fleet of ATR and B737 aircraft. As part of this agreement, Bahamasair will also utilize FLYHT’s UpTimeTM Cloud solution to provide real-time data to support their Operations Control and to support their maintenance operations.
The airline will take full advantage of FLYHT’s services to monitor and manage the health of its aircraft. These services include global voice and text messaging capabilities to stay in constant contact with Bahamasair pilots. FLYHTHealthTM will monitor the status of aircraft systems and engines and will alert the airline to any maintenance or operational issues. FLYHTASDTM will provide Bahamasair with an aircraft situational display, an electronic, real-time map of their assets, enabling the airline to configure flight tracking intervals.
“We are excited to add Bahamasair to our customer list. Caribbean operations can be challenging because of high daily aircraft utilization with a number of shorter flight segments, expanded long-haul routes to the southern Caribbean, and generally, a vast number of over-water flights,” remarked David Perez, FLYHT’s VP Sales and Marketing. “Bahamasair will achieve positive benefits from real-time awareness that FLYHT is providing to other operators in the region.”
In addition to the latest orders above, FLYHT previously announced AFIRS contracts in the third quarter with two new Chinese cargo airlines for USD $1.4 million in a press release on September 5, 2017.
FLYHT was issued a Supplemental Type Certificate (STC) for the AFIRS 228 by Transport Canada Civil Aviation (TCCA) for Bombardier Q-400 in July and revised an STC in August that allows modifications on certain Airbus A320 aircraft to introduce AFIRS 228S real-time data services.
FLYHT also received final approval for activation of the TCCA STC for the E-190 Embraer Jet family. However, delays encountered in test flights, which are outside of FLYHT’s control, have caused Federal Aviation Authority (FAA) and the associated Chinese CAAC STC approvals to be achieved later than was planned and will therefore negatively impact the revenue plan for the third quarter. The receipt of these remaining approvals is anticipated during the fourth quarter of this year.
About FLYHT Aerospace Solutions Ltd.
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 (AFIRSTM) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTimeTM cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.
FLYHT Aerospace Solutions Ltd.
Interim Chief Financial Officer
The Howard Group Inc.
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