FLYHT Signs New Chinese Airline for USD $1.68 Million Sales Contract
Calgary, Alberta – March 1, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is excited to announce the sale of the Automated Flight Information Reporting System (AFIRSTM) to a new commercial airline customer in the People’s Republic of China. This sale was the result of a competitive bid process that FLYHT won against other major Original Equipment Manufacturer (OEM) suppliers.
“This is another important win for FLYHT as we continue to demonstrate our value to the Chinese market,” remarked Michael Fang, FLYHT’s Vice President China Sales. “Airlines in the region can learn more about our technology in April when we present and exhibit at the 4th China Aviation New Technology Forum in Shanghai.”
The initial contract for the sale of AFIRS hardware is valued at approximately USD $1.68 million assuming FLYHT provides the hardware over the full term of the five (5) year agreement. FLYHT’s data services may be added in the future, further increasing the value of the contract.
FLYHT has all the necessary Supplemental Type Certificates (STC’s) to complete installation on the designated aircraft within this contract. Installations are anticipated to begin in the third quarter of 2017.
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 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 2.4 million aggregate flight hours and 1.6 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.
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