FLYHT Updates October 3 Chinese Sales Contract to USD $6.94 Million
Calgary, Alberta – November 14, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced it has signed an amendment to the contract announced on October 3, 2016 with an Information Technology (IT) Company that implements data solutions for Chinese commercial aviation operators in the People’s Republic of China.
The contract amendment is for the sale of the Automated Flight Information Reporting System (AFIRSTM) 228S for an increase to an approximate value of USD $6.94 million, from the initial sales agreement of USD $4.26 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. The other terms of the contract remain unchanged.
“FLYHT is pleased to sign an amendment to our current agreement with this IT company. The airline client of the IT company has decided to purchase more aircraft than planned and wants AFIRS on their fleet. This amendment will cover the revised fleet size,” remarked Michael Fang, FLYHT’s Vice President China Sales.
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 2.3 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.
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