Navtech, Inc.
OTC Bulletin Board : NAVH

Navtech, Inc.

March 13, 2007 16:19 ET

CORRECTION FROM SOURCE: Navtech Reports Fiscal 2007 First Quarter Results

WATERLOO, ONTARIO--(CCNMatthews - March 13, 2007) - In the release issued on March 13, 2007 at 14:58 ET, there was an inadvertent error in the paragraph below the table that starts with "Income from operations...". The word "million" after the figure $649,000 appeared incorrectly. The sentence should have read "Income from operations for the first quarter of fiscal 2007 was $609,000 after $649,000 of depreciation and amortization expense." The correct release follows:

Attention: Business Editors

Navtech, Inc. (OTCBB:NAVH), a leading international provider of flight operations software and services, today announced its financial results for its first quarter of fiscal 2007 ended January 31, 2007.

Financial Highlights (USD)

Three months ended
January 31,
2007 2006(1)
Revenue $ 10,259,000 $7,909,000

Operating expenses 9,650,000 6,896,000

Income from operations 609,000 1,013,000

Net earnings 256,000 380,000

(1) Financial results for the three months ended January 31, 2006 include
the operating results of European Aeronautical Group AB ("EAG") from
November 22, 2005, the date of acquisition by Navtech, to January 31,
2006 (approximately 2 1/3 months).

Revenue for the first quarter of fiscal 2007 was $10.3 million compared to $7.9 million for the same quarter last year. Service fees, which are primarily subscription-based recurring revenues, accounted for over 90% of total revenues in the quarter.

Income from operations for the first quarter of fiscal 2007 was $609,000 after $649,000 of depreciation and amortization expense.

"We continue to be pleased with the financial results and revenue growth since the acquisition of EAG", said David Strucke, Navtech's President and CEO. "We are continuing with a number of initiatives to capitalize on the market's response to our broadened product offering."

About Navtech, Inc.

Navtech creates and supports superior flight operations software and services for airlines. With more than 300 airline customers around the world, Navtech's products directly support millions of flights around the globe each year. Navtech's product portfolio includes aeronautical charts, navigation data, flight planning, crew planning, runway analysis, and weight & balance systems. Navtech has more than 250 employees with offices in the United States, Canada, Sweden, the United Kingdom and Singapore. For more information, please go to

FORWARD-LOOKING STATEMENTS: This release may include forward-looking statements concerning the Company's intent, belief or current expectations with respect to, among other things, trends affecting its financial condition or results of operations and its business and growth strategies. Such forward-looking statements are based upon assumptions that may not be correct, are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. The Company does not undertake any obligation to update or revise any forward-looking statements. All forward-looking statements are subject to the risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including those set forth under "Other Considerations" in the "Management's Discussion and Analysis or Plan of Operation" section of the Company's Annual Report on Form 10-KSB for the year ended October 31, 2006.

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