SOURCE: FLYHT Aerospace Solutions Ltd.

FLYHT Aerospace Solutions Ltd.

May 13, 2016 14:32 ET

FLYHT Aerospace Solutions Ltd. Announces Issuance of Incentive Stock Options

CALGARY, AB--(Marketwired - May 13, 2016) - FLYHT Aerospace Solutions Ltd. ("FLYHT") (TSX VENTURE: FLY)(OTCQX: FLYLF) is pleased to announce it has granted incentive stock options for an aggregate 3,454,380 common shares, subject to regulatory approval, to employees, officers and directors under the stock option plan approved at the Annual and Special meeting held on May 11, 2016.

The stock options are exercisable at a price of $0.19 per share which is approximately 10% above the current trading price on the TSX Venture Exchange. They also feature immediate vesting and expire on December 31, 2019. A maximum of 10% of the issued and outstanding shares are reserved under the Company's stock option plan. The options, and any common shares issued upon exercise of the stock options are subject to a four-month resale restriction.

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 (AFIRS™), 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 UpTime™ 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 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.

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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.

Contact Information

  • FLYHT Aerospace Solutions Ltd.
    Nola M. Heale, CPA, CA
    Chief Financial Officer
    403-291-7425
    nheale@flyht.com 

    Investor Relations
    The Howard Group Inc.
    Dave Burwell
    Vice President
    (888) or (403)-221-0915
    dave@howardgroupinc.com