FLYHT Aerospace Solutions Ltd.
OTCQX : FLYLF
TSX VENTURE : FLY

FLYHT Aerospace Solutions Ltd.

September 16, 2014 07:04 ET

FLYHT Announces CFO Retirement, Appoints New CFO

CALGARY, ALBERTA--(Marketwired - Sept. 16, 2014) -

Editor's Note: There is a photo associated with this release.

FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") announces the retirement of its Chief Financial Officer ("CFO"), Thomas French, CGA, effective September 15th, 2014. The Board of Directors ("the Board") has approved the appointment of Ms. Nola Heale, CA as the new CFO effective September 15th, 2014. Mr. French will remain with the Company until December 31st, 2014 to assist in the transition and complete projects for the Board.

Tom French stated, "I joined FLYHT eight years ago and have never been more optimistic about its future than I am today. I felt it was the appropriate time to pass the financial reigns of FLYHT on to Nola so I could devote 100% of my time to dealing with some family health issues as well as providing FLYHT with the opportunity to recruit a CFO with the skillset needed to move to the next level of financial management. I would like to thank Bill Tempany and the Board for the support they have given me over a very difficult eight months. I am excited about FLYHT's future and remain committed to the Company."

Bill Tempany, CEO, stated, "FLYHT has evolved over the eight years Tom has been steering our financials from a small entrepreneurial research and development shop to a force in global aviation on the way to providing world leading technologies to an industry in dire need of change. The Board and myself want to thank Tom for his dedication and extreme efforts through some trying times to get us to the point we are today. He will be missed by everyone at FLYHT and we wish him the very best.

"The board, management and staff want to welcome Nola Heale to the group. We are excited about the opportunities and challenges we face and we are confident that Nola will bring new strength to our team."

Nola Heale has 30 years financial management and reporting experience on three continents in diverse industries, including manufacturing, services and transportation logistics industries. She has held positions as chief financial officer, board director, financial and general operations management in public and private companies. Nola is a Canadian and a South African Chartered Accountant, an Associate of the Chartered Institute of Management Accountants (United Kingdom) and a Chartered Global Management Accountant; she is a graduate of the Advanced Program of Canadian Board Diversity Council and is the past president of Financial Executives International ("FEI") Canada, Calgary Chapter where she remains on the Board and National Chapter Leadership Council.

As part of her appointment as FLYHT's CFO, Ms. Heale will be granted incentive stock options of the Corporation for a total of 150,000 common shares of the Corporation at a price of $0.53 per share expiring on December 31, 2017, under the formal stock option plan approved at the Annual General Meeting held in June 2014, subject to regulatory approval. A maximum of 10% of the issued shares are reserved for issuance for the Corporation's Stock Option Policy. The options vest immediately and are subject to a four month hold period.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, FLYHT's triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Dragon is FLYHT's latest product, a revolutionary light weight portable satellite communications device that blends existing FLYHT technology with that of the iPad.

AFIRS, UpTime, the Dragon, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

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