CALGARY, ALBERTA--(Marketwire - Sept. 27, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
FLYHT Aerospace Solutions Ltd. (the "Corporation") (TSX VENTURE:FLY) announced today that it has closed its previously announced non-brokered private placement. Pursuant to the private placement, 1,000,000 common shares of the Corporation were subscribed for by Bill Tempany, President and Chief Executive Officer of the Corporation, at a price of $0.20 per common share for aggregate gross proceeds of $200,000 (the "Offering") to the Corporation. No warrants will be issued as part of this private placement. On September 20, 2012, Mr. Tempany ") sold an aggregate of 997,000 common shares of the Corporation at a price of $0.20 per common share to an investor through the assistance of Raymond James Ltd.
The proceeds will be used to fund business development objectives and for working capital purposes.
All of the securities issued pursuant to the Offering are subject to a four (4) month hold period. Completion of the Offering is subject to the final approval of the TSX Venture Exchange.
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 Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.
AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
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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.