CALGARY, ALBERTA--(Marketwire - Sept. 20, 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 Bill Tempany, President, Chief Executive Officer and a Director of the Corporation (the "Selling Shareholder") sold an aggregate of 997,000 common shares of the Corporation ("Common Shares") at a price of $0.20 per Common Share to an investor through the assistance of Raymond James Ltd. The Common Shares sold by the Selling Shareholder are not subject to a hold period restriction.
Subsequent to the above sale of Common Shares, the Selling Shareholder will, subject to the final approval of the TSX Venture Exchange, acquire 1,000,000 Common Shares pursuant to a private placement announced on September 18, 2012.
The terms of the proposed non-brokered private placement are as follows: Up to maximum of 1,000,000 Common Shares are to be issued at a subscription price of $0.20 per Common Share. 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.