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

FLYHT Aerospace Solutions Ltd.

December 10, 2014 07:03 ET

FLYHT Applies For Debenture Extension And Warrant Extension

CALGARY, ALBERTA--(Marketwired - Dec. 10, 2014) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") wishes to announce that it has made application to the TSX Venture Exchange (the "Exchange") to:

  1. extend the maturity date of the Company's debentures (the "Debentures") that were originally issued on December 23, 2010 from four (4) years to six (6) years from the date of issuance in accordance with Exchange policies. The outstanding Debentures that are the subject of the extension application consist of an aggregate of $3,101,000 of Debentures. The Debentures are set to mature on December 23, 2014 and the application being submitted to the Exchange is to extend the maturity date until December 23, 2016. The Debentures continue to bear interest at a rate of 8% per annum and continue to be convertible into common shares of the Corporation ("Common Shares") at a conversion rate of $0.40 per share. The conversion right is also set to expire on December 23, 2014 and the application being submitted to the Exchange is to extend the conversion right expiry date until December 31, 2015 (being one year prior to the proposed revised maturity date of the Debentures); and

  2. extend the term of the share purchase warrants (the "Debenture Warrants") that were originally issued on December 23, 2010 in connection with the Company's private placement of Debentures from four (4) years to five (5) years from the date of issuance in accordance with Exchange policies. The Debenture Warrants that are the subject of the extension application consist of an aggregate of 3,948,750 Debenture Warrants, each with an exercise price of $0.75 per warrant. The foregoing Debenture Warrants are set to expire on December 23, 2014 and the application being submitted to the Exchange is to extend the expiry date until December 23, 2015.

For further information on the original issuance of the Debentures and the Debenture Warrants - please see the Company's press release dated December 23, 2010.

Completion of the Debenture extension is subject to: (i) the approval of the debenture holders in accordance with the trust indenture; and (ii) the final approval of the TSX Venture Exchange. Completion of the Debenture Warrant extension 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 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.

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.

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