CALGARY, AB--(Marketwired - November 09, 2016) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT") has been selected as the recipient of a $2.35 million interest free WINN loan by Western Economic Diversification Canada.
FLYHT applied for the WINN financial contribution in the spring of 2016 to support plans for technology development in the air and ground components of its satellite/aircraft communications systems. The Company was selected for the interest free loan in a competitive evaluation process that included FLYHT's business plan, technology, commercial viability, internal expertise and capabilities.
"It's really exciting to have been selected for WINN funding which greatly contributes to the work we do in the aerospace sector in Alberta," remarked FLYHT's program manager, Flint Walters. "With these funds, we plan to upgrade the Automated Flight Information Reporting System (AFIRS™) and commercialize the Company's cloud-based UpTime™ software which includes functionality to better support new and current customers."
"FLYHT is poised to be a global player in the aircraft communications technology sector and the innovative satellite systems it is developing can solve real challenges in the industry. The Government of Canada's investment in companies such as FLYHT will generate real growth for the local economy and provide jobs for our skilled workers,"Darshan Kang, Member of Parliament for Calgary Skyview on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada
The WINN funding will be used for FLYHT projects occurring between September 5, 2016 and December 10, 2018. The loan will be repaid between January 2020 and December 2024.
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 2.3 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.
About the Western Innovation Initiative (WINN)
WINN is a Canadian federal government program designed to stimulate greater private sector investment in western Canadian commercialization activities. It helps businesses with less than 500 employees commercialize innovative technology-based products, processes or services by providing an interest free loan of up to $3.5M. Western Innovation (WINN) Initiative
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