SOURCE: FLYHT Aerospace Solutions Ltd.

FLYHT Aerospace Solutions Ltd.

October 03, 2016 07:04 ET

FLYHT Enters into USD $4.26 Million Sales Contract in China

CALGARY, ALBERTA--(Marketwired - October 03, 2016) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT") is excited to announce it has entered into an agreement with an Information Technology (IT) Company that implements data solutions for Chinese commercial aviation operators in the People's Republic of China for the sale of the Automated Flight Information Reporting System (AFIRS™) 228S.

The initial contract for the sale of AFIRS 228S hardware is valued at approximately USD $4.26 million assuming FLYHT provides the hardware over the full term of the five (5) year agreement. FLYHT data services may be added in the future, further increasing the value of the contract.

"FLYHT is pleased to announce this contract which shows strategic growth in China," remarked Michael Fang, FLYHT's Vice President China Sales. "Our IT customer contracted this hardware purchase for just one of their airline customers using Embraer 190 and 195 aircraft. Should they choose to enable FLYHT's real-time data, they will see enhanced benefits by feeding data to applications that manage, monitor and track aircraft. We look forward to future growth of this relationship as we explore opportunities to support their other airline customers."

Installations are anticipated to begin once the necessary approvals of FLYHT's Supplemental Type Certificates (STC's) for the Embraer aircraft are received. It is anticipated that the General Administration of Civil Aviation of China's (CAAC) approval for the E190 STC will be received in early 2017 and the application for the E195 STC will begin in early 2017.

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 2.2 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.

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Contact Information

  • Contact Information
    FLYHT Aerospace Solutions Ltd.
    Nola M. Heale, CPA, CA
    Chief Financial Officer
    403-291-7425
    nheale@flyht.com

    Investor Relations
    The Howard Group Inc.
    Dave Burwell
    Vice President
    (888) or (403)-221-0915
    dave@howardgroupinc.com