SOURCE: FLYHT Aerospace Solutions Ltd.

FLYHT Aerospace Solutions Ltd.

October 05, 2016 07:04 ET

FLYHT Provides Third Quarter Sales Update

CALGARY, AB--(Marketwired - October 05, 2016) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT") is pleased to announce the following updates to customer and parts sales activity in the third quarter of 2016:

  • Received parts orders from an existing OEM partner (see release on July 15, 2014) for approximately USD $1.0 million of parts with related license fees.
  • Signed one new sales agreement for AFIRS 228 hardware equipment of approximately USD $227,000 in the People's Republic of China.
  • Signed an order for voice and data services for an operator in Africa which will total USD $156,000 assuming FLYHT provides services over the full term of the five (5) year agreement.

FLYHT continued to update its certifications during the quarter. FLYHT received the supplemental type certificate ("STC") from the Federal Aviation Administration ("FAA") for the ATR 42-300 and ATR 72-100/200 aircraft.

China Update

In addition to these orders, FLYHT announced its first Chinese customer for data services in a press release on August 15, 2016. During 2016, FLYHT has signed six new contracts in China, five for hardware and one for data services. This brings the contracted number of operators in China to 17 through the end of the third quarter of 2016, and to 18 with the press release announcement on October 3, 2016. FLYHT recognizes the strategic importance of the China market.

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