FLYHT Aerospace Solutions Ltd.

TSX VENTURE : FLY


FLYHT Aerospace Solutions Ltd.

January 07, 2013 07:03 ET

FLYHT Signs Master Service Agreement With Jabil

CALGARY, ALBERTA--(Marketwire - Jan. 7, 2013) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) ("FLYHT") today announced that it has executed an agreement with Jabil Defense and Aerospace Services, a wholly-owned subsidiary of Jabil Circuit, Inc. (NYSE:JBL), to manufacture the AFIRS 228 product line.

AFIRS 228 is FLYHT's next-generation flagship product. It will provide a fully certified avionics platform capable of meeting all air navigation communications requirements in Europe, the United States and other jurisdictions around the world. It will also provide the input and outputs necessary to enhance the value of real-time data for FLYHT's customers globally. The AFIRS 228 will be the first safety services certified platform on the planet to provide black box data streaming via FLYHTStream™, FLYHT's patent pending solution.

Jabil Defense and Aerospace will begin manufacturing the AFIRS 228B for FLYHT customers globally in the first quarter of 2013 and the AFIRS 228S soon thereafter. Bill Tempany, President and CEO of FLYHT stated: "We are very excited to have a global leader in the manufacture of avionics products be our partner in the production of our flagship product. We are working on the certification required by Transport Canada to have product delivered directly from the Jabil manufacturing facility to our end-customers and are looking forward to the streamlining of our processes."

While this agreement is anticipated to result in reduced manufacturing and inventory carrying costs, the major catalyst is management's expectation of accelerated demand for AFRIS units in 2013.

Mr. Tempany added that "we know Jabil has the global production volumes to obtain preferred pricing and reduced lead times for our products and meet our anticipated volume needs. Information we have been provided indicates that we should expect approximately 25% of the annual Airbus A320 production through factory fit and retrofit installs will require AFIRS units. In order to meet that demand in combination with the ongoing expansion of our customer base, a higher volume production facility needed to be in place."

Scott Gebicke, President of Jabil Defense & Aerospace Services and VP Global Business Units, said, "FLYHT and the AFIRS product represent a disruptive innovation that can transform avionics data management and dissemination. We are proud to help FLYHT deliver the highest quality certified product to its growing customer base and will continue to support them in the development and delivery of their product family."

FLYHT's recent announcements featuring L3, Nigeria and new customers foretells the growth FLYHT expects to see and this relationship will allow FLYHT to meet the product demand, regardless of where in the world that demand comes from.

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. In May 2012 the trading symbol was changed from AMA to FLY in conjunction with a name change from AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. AFIRS, UpTime, FLYHT, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

About Jabil Defense and Aerospace Services

Jabil Defense and Aerospace Services is a wholly-owned subsidiary of Jabil Circuit, Inc., a leading electronic product solutions provider, offering defense and aerospace industry-focused electronic design and manufacturing services. Jabil Defense and Aerospace Services expertise includes rapid prototyping, compressed timelines for design-to-market production, programs and tools to mitigate E&O risk, highly motivated and responsive customer focused workcells, and industry experience and reputation. Jabil helps bring electronics products to the market faster and more cost effectively by providing complete product supply chain management around the world. Jabil provides comprehensive, customer-focused solutions to a broad range of industries. Jabil common stock is traded on the New York Stock Exchange under the symbol, "JBL". Further information is available on the company's website: jabil.com.

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Contact Information

  • FLYHT Aerospace Solutions Ltd.
    Thomas R. French, CGA
    VP Finance and CFO
    403-291-7427
    tfrench@flyht.com

    FLYHT Investor Relations
    The Howard Group Inc.
    Dave Burwell
    Senior Associate
    (888) or (403)-221-0915

    Jabil Investor Relations & Media Contact:
    Beth Walters
    Senior Vice President, Communications & Investor Relations
    Jabil Circuit, Inc.
    (727) 803-3511
    beth_walters@jabil.com