FLYHT Aerospace Solutions Ltd.
TSX VENTURE : FLY

FLYHT Aerospace Solutions Ltd.

November 04, 2013 07:05 ET

FLYHT Signs New AFIR Contract With Eastern European Airline

CALGARY, ALBERTA--(Marketwired - Nov. 4, 2013) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) ("FLYHT") reported today that it has signed a contract with an eastern European airline for the Automated Flight Information Reporting System ("AFIRS™").

The contract requires FLYHT to install the AFIRS on four Boeing 757. The airline will use AFIRS to provide real-time flight data monitoring. The customer will benefit from all AFIRS features including automated Out, Off, On and In times, airframe and engine exceedances, flight tracking, automated engine data collection for real time trending, fuel management and satellite voice communications.

Bill Tempany stated "we are excited to be catching a great opportunity in a part of the world that is expanding and needing global communications and data tools. We see the growth potential in Russia and the former Soviet countries as a strong growth market for us".

FLYHT will provide equipment and services to the airline over a 2 year contract with automatic yearly renewals after the initial term. Installations are anticipated to begin in the fourth quarter of 2013. If FLYHT completes installation on all contracted aircraft and provides recurring service for the full term of the agreement, gross revenue to FLYHT will be approximately $275,800 USD, excluding optional services.

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.

AFIRS, UpTime, FLYHT, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

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Contact Information

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

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

    Bristol Institutional Relations
    Glen Akselrod
    President
    (905) 326-1888