FLYHT Aerospace Solutions Ltd.
TSX VENTURE : FLY

FLYHT Aerospace Solutions Ltd.

May 15, 2013 07:07 ET

FLYHT Signs New AFIRS 220 and 228B Contract With Maldivian Airline

CALGARY, ALBERTA--(Marketwired - May 15, 2013) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) ("FLYHT") reported today that it has signed a contract with a scheduled Maldivian airline for the Automated Information Reporting System ("AFIRS™") 220 and 228B.

The contract requires FLYHT to install the AFIRS 220 on one Boeing 757 and AFIRS 228B on two Boeing 767 aircraft for an operator in the Maldives. The airline will use AFIRS to provide real-time flight data monitoring. The customer will benefit from all AFIRS 220 features including automated Out, Off, On and In times, airframe and engine exceedances, flight tracking and satellite voice communications.

FLYHT will provide equipment and services to the airline over a five year contract with automatic yearly renewals after the initial term. Installations are anticipated to begin in the second 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 $480,000 USD, excluding optional services. The agreement includes the option to upgrade, at an additional charge, to the AFIRS 228S technology if the customer wishes. FLYHT has all necessary certifications to commence installations immediately.

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
    Investor Relations, Senior Associate
    (888) or (403)-221-0915

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