Calgary, Alberta – April 25, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced the receipt of the first of two milestone payments of the aggregate $2.5 million USD license fee due from a technology company (the “Licensee”) (see press release dated December 21, 2015). Further agreement terms, including payment of the final milestone, transfer of the intellectual property (the “IP”) and training of Licensee personnel, will be completed during the second quarter. The licensed IP includes core satellite communication technology but does not include those elements of the FLYHT AFIRS solution that make it truly unique within the industry.
FLYHT has also received an order from an OEM partner for $1.2 million USD of parts with related license fees, for immediate delivery, and has signed its third Chinese airline customer of the year to contract. The undisclosed airline will commence receipt of Automated Flight Information Reporting System (“AFIRSTM”) equipment in May, 2016; aggregate revenue will be approximately $1 million USD provided FLYHT completes all installations.
“China continues to be a great growth area for FLYHT and our OEM relationships are outstanding,” remarked Thomas R. Schmutz, Chief Executive Officer, “The combined revenue elements in this press release amount to $6 million Canadian at today’s exchange rates and they are high margin.”
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 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.
FLYHT Aerospace Solutions Ltd.
Nola Heale, CPA (CA)
Chief Financial Officer
The Howard Group Inc.
(888) or (403)-221-0915
Join us on social media!
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.