FLYHT Aerospace Solutions Ltd. Announces Issuance of Incentive Stock Options

Calgary, Alberta – May 12, 2017 – FLYHT Aerospace Solutions Ltd. (“FLYHT”) (TSX-V: FLY) (OTCQX: FLYLF) is pleased to announce it has granted incentive stock options for an aggregate 3,660,220 common shares, subject to regulatory approval, to employees, officers and directors under the stock option plan approved at the Annual and Special Meeting held on May 10, 2017.

The stock options are exercisable at a price of $0.22 per share. They also feature immediate vesting and expire on December 31, 2020. A maximum of 10% of the issued and outstanding shares are reserved under the Company’s stock option plan. The options, and any common shares issued upon exercise of the stock options are subject to a four-month resale restriction.


About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.5 million aggregate flight hours and 1.7 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Reports First Quarter 2017 Results

Fourth Consecutive Profitable Quarter and Increasing Cash

Calgary, Alberta – May 10, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”), the leading provider of real-time data streaming and communication technologies in the aerospace industry, has reported financial results for the first quarter ended March 31, 2017.

“FLYHT is pleased with our first quarter results and the Company’s improved cash position,” stated Thomas R. Schmutz, Chief Executive Officer of FLYHT. “We achieved $218,156 in EBITDA and a 43% improvement in revenue over the comparable 2016 period. In addition, we announced nearly $6 million of direct contract sales in the quarter, starting the year strong in sales.”

First Quarter highlights include:

  • Revenue of $3,729,082, which represents 42.8% increase over the first quarter of 2016.
  • EBITDA[1] of $218,156 in the quarter compared to negative $993,836 in the same quarter of 2016.
  • Net income of $113,340 which was an increase of $1,356,282 over the first quarter of 2016.
  • Gross profit was 69.5% of revenue compared to 67.0% for the first quarter of 2016.
  • Recurring revenue (voice and data services) of $1,154,473, an increase of 8.1% over the first quarter of 2016, and parts sales $1,563,918, an increase of 52.1%.
  • Distribution expenses were $1,195,194 representing an increase of $62,467 compared to the first quarter of 2016, attributable mainly to higher costs associated with sales activities.
  • Administration expenses were comparable to the same quarter of 2016 with a decrease of $307 to $638,120 in the quarter.
  • Research and development expenses were $561,158, or 43.2% lower than in the same quarter of 2016, when a warranty claim was settled. No similar expense was incurred in the current year.
  • Customer deposits of $701,556 at quarter end were a small increase from Q1 2016, and payments received in the quarter were $368,217 higher than the same quarter last year.
  • The value of deposits moved to unearned revenue was $898,008, a decrease of $337,554 compared to Q1 2016, but $195,426 increase compared to Q4 2016.
  • Unearned revenue decreased in the quarter to $807,494 from $827,235 at December 2016. This was 58.7% lower than March 2016, but is consistent with balances in the last half of the 2016 year.
  • Revenue recognized on AFIRS units shipped was $489,667 higher than in Q1 2016. Revenue was recognized on 15 installation kits in Q1 2017 compared to 9 in the first quarter of 2016.
  • The value of AFIRS units shipped in Q1 2017 was $898,008, a 27.3% decrease from Q1 2016, but 27.8% higher than in Q4 of 2016.

Detailed information in FLYHT’s 2017 First Quarter Report containing the CEO’s Message, Management Discussion and Analysis and Financial Statements has been posted to the Company’s website and can be accessed at http://flyht.com/financial-reports/. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.

FLYHT’s Annual and Special Meeting will be held on May 10, 2017 at 2:00 PM (MT) at Fort Calgary – JOW Gallery 750 – 9th Avenue SE, Calgary, Alberta.

FLYHT will not host a live conference call about the first quarter results, however, will provide an update through a live video feed of the Company’s Annual and Special Meeting. The video will be available on FLYHT’s Facebook page, www.facebook.com/flyht starting at approximately 2:15 pm MT. The video will be accessible to those with a Facebook account. An archive video of the meeting will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available. http://flyht.com/presentation-and-webcast/

Questions submitted to management by e-mail before 1:00 pm (MT) on May 10 will be answered during the meeting. Questions can be emailed to investors@flyht.com.


About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.5 million aggregate flight hours and 1.7 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

[1] EBITDA: defined as earnings before interest, income tax, depreciation and amortization (a non-GAAP financial measure).

FLYHT Aerospace Solutions Ltd. To Present Q1 Results at Annual and Special Meeting

Calgary, Alberta – May 3, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) will discuss its first quarter results at its Annual and Special Meeting to be held at 2:00 pm (MT) on Wednesday, May 10, 2017 at Fort Calgary.

Shareholders are invited to attend the meeting where management will provide a presentation and answer questions about the status of the Company.

FLYHT will not host a live conference call about the first quarter results, however, will provide an update through a live video feed of the Company’s Annual and Special Meeting. The video will be available on FLYHT’s Facebook page, www.facebook.com/flyht, starting at approximately 2:15 pm MT. The video will be accessible to those with a Facebook account. An archive video of the meeting will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available. http://flyht.com/presentation-and-webcast/

Questions submitted to management by e-mail before 1:00 pm (MT) on May 10 will be answered during the meeting. Questions can be emailed to investors@flyht.com.

Venue Details:
FLYHT’s Annual and Special Meeting will be held on May 10, 2017 at 2:00 PM (MT) at Fort Calgary – JOW Gallery 750 – 9th Avenue SE, Calgary, Alberta.


About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.5 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Signs USD $1.9 Million Sales Contract with Chinese Airline

Calgary, Alberta – April 20, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce the sale of the Automated Flight Information Reporting System (AFIRS™) to a new commercial airline customer in the People’s Republic of China.

“FLYHT is excited to announce its latest customer in China, this airline is very interested in our technology to support their operations,” commented Michael Fang, FLYHT’s Vice President China Sales. “Members of FLYHT’s executive team met with several current and prospective customers in the region last week where we are seeing steady demand for our solutions to meet airlines’ satellite communications and data needs.”

The initial contract for the sale of AFIRS hardware is valued at approximately USD $1.9 million assuming FLYHT provides the hardware over the full term of the five (5) year agreement. FLYHT’s data services may be added in the future, further increasing the value of the contract.

FLYHT has all the necessary Supplemental Type Certificates (STC’s) to complete installation on the designated A320 aircraft within this contract. Installations are anticipated to begin in the third quarter of 2017.


About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.5 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT to Present on Real-time Data Streaming at the 4th China Aviation New Technology Forum 2017

CALGARY, AB–(April 10, 2017) – FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) will exhibit and present among an international delegation of leading aviation technology companies at the 4th China Aviation New Technology Forum in Shanghai, China, April 12-13, 2017.

Key members from FLYHT’s executive team including Thomas R. Schmutz, CEO, David Perez, VP Sales and Marketing, and Michael Fang, VP China Sales, will present on April 13th, the Company’s real-time flight data recorder (FDR) streaming technology to over 35 Chinese airlines. The presentation will be focused on the Company’s triggered approach to streaming, alignment with international aviation regulations and the International Civil Aviation Organization’s (ICAO) flight tracking requirements, as well as the recent Chinese flight tracking mandate. The team from FLYHT will demonstrate how FLYHT’s technology provides enhanced safety benefits along with real-time data that contributes to airlines’ improved maintenance and operations.

“We will demonstrate the benefits our technology can provide to conference delegates, a group made up of airlines, OEMs, vendors and regulators,” remarked David Perez. “Through networking opportunities and meetings, we will share success stories from current customers about the value of enhanced connectivity and vital aircraft intelligence.”

Stop by FLYHT’s booth at E15.

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.4 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
David Perez
VP Sales and Marketing
817-300-3332
dperez@flyht.com

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.

FLYHT Reports Record 2016 Year End Results

Third Consecutive Profitable Quarter and First Profitable Year

Calgary, Alberta – April 4, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) a leader in real-time data and communication technologies in the aerospace industry has reported financial results for the quarter and year ended December 31, 2016.

“FLYHT made notable progress in 2016; we reported three straight, record-setting quarters,” stated Thomas R. Schmutz, Chief Executive Officer of FLYHT. “We had $2.5 million in EBITDA and a net profit for the first time in history, a 37% increase in revenue over 2015, paid off $5.4 million in debentures, rolled out a new software platform and signed several new sales contracts. We are happy to celebrate these results with our shareholders and partners.”

Fourth Quarter highlights include:

  • Revenue of $4,127,827, which represents 9.5% increase over the fourth quarter of 2015.
  • Recurring revenue (voice and data services) of $1,169,741, an increase of 9.5% over the fourth quarter of 2015, and parts sales $2,091,720, an increase of 86.1%.
  • Gross profit was 74.9% of revenue compared to 64.4% for the fourth quarter of 2015.
  • EBITDA[1] of $243,017 in the quarter compared to negative $902,784 in the same quarter of 2015.
  • Net income of $79,709 which included research and development (R&D) costs of $725,739, which if removed would have resulted in net income of $805,448. The net income increased $1,283,707 over the fourth quarter of 2015.
  • Distribution expenses were $1,424,211 representing an increase of $339,768 compared to the fourth quarter of 2015, attributable mainly to higher people costs.
  • Administration expenses decreased to $719,097 in the quarter; a decrease of $854,699 compared to the same quarter in 2015 due to severance and share based remuneration costs in the prior year that did not recur, decreased costs of investor relations consultants and lower travel costs.
  • Customer deposits of $317,899 at quarter end were a 68.9% decrease from Q4 2015 and payments received were $716,828 lower than the same quarter last year due to the normal variability between quarters. The value of deposits moved to unearned revenue was $702,582, a decrease of $30,153 compared to Q4 2015.
  • Unearned revenue decreased in the quarter to $827,235 from $1,145,341 or 27.8% lower than the fourth quarter of 2015.
  • Revenue recognized on AFIRS units shipped was $886,975 lower than in Q4 2015. Revenue was recognized for 12 installation kits in Q4 2016 compared to 28 in the fourth quarter of 2015. In 2016, revenue was recognized for 73 kits, compared to 58 in 2015.
  • The value of AFIRS units shipped in Q4 2016 was a 4.1% decrease from 2015 ($30,153).

[1] EBITDA: defined as earnings before interest, income tax, depreciation and amortization (a non-GAAP financial measure).

Year Highlights Include:

  • Revenue of $14,331,191, which represents an increase of 37% over 2015, owing to a significant increase in parts sales, more AFIRS units, and an increase in recurring revenue.
  • Recurring revenue (voice and data services) was $4,375,138, an increase of 9.7% over 2015, and AFIRS sales were $3,931,607 an increase of 16.6%.
  • Gross profit for 2016 was 68.4% of revenue compared to 69.3% in 2015.
  • EBITDA of $2,503,610; a $5,660,040 increase from the $3,156,430 negative EBITDA in 2015.
  • Net income for the year was $1,712,718 compared to a loss of $3,891,560 in 2015, an increase of $5,604,278. If R&D costs were removed, the gain would have been $4,313,947, an improvement of 496.1%.
  • Distribution expenses were $4,907,039, an increase of $929,406 from 2015 due to higher people cost offset by a recovery of a bad debt written off in 2014.
  • Administration expenses decreased to $3,087,656 from $3,676,953 for 2015, or a decrease of $589,297 due to decreased severance costs, a decrease in investor relations consultants and lower travel costs.
  • R&D expenses were $2,601,229, a decrease of 7.2% from 2015 due mainly to lower people cost and partially offset by the settlement of a warranty claim.
  • Net finance costs increased 6.0% or $40,220 in 2016 to $713,499.
  • Cash burn reduced significantly as the year progressed. Q1 operating activities absorbed cash of $292,087, Q2 generated cash of $1,162,445, Q3 absorbed $401,053 and Q4 absorbed $24,124.
  • In total $445,181 cash was generated by operating activities in 2016 and cash absorbed by the Company, after redeeming $5,360,000 debentures in cash mainly from the proceeds of $5,086,513 shares and warrants issued and $3,228,166 sale of a license to use certain intellectual property, was $479,215; $2,415,263 less cash absorbed than in 2015.
  • At year end, current assets exceeded current liabilities by $1,724,190 (55.4%) and total assets exceeded total liabilities by 40.5% ($1,877,359). In 2015, the Company had negative net assets.

Detailed information in FLYHT’s 2016 Annual Report containing the CEO’s Message, Management Discussion and Analysis and Financial Statements has been posted to the Company’s website and can be accessed at http://flyht.com/financial-reports/. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.

FLYHT will host a live conference call to discuss fourth quarter results on Wednesday, April 5, 2017 at 9 am MDT (11 am EDT, 8 am PDT). The conference call will include a brief presentation about FLYHT’s fourth quarter and year end results followed by a question and answer period with management.

To access the conference call by phone within Canada and the U.S.A., the toll-free number is 1-800-319-4610. Outside Canada and the U.S.A., dial 1-604-638-5340. (Callers should dial in five to 10 minutes prior to the scheduled start time).

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call, can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com.

An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available from the conference call provider. http://flyht.com/presentation-and-webcast/


About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.4 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Provides First Quarter 2017 Update and Announces Fourth Quarter 2016 Conference Call

Calgary, Alberta – March 28, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce the following updates to sales activity in the first quarter of 2017:

  • Received orders from an existing OEM partner (see release on July 15, 2014) for approximately USD $1.5 million of parts with related license fees.
  • One new and seven current customers signed contracts for additional Automated Flight Information Reporting System (AFIRS™) 228 units and/or voice and data services. These included three Chinese airlines, two customers in Africa and one in Europe. These contracts will total approximately USD $1.5 million assuming FLYHT provides services over the full term of the agreements.

“FLYHT has now welcomed its second Chinese customer to utilize real-time data benefits,” remarked FLYHT’s CEO Thomas R. Schmutz. “Also, several customers chose to upgrade their tracking functionality with FLYHT’s aircraft situational display. FLYHTASD™ is a component of UpTime™ Cloud that enhances aircraft tracking and simplifies operational communications with aircraft.”

In the quarter, FLYHT was awarded Supplemental Type Certificates (STC) for the AFIRS 228 by the Federal Aviation Administration (FAA) for MD 82/83 aircraft and from the General Administration of Civil Aviation of China (CAAC) for the Boeing 757.

Conference Call Details

FLYHT will host a live conference call to discuss fourth quarter results on Wednesday, April 5, 2017 at 9 am MDT (11 am EDT, 8 am PDT). The conference call will include a brief presentation about FLYHT’s fourth quarter and year end results followed by a question and answer period with management.

To access the conference call by phone within Canada and the U.S.A. the toll-free number is 1-800-319-4610. Outside Canada and the U.S.A., dial 1-604-638-5340. (Callers should dial in five to 10 minutes prior to the scheduled start time).

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call, can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com.

An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available from the conference call provider. http://flyht.com/presentation-and-webcast/

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.4 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Launches UpTime™ Cloud Software

Calgary, Alberta – March 20, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce the official launch of its latest software, UpTime™ Cloud.The UpTime Cloud web portal improves the Company’s software

The UpTime Cloud web portal improves the Company’s software usability, while providing enhancements to security and infrastructure. The new web-based interface allows customers to access all products through a single web portal, providing an improved look and feel. Customers receive real-time aircraft data feeds through UpTime Cloud’s web-based application. The goal of the new cloud-based solution is to allow airlines to “manage by exception”, focusing on the operational problems that cause delays, cancellations and overall flight disruptions.

UpTime Cloud allows airlines to send and receive text messages, alerts, notifications, and conduct remote systems diagnostics, which allows them to access aircraft data in real time and define the content and amount of data they receive.

With UpTime Cloud, FLYHT can provide airline executives, operations, maintenance directors, and other stakeholders, tailored views on their business data to help them make informed, cost-saving and potentially lifesaving decisions,” remarked David Perez, Vice President, Sales and Marketing. “Our products give them insight into their operations, enabling them to take appropriate action to control and grow their business.”

The UpTime Cloud suite of products includes Iridium satellite communications with FLYHTMail™ and FLYHTVoice™; real-time flight tacking with FLYHTLog™ and FLYHTASD™ (aircraft situational display); aircraft health monitoring with FLYHTHealth™; along with fuel management, FLYHTFuel™ and real-time flight data recorder streaming, FLYHTStream™.

UpTime Cloud products are part of FLYHT’s ongoing effort to offer greater value to customers by delivering a configurable flight tracking solution combined with business intelligence applications and data analytics. The UpTime Cloud solution has been deployed for select customers. New customers will be enabled on Uptime Cloud while legacy customers will migrate to Uptime Cloud over time according to their business priorities.

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 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 2.4 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Signs New Chinese Airline for USD $1.68 Million Sales Contract

Calgary, Alberta – March 1, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is excited to announce the sale of the Automated Flight Information Reporting System (AFIRS™) to a new commercial airline customer in the People’s Republic of China.  This sale was the result of a competitive bid process that FLYHT won against other major Original Equipment Manufacturer (OEM) suppliers.

“This is another important win for FLYHT as we continue to demonstrate our value to the Chinese market,” remarked Michael Fang, FLYHT’s Vice President China Sales. “Airlines in the region can learn more about our technology in April when we present and exhibit at the 4th China Aviation New Technology Forum in Shanghai.”

The initial contract for the sale of AFIRS hardware is valued at approximately USD $1.68 million assuming FLYHT provides the hardware over the full term of the five (5) year agreement. FLYHT’s data services may be added in the future, further increasing the value of the contract.

FLYHT has all the necessary Supplemental Type Certificates (STC’s) to complete installation on the designated aircraft within this contract. Installations are anticipated to begin in the third quarter of 2017.

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 60 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems 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 2.4 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Enters USD $1.3 Million Sales Contract with Existing Chinese Customer

Calgary, Alberta – January 26, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce it has entered a contract with an existing customer in the People’s Republic of China for the sale of the Automated Flight Information Reporting System (AFIRS™) for installation on Airbus A320 and Airbus A320NEO.

This contract for the sale of AFIRS 228 hardware is valued at approximately USD $1.3 million assuming FLYHT provides the hardware over the full term of the agreement. The operator is adding new Airbus A320 aircraft to its current fleet of CRJ-900 aircraft. The customer will install AFIRS as they take delivery of the new aircraft. This operator was highlighted in a previous press release, FLYHT Signs its First Chinese Customer for Data Services on August 15, 2016. FLYHT data services may be added to these new aircraft when they are placed into service, further increasing the value of the contract.

Installations are anticipated to begin in the middle of 2017; FLYHT currently owns required Supplemental Type Certificates (STC’s) to commence the installations on the A320 and will pursue updates for the A320NEO.

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 60 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems 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 2.4 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Provides Fourth Quarter Update

Calgary, Alberta – January 4, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce the following updates to sales activity in the fourth quarter of 2016:

  • Received orders from an existing OEM partner (see release on July 15, 2014) for approximately USD $1.8 million of parts with related license fees.
  • Signed two new airline customers in The People’s Republic of China (China) for Automated Flight Information Reporting System (AFIRS™) 228 hardware equipment and added units with an existing customer in the region. These contracts will total approximately USD $709,000 assuming FLYHT provides services over the full term of the five (5) year agreements. The new contracts bring the number of FLYHT customers in China to 20.
  • Two existing customers added AFIRS 228 units with voice and data services; one airline operates in North America and the other in Africa. The contract revenue will be approximately USD $811,000 assuming FLYHT provides services over the full term of the five (5) year agreements.

Additionally, the Company’s outstanding redeemable debentures matured and were repaid in full for $3.1 million on December 23, 2016.

FLYHT was awarded an additional Supplemental Type Certificate (STC) by the General Administration of Civil Aviation of China (CAAC).  This allows further installation of the AFIRS solution on the CRJ 100, 200, 440, 700 and 900 aircraft.

“FLYHT has had a successful 2016 and we are excited about what 2017 may bring,” remarked FLYHT’s CEO Tom Schmutz. “Some of the highlights from the past year include the $2.5 million USD IP license fee receipt, the acquisition of a $2.35 million interest-free government loan, the signing of eight new airlines in China and significant strengthening of our balance sheet with the repayment of $5.6 million in matured debentures.”

About FLYHT Aerospace Solutions Ltd.

FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 60 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems 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 2.4 million aggregate flight hours and 1.6 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Joins a Select Group of Canadian Companies with CAAC Part-145 Approval

Calgary, Alberta – December 1, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced it has been granted CAAC Part-145 approval by the Civil Aviation Administration of China (CAAC).

The approval took almost two years to achieve and now allows FLYHT to repair Automated Flight Information Reporting System (AFIRSTM) units and return them to customers in China with an AAC-038 release certificate. The AAC-038 is a maintenance release document that allows for AFIRS 228 installation on Chinese-registered aircraft under the CAAC Part-145 approval. Previously, FLYHT supplied new units for warranty exchange, so this approval will improve efficiency and convenience for Chinese customers by allowing units to be repaired and returned.

“FLYHT joins only four other companies in Canada with CAAC Part-145 approval,” remarked Vinay Parmar, Quality Assurance Manager at FLYHT. “The approval is an added benefit to airlines and our customers in China who value CAAC approval.”

FLYHT does not require maintenance approval for countries with whom Canada has bi-lateral agreements as they accept authorized release certificates issued in Canada.  China is an important market for FLYHT and does not yet have a bi-lateral agreement with Canada that encompasses the release tags required so the ability to issue an AAC-038 release for repairs performed in Canada is beneficial.

This CAAC Part-145 approval is independent of the maintenance repair company contract in the Peoples Republic of China announced on November 28, 2016 and provides further service alternatives for our customers.

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 2.3 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.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Contracts with a Maintenance Repair Company in China

CALGARY, AB–(November 28, 2016) – FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced a contract with Guangzhou Aircraft Maintenance Engineering Company Limited (GAMECO) to provide repair services to FLYHT’s customers in the People’s Republic of China (China). GAMECO specializes in aircraft and airborne component maintenance, repair and overhaul (MRO).

Pursuant to the contract, GAMECO will operate a repair depot located in Guangzhou to service the Automated Flight Information Reporting System (AFIRS™) units purchased by FLYHT’s customers in the region. The contract appoints GAMECO as the sole service centre in China for FLYHT supplied and serviced products.

“With the growth of the market for AFIRS in China, we wanted to introduce maintenance support in the region to provide service alternatives for our customers,” remarked FLYHT’s VP, Operations and Customer Fulfillment Matieu Plamondon. “FLYHT’s business in China has grown significantly in the last few months. We currently have a total of 19 customers and continue exploring new relationships with other interested parties in the region.”

Contracting for repair depot services in China was an important milestone in the 2016 “FLYHT Plan”, the Company’s annual goals.

“GAMECO is very excited about entering this partnership with FLYHT Aerospace Solutions. We are committed to delivering excellent service on FLYHT’s products. Together, we want to benefit customers, offering them an easy support solution right here in the region. This is an important step for us in our future development,” stated GAMECO’s Manager of the component business centre, Jin Yao Ming. “Nowadays, GAMECO is putting more focus on developing markets abroad.”

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 2.3 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.

About GAMECO

Guangzhou Aircraft Maintenance Engineering Company Limited (GAMECO), established in October 1989 at Guangzhou Baiyun International Airport, is a joint venture between China Southern Airlines Co. Ltd. (CSN) (50%) and Hutchison Whampoa (China) Ltd. (HWCL) (50%) from Hong Kong, that specializes in aircraft and airborne component maintenance, repair and overhaul.

As a MRO approved by CAAC, FAA, EASA and many other aviation authorities in the Asia-Pacific Region, and as a Civil Aircraft Designated Modification Design Organization Representative (DMDOR) and with a CAAC-PMA Certificate approved by the Central & Southern Regional Administration of CAAC, GAMECO is capable of performing multi-levels of aircraft maintenance checks, modification and engineering services on multiple aircraft types of Boeing, Airbus and Embraer aircraft. The company operates a state-of-art Component Business Center, providing extensive component repair & overhaul services to customers and supporting very competitive, internal maintenance schedule commitments.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.

FLYHT Awarded Western Innovation Initiative (WINN) Loan of $2.35 Million

Calgary, Alberta – November 9, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) has been selected as the recipient of a $2.35 million interest free WINN loan by Western Economic Diversification Canada.

FLYHT applied for the WINN financial contribution in the spring of 2016 to support plans for technology development in the air and ground components of its satellite/aircraft communications systems. The Company was selected for the interest free loan in a competitive evaluation process that included FLYHT’s business plan, technology, commercial viability, internal expertise and capabilities.

“It’s really exciting to have been selected for WINN funding which greatly contributes to the work we do in the aerospace sector in Alberta,” remarked FLYHT’s program manager, Flint Walters. “With these funds, we plan to upgrade the Automated Flight Information Reporting System (AFIRS™) and commercialize the Company’s cloud-based UpTime™ software which includes functionality to better support new and current customers.”

“FLYHT is poised to be a global player in the aircraft communications technology sector and the innovative satellite systems it is developing can solve real challenges in the industry. The Government of Canada’s investment in companies such as FLYHT will generate real growth for the local economy and provide jobs for our skilled workers,” Darshan Kang, Member of Parliament for Calgary Skyview on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada

The WINN funding will be used for FLYHT projects occurring between September 5, 2016 and December 10, 2018. The loan will be repaid between January 2020 and December 2024.

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 2.3 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.

About the Western Innovation Initiative (WINN)

WINN is a Canadian federal government program designed to stimulate greater private sector investment in western Canadian commercialization activities.  It helps businesses with less than 500 employees commercialize innovative technology-based products, processes or services by providing an interest free loan of up to $3.5M. Western Innovation (WINN) Initiative


Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

Donna Kinley
Regional Communications Manager
Western Economic Diversification Canada
780-495-6892
donna.kinley@canada.ca

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.

FLYHT Reports Third Quarter Results

Second Consecutive Profitable Quarter and Record Revenue

Calgary, Alberta – November 8, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) a leading provider of real-time data communication technology and services for the aerospace industry today reported financial results for its third quarter ended September 30, 2016.

“FLYHT again set a record for traditional revenue and for the first time in its history logged back-to-back profitable quarters,” stated Thomas R. Schmutz, Chief Executive Officer of FLYHT. “I am very pleased with the Company’s performance.”

Third Quarter Results Include:

  • Traditional revenue of $4,054,368 in the third quarter, a 60.9% increase from Q3 2015, bringing the nine-month result to $10,203,364, 52.6% ahead of the prior year.
  • AFIRS™ sales of $1,353,021 showed an increase of 120.6% over the third quarter of 2015, and parts sales of $1,561,816 increased 128.8%. These revenue categories are 71.2% and 105.5%, respectively, ahead of the prior year in the first nine months. Recurring revenue (voice and data services) of $1,122,965 increased 2.1% over the prior year quarter or 9.8% ahead of the prior year three quarters.
  • Net profit for the quarter was $303,888 compared to a loss of $683,224 in the same period last year. This brings the year to a net profit of $1,633,009, a $4,320,571 increase in profitability over the prior year.
  • Distribution expense decreased 2.9% in the quarter ($32,797) compared to the prior year mainly because decreased contract labour and share based remuneration cost offset higher salaries and benefits.
  • Salaries and benefits, which offset decreases in investor relations and travel expense, increased Q3 administration expense 1.8% to $618,763 compared to the third quarter of 2015.
  • Research, Development and Certification Engineering expenses decreased $87,660 in Q3 2016 and $237,867 in the first nine months of 2016; mainly as a result of changing people cost and office expenditure.
  • Modified Working Capital at the end of Q3 2016 was positive $2,879,375 compared to negative $3,306,055 at December 31, 2015.
  • Customer deposits of $508,224 at quarter end, were a 3.1% decrease from Q3 2015; payments received of $242,260 were 70.6% lower than the same quarter of 2015 although the year to date was 35.7% higher than the comparable period in 2015. The value of deposits moved to unearned revenue reciprocally decreased $620,146 compared to Q3 2015 but increased $817,131 on the year-to-date.
  • Unearned revenue decreased to $747,511 or 61.1% lower than the third quarter of 2015 and 31.2% lower than December 2015 as Q3 revenue recognized increased 185.2% compared to Q3 2015;
  • Revenue recognized on AFIRS units shipped was higher than in Q3 2016. 25 kits were recognized in 2016 compared to eight in the third quarter of 2015 and 61 in total in 2016 compared to 30 in the first nine months of 2015.
  • AFIRS units shipped, not yet recognized in revenue in 2016 exceeded 2015 by $817,131 or 43.8%.

For detailed information, FLYHT’s 2016 Third Quarter Report containing the CEO’s Message, Management Discussion and Analysis and Financial Statements has been posted to the Company’s website and can be accessed at http://flyht.com/financial-reports/. The MD&A and Financial Statements have also been sent to SEDAR and will be accessible at www.sedar.com.

FLYHT will host a live conference call to discuss third quarter results on Wednesday, November 9, 2016 at 9 am MDT (11 am EDT, 8 am PDT). The conference call will include a brief presentation about FLYHT’s third quarter results followed by a question and answer period with management.

To access the conference call by phone within Canada and the U.S.A., the toll-free number is 1-800-319-4610.  Outside Canada and the U.S.A., dial 1-604-638-5340.  (Callers should dial in five to 10 minutes prior to the scheduled start time).

Management will accept questions by telephone and e-mail.  Individuals wishing to ask a question during the call, can do so by pressing *1. Questions can be emailed to investors@flyht.com.

An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available from the conference call provider. http://flyht.com/presentation-and-webcast/

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 2.3 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.

Contact Information

FLYHT Aerospace Solutions Ltd.
Nola 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

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.