FLYHT Reports Second Quarter 2017 Results

Calgary, Alberta – August 16, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLD) (the “Company” or “FLYHT”), the leading provider of real-time data streaming technology that enhances the efficiency and safety of aircraft, has reported financial results for the second quarter ended June 30, 2017.

“Overall FLYHT had a good quarter and we are well positioned at this point in the year, ahead of budget, and ahead of last year’s revenue at this reporting period by 16%,” stated Thomas R. Schmutz, Chief Executive Officer of FLYHT. “We have announced over USD $10.5 million in sales in the first half of this year.” Schmutz added, “We also signed trial agreements with Boeing and another industry major to demonstrate Autonomous Distress Tracking and Timely Access to Flight Data using the FLYHT solution on both the Iridium and Inmarsat satellite constellations.”

Second Quarter highlights include:

  • Revenue of $3,388,030, which represents 4.2% decrease over the second quarter of 2016. Revenue for the six months ended June 30 was $7,117,112, an increase of 15.7% from 2016.
  • Net loss of $742,102 compared to the second quarter loss of 2016 of $651,105 excluding the sale of intellectual property in 2016 included as other income of $3,223,166.
  • Expenses in the second quarter included a non-cash share based compensation charge of $411,408 compared to$ 340,990 in 2016 or an increase of $70,418.
  • Gross profit was 66.8% of revenue compared to 63.9% for the second quarter of 2016, with the increase being consistent for the six months ended June 30.
  • Recurring revenue (voice and data services) of $1,158,340, an increase of 14.2% over the first quarter of 2016, and parts revenue of $1,479,402, an increase of 30.8%.
  • Distribution expenses were $1,420,236 representing an increase of $171,453 compared to the second 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 $14,690 to $1,088,709 in the quarter.
  • Research and development expenses were $399,920, or 18.7% higher than in the same quarter of 2016, principally due to higher labour and contract labour costs for the quarter that were partially offset by recoveries from government programs.
  • Customer deposits of $909,318 at quarter end were slightly increased from Q2 2016, and payments received in the quarter were $224,050 lower than the same quarter last year.
  • The value of deposits moved to unearned revenue was $582,210, an increase of $320,139 compared to Q2 2016.
  • Unearned revenue decreased in the quarter to $656,844 from $1,561,020 at the end of Q2 2016. This was 57.9% lower than June 2016, and was due to sales being recognized in periods subsequent to June 30 in 2016.
  • Revenue recognized on AFIRS units shipped was $561,725 lower than in Q2 2016 but were only lower by $72,059 year-to-date. Revenue was recognized on 17 installation kits in Q2 2017 compared to 27 in the second quarter of 2016.

Detailed information in FLYHT’s 2017 Second 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 has scheduled a live conference call to discuss its second quarter results on Thursday, August 17, 2017 at 7 am MDT (9 am EDT, 6 am PDT).

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’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRS™) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTime™ cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.


Contact Information

FLYHT Aerospace Solutions Ltd.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@flyht.com
Investor Relations – The Howard Group
Dave Burwell
Vice President
(888) or (403)-221-0915
dave@howardgroupinc.com

 

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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 Supports Boeing for Tracking, Locating and Flight Data Recovery Solutions Testing

Calgary, Alberta – August 10, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”), per the Boeing press release dated July 6, 2017, will provide the Automated Flight Information Reporting System (AFIRS™) product and management platform (UpTime™ Cloud) to Boeing as part of their upcoming flight test program on a FedEx B777 aircraft. FLYHT will participate in the portion of the ecoDemonstrator Program designed to collect data and produce test reports that are necessary to demonstrate Autonomous Distress Tracking and the Timely Recovery of Flight Data in order to drive industry standardization and requirements. FLYHT’s portion of the project was initiated in April 2017 and is expected to be complete in 2018.

The Boeing ecoDemonstrator Program plays a key role in the company’s environmental strategy by using flight testing to accelerate new technologies that can reduce emissions and noise, improve airlines’ gate-to-gate efficiency and help meet other environmental goals. In 2018 for six weeks, Boeing and FedEx Express will work together to flight-test more than 30 technologies aboard a FedEx-owned 777 Freighter. The two companies are committed to reduction of the environmental impact of their products and in advancing technology that will improve performance.

FLYHT will provide equipment, software, a Supplemental Type Certificate and support to Boeing for this evaluation. This program will test many features including enhancements to AFIRS that will allow the product to stream flight data over different satellite systems, including Iridium and an Inmarsat SwiftBroadband connection. The flight data information streamed during the test flights will produce real-time animation, demonstrating improved situational awareness of the cockpit during these events. Also, the flight test program will also stream real-time cockpit audio – demonstrating that all the “black box” data can be captured this way.

“FLYHT is very excited to work directly with Boeing and FedEx to validate our product’s unique value proposition,” remarked Tom Schmutz, FLYHT’s Chief Executive Officer. “We have a fantastic solution for Autonomous Distress Tracking and Timely Recovery of Flight Data and look forward to testing our newly expanded solution with the Boeing engineering team.”

The International Civil Aviation Organization (ICAO) council adopted new provisions to Annex 6 of the Chicago Convention (Operation of Aircraft) in March of 2016 that will take effect between now and 2021. These amendments require aircraft to carry Autonomous Distress Tracking devices which can autonomously transmit location information at least once every minute in distress circumstances. Aircraft are also required to be equipped with a means to have flight recorder data recovered and made available in a timely manner.

The ICAO council established performance based provisions which will allow existing and emerging technologies to be used to meet these requirements, so airframers will be required to choose how they will comply. FLYHT has commercially fielded products that provide Autonomous Distress Tracking and flight data recorder streaming, which it first deployed in April 2014 with First Air, a Canadian Airline Operator.

About FLYHT Aerospace Solutions Ltd.

FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRS™) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTime™ cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.


Contact Information

FLYHT Aerospace Solutions Ltd.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@flyht.com
Investor Relations – The Howard Group
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 Aerospace Solutions Ltd. Schedules Second Quarter Conference Call

Calgary, Alberta – July 27, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLD) (the “Company” or “FLYHT”) has scheduled a live conference call to discuss its second quarter results on Thursday, August 17, 2017 at 7 am MDT (9 am EDT, 6 am PDT).

The conference call will include a brief presentation from FLYHT’s CEO Thomas R. Schmutz and Interim CFO Paul Takalo about FLYHT’s second 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 70 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 2.6 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.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@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 Aerospace Solutions Ltd. Announces Share Consolidation

Calgary, Alberta – July 13, 2017 – FLYHT Aerospace Solutions Ltd. (“FLYHT” or the “Company”) (TSX-V: FLY) (OTCQX: FLYLF) is pleased to announce that the TSX Venture Exchange has approved a consolidation of its common shares (the “Consolidation”) on a 10 to 1 basis.

The Consolidation was previously approved by the Company’s shareholders at the Annual and Special Meeting held on May 10, 2017.

The Consolidation results in one (1) new post-consolidated common share being issued for ten (10) old pre-consolidated common shares.

The Consolidation will take effect on July 17, 2017 with the Common Shares trading on a post-Consolidation basis beginning at the open of markets on July 17, 2017. At the date of this press release, there are a total of 209,636,273 Common Shares issued and outstanding. Assuming no other change in the issued capital of the Company, it is expected upon completion of this Consolidation, FLYHT will have approximately 20,963,617 (after taking into account certain fractional rounding) Common Shares issued and outstanding. FLYHT’s issuing name will not change as a result of the Consolidation.

The Company is pursuing the Consolidation due to the improvement in the underlying financial performance of the Company and the management of FLYHT believes that the Consolidation will have positive effects for Company stock trading and financial reporting. FLYHT was profitable in 2016 and has produced four successive positive quarters. FLYHT is also producing positive cash flow through normal operations. A more thorough discussion of the rationale for the Consolidation can be found on the Company website at http://flyht.com/investor-letters/.

A full description of the Consolidation is contained in the Company’s Management Information Circular and Proxy Statement dated April 4, 2017, which has been filed with SEDAR at www.sedar.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 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 2.6 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.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@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 Aerospace Solutions Ltd. Increases its Line of Credit to $1.5 Million

Calgary, Alberta – July 7, 2017 – FLYHT Aerospace Solutions Ltd. (“FLYHT” or “the Company”) (TSX-V: FLY) (OTCQX: FLYLF) is pleased to announce that it has amended its operating demand loan (the “Line of Credit”) with a Canadian chartered bank to increase its borrowing availability to CAD $1.5 million from $250,000.

Proceeds from the Line of Credit will be used to support short-term cash needs from increasing trade receivables and inventory requirements from growing sales.

The Line of Credit will continue to bear interest at Canadian chartered bank prime plus 1.5%.

Security includes specific accounts receivable, a guarantee under the Export Development Canada’s (EDC) Export Guarantee Fund and a general security agreement including a security interest in all personal property. This amendment will release the GIC of $250,000 previously pledged as security.

‘’EDC’s focus is to support Canadian companies whose capital needs are predicated on export transactions,’’ said Mark Livingston, Regional Vice President, Western Region, EDC. “With a significant portion of its revenue derived from emerging market opportunities outside of North America, FLYHT is a great example of a company with a successful international growth strategy. We are pleased to provide additional capacity that will continue to support the company’s global sales and corresponding needs for growth capital.”

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 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 2.6 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.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@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 Second Quarter 2017 Update

Calgary, Alberta – June 26, 2017 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce more than USD $3 million in additional sales contracts and purchase orders during the quarter, bringing the total for the quarter to nearly USD $5 million. The following are the updates to the sales activity during the second quarter of 2017:

  • FLYHT received orders from an existing OEM partner (see release on July 15, 2014) for approximately USD $2.2 million of parts with related license fees for delivery through January 2018.
  • Seven current customers signed contracts for additional Automated Flight Information Reporting System (AFIRS™) 228 hardware kits and/or voice and data services. These include two Chinese customers, three customers in Africa, one in North America and one in Mexico. These contracts will total approximately USD $833,000 assuming FLYHT provides services over the full term of the agreements.

In addition to these orders, FLYHT previously announced an AFIRS contract with a new Chinese commercial airline customer for USD $1.9 million in a press release on April 20, 2017.

“Our sales team continues to engage with airlines in our target market and attended a number of globally-recognized conferences this quarter in the United States, China, Europe and Mexico,” remarked FLYHT’s CEO Thomas R. Schmutz. “FLYHT’s sales order backlog for just two of our revenue sources, AFIRS hardware kits and the associated recurring voice and data services, now exceeds $25 million dollars.”

The measure of sales order backlog is comprised of the sales value of prior committed contracts for which neither the AFIRS hardware is installed, nor the voice and data services activated. These signed contracts have been previously announced in various press releases. This sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts.

FLYHT was also awarded a Supplemental Type Certificate (STC) for the AFIRS 228 by the Civil Aviation Administration of China (CAAC) for Boeing 737-300/400/500 aircraft. FLYHT holds an industry-significant number of STCs which authorize installation of FLYHT’s products on air transport aircraft, thus enabling sales opportunities for FLYHT. A complete list of STCs can be found on FLYHT’s website (certifications).

 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 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 2.6 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.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@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 Discusses Revolutionary Real-Time Tracking Solutions for Aircraft on Worldwide Business with kathy ireland®

Calgary, AB – June 22, 2017 FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce an exclusive interview with Worldwide Business with kathy ireland®. The interview will air on international news channels this weekend and is featured on the FLYHT website.

The interview features FLYHT’s CEO, Tom Schmutz about the Company’s real-time data streaming solutions that contribute to over 70 airlines’ operations and are positioned to have a massive impact on the aviation industry. FLYHT’s unique ability to capture, process and transmit data — coupled with real-time alerts — provides airlines with direct insight into the operational status and health of their aircraft and enables them to take corrective action in order to maintain the highest standard of operational control.

“With so many people choosing to fly every single day, the safety of everyone on board each aircraft is crucial,” commented JL Haber, Vice President of Programming for Worldwide Business with kathy ireland®. “What FLYHT Aerospace Solutions has done for the aviation industry is amazing, to say the least. Their groundbreaking, innovative technology has had a dramatic impact on aircraft operators and will continue to make flying safer for those who love to travel. We are proud to have FLYHT Aerospace Solutions on our show.”

“Most airline passengers are surprised to find out that most of the tracking and communication technologies that are on board today’s aircraft are 1980’s and 1990’s technology,” remarks Tom Schmutz on FLYHT’s revolutionary technology that can help alert the airline of any safety issues during flight and help prevent accidents. “Ultimately, what we find is that there are gaps in communication coverage around the world. Aircraft can be lost. This is unacceptable. At FLYHT, we have the technology to eliminate those kinds of problems. Our leading technology enhances the efficiency and safety of aircraft. It saves aircraft operators money, it helps streamline their operations and it proactively enhances safety, preventing accidents and saving lives.”

Liat 1974 Ltd. is one of the airlines operating in the Caribbean using FLYHT’s technology.

“AFIRS helped us tremendously when we had an over torque situation in St. Lucia,” remarked Alan Alexander, Director of Flight Operations. “We were able to recover the data from the airplane using the AFIRS quick access recorder. With AFIRS data, we were able to get the aircraft back into service within 24 to 36 hours. Using the old method, it would’ve taken us somewhere around seven days to return that airplane to service.”

Tune into Bloomberg International for sponsored programming on Saturday, June 24, 2017 at 7:30am GMT and Fox Business Network on Sunday, June 25, 2017 at 5:00pm EST. The sponsored programming will also air on Sunday, July 16, 2017 on both Bloomberg Latin America at 10:00 am UTC and on Bloomberg Asia Pacific at 2:30 pm HKThttps://www.bloomberg.com/live/schedule-shows

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 2.6 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.

About Worldwide Business with kathy ireland®

Worldwide Business with kathy ireland® is a weekly business television program featuring real-world insights from corporate executives from all over the globe which can be viewed on Fox Business Network as part of their sponsored programming lineup, as well as internationally to over 50 countries on Bloomberg International.

Visit www.tvwwb.com for detailed airing schedules or check your local listings.

Contact Information

FLYHT Aerospace Solutions Ltd.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@flyht.com

Investor Relations
The Howard Group Inc.
Dave Burwell
Vice President
(888) or (403)-221-0915
dave@howardgroupinc.com

Join us on social media!

www.facebook.com/flyht
www.twitter.com/flyhtcorp
www.slideshare.net/flyhtcorp
www.youtube.com/flyhtcorp
www.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 Aerospace Solutions Ltd. Announces Management Change

Calgary, Alberta – June 5, 2017 – FLYHT Aerospace Solutions Ltd. (“FLYHT”) (TSX-V: FLY) (OTCQX: FLYLF) today announced that Nola Heale will not be continuing in her position of CFO & VP Finance of FLYHT. The Company has appointed Paul Takalo, the Board of Director’s Audit Committee Chair, to serve as the interim CFO & VP Finance. FLYHT will pursue a permanent replacement to fill the position.

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.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
ptakalo@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 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.