FLYHT Receives
US$5.65 million Purchase Order from a Long-Time OEM
Partner
Calgary, Alberta – May 4,
2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT")
announced today that it has
received a purchase order with a value of US$5.65 million for
Iridium modems and license fees from a long-time OEM
partner. This
order builds upon the relationship previously discussed in press
releases dated July
15, 2014, August
1, 2019, February
18, 2020,
July 6, 2021, and
October
6, 2021.
Bill Tempany, CEO of
FLYHT stated, "This most recent order shows the strength of the
recovery that is unfolding on the OEM side of the airline industry.
We are very happy that our relationship to install these very
successful software and intellectual property products on aircraft
continues to result in deployments of AFIRS products around the
world. We are seeing strong recovery of our customers in North
America and in Europe, with recovery lagging in SE Asia and China.
We expect to see these markets recover late 2022 into early 2023,
as living with covid becomes the norm. This latest order allows
FLYHT to exit the pandemic in a strong position, ready to deliver
our new products and services to existing and new
customers."
Under the terms of
the existing agreement, the OEM customer will be licensing FLYHT's
technology and delivering the AFIRS 228S system to their European
airframer customer for three certified aircraft platform types. The
products are scheduled for delivery throughout the remainder of
2022.
About FLYHT Aerospace
Solutions Ltd.
FLYHT
provides airlines with Actionable Intelligence to transform
operational insight into immediate, quantifiable action, and
delivers industry leading solutions to improve aviation safety,
efficiency, and profitability. This unique capability is driven by
a suite of patented aircraft certified hardware products. These
include AFIRS™, an aircraft satcom/interface device, which enables
cockpit voice communications, real-time aircraft state analysis,
and the transmission of aircraft data while inflight. The AFIRS
Edge is a state-of-the-art 5G Wireless Quick Access Recorder
(WQAR), Aircraft Interface Device (AID), and Aircraft Condition and
Monitoring System (ACMS). The Edge can be interfaced with FLYHT's
TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to
deliver airborne weather and humidity data in real-time.
CrossConsense,
FLYHT's wholly-owned subsidiary, offers highly skilled services to
the commercial aviation industry and provides preventative
maintenance solutions. These include Aircraft Fleet View, a native
application that gives a real-time view of airline fleet status;
AviationDW, a managed data warehouse for enhanced business
intelligence; and ACSIS, a visualization and predictive maintenance
alerting tool.
FLYHT is
headquartered in Calgary, Canada, and is an AS9100 Quality
registered company. CrossConsense, located in Frankfurt, Germany,
is an ISO9001 certified operation. For more information, visit www.flyht.com
Cautionary
Note Regarding Forward-Looking Statements
Except for
statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Although we believe that the expectations reflected
in the forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. We
cannot guarantee future results, performance, or achievements.
Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in
the forward-looking information.
Forward-looking
information is based on the opinions and estimates of management at
the date the statements are made and are founded on the basis of
expectations, assumptions and hypotheses made by the Company. Such
forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those anticipated in the
forward-looking information. Some of the risks and other factors
that could cause the results to differ materially from those
expressed in the forward-looking information include but are not
limited to global economic and industry conditions. Readers are
cautioned that this list of risk factors should not be construed as
exhaustive.
The
forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no
duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Contact
Information:
FLYHT Aerospace
Solutions Ltd. FNK IR LLC
Alana Forbes Matt Chesler, CFA
Chief Financial
Officer Investor Relations
403.291.7437 646.809.2183
aforbes@flyht.com flyht@fnkir.com
investors@flyht.com
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