FLYHT Forges Weather Alliance with Synoptic

FLYHT Forges Weather Alliance with Synoptic

FLYHT Forges Weather Alliance with Synoptic

Calgary, Alberta – October 24, 2018 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that it has signed a semi-exclusive, Tropospheric Airborne Meteorological Data Reporting (TAMDAR) weather observation sales and distribution agreement with Synoptic Data PBC (“Synoptic”).

The non-guaranteed contract is valued at a minimum of USD$15 million, assuming the Company delivers an annually increasing number of weather-related soundings[1] over the full term of the five (5) year contract. Under the agreement, FLYHT will focus on achieving the required minimum sounding targets. If these are met, Synoptic is then obligated to produce the quoted minimum revenue to preserve contracted exclusivity.

FLYHT acquired the assets of Panasonic Weather Solutions (“PWS“) from Panasonic Avionics Corporation (“PAC“) in October, this year (previously announced on October 10, 2018). The assets, based in Littleton CO, include TAMDAR, a unique proprietary sensor package that is now transforming weather forecasting, and a commercial aircraft installation base of more than 200 sensors which collect real-time weather data from a dozen airlines in North America, Europe and Southeast Asia. The assets also include an existing contract with Synoptic, a data hub and contracting service that now licenses TAMDAR data for sub-license to NOAA (the National Oceanic and Atmospheric Administration). The NOAA contract is consolidated into this new agreement.

As FLYHT integrates the PWS assets, FLYHT anticipates growing the number of TAMDAR aircraft significantly through new customer installations, new agreements with existing customers and through PWS backorders. FLYHT must effectively double the average daily number of soundings over this five-year period to realize the full revenue potential of this contract.

This expansion of TAMDAR installations will increase the value of the data and the quality of the resultant forecasts that use this data. Neither FLYHT nor Synoptic will produce weather models from this TAMDAR data; rather, FLYHT will work through Synoptic to make TAMDAR data more widely available to targeted weather forecasting efforts catering to various vertical markets.

“FLYHT will focus on increasing the number of TAMDAR installations and world-wide weather data sets and let weather industry insiders like Synoptic market these data sets in the broadest possible way,” said Thomas R. Schmutz, Chief Executive Officer of FLYHT.

Buck Lyons, Chairman of Synoptic, added, “We are pleased to be part of a great team, with everyone focusing on their strengths. FLYHT is committed to growing the number of aircraft with TAMDAR sensors and adding value in many ways for their airline customers. Synoptic will help grow and market the data set in a manner that maximizes the benefit to users throughout the Global Weather Enterprise. NOAA and other TAMDAR users will continue to focus on improving Numerical Weather Prediction, with help from this growing and ever more powerful data set.”

About Synoptic Data PBC
Synoptic is a data aggregation and distribution service, providing a suite of products and services delivering geophysical time series data to users in a variety of sectors and applications. Originating with work begun by the University of Utah more than 20 years ago, Synoptic has operated as an independent entity since 2012. In addition to performing a technical aggregation and quality control service, the company adds value through contracting and by providing global exposure for various data sets, including TAMDAR. Synoptic provides access to millions of observations via its API as well as its download and push services. Synoptic also serves as the Prime Subcontractor for NOAA’s National Mesonet Program. As a Public Benefit Corporation, Synoptic is structurally committed to improving the environment by providing high quality data to multiple stakeholders, including shareholders, data providers, data users, and global citizens. For more information visit synopticdata.com.

About FLYHT Aerospace Solutions Ltd.
2018 marks FLYHT’s 20th anniversary as a leader in real-time aircraft data streaming. 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. The solution is used to capture, process and stream aircraft data providing real-time alerts. AFIRS sends this information through satellite networks to FLYHT’s UpTime Cloud data center, which gives aircraft operators direct insight into the operational status and health of their aircraft, which in turn enables them to take corrective action to maintain the highest standard of operational control. The company recently acquired the assets of Panasonic Weather Services, including FlightLink Iridium Satellite Data Unit and Tropospheric Airborne Meteorological Data Reporting (TAMDAR) sensor. For more information visit flyht.com.

[1] A TAMDAR sounding is a vertical profile collected during an aircraft take-off or landing and is analogous to a weather balloon sounding which is collected during a balloon’s ascent. In addition, TAMDAR soundings include turbulence and icing measurements.

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Contact Information:

FLYHT Aerospace Solutions Ltd.
Alana Forbes
Chief Financial Officer
403-291-7437
aforbes@flyht.com

Adelaide Capital Markets Inc.
Deborah Honig
647-203-8793
deborah@adelaidecapital.ca

Synoptic Data PBC
Elizabeth Wilson
Director of Weather Programs
919-758-5689
elizabeth.wilson@synopticdata.com


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Reader Advisory
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.  In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the terms of this agreement, anticipated/projected results and customer acquisitions and related matters.  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, including, but not limited to, the following: future plans, projected results and customer acquisition increases, objectives of management for future operations, trends in the airline industry, the global financial outlook, expanding markets, foreign exchange rate outlooks, sales projections, cost increases and/or decreases as related to marketing, R&D, administration expenses. The forward-looking information included in this news release has been prepared using assumptions (all of which are supportable and reflect the Company’s planned courses of action for the next 12 months) as to the most probable set of economic conditions.  Such assumptions are consistent with the purpose of the information but are not necessarily the most probable in management’s judgement.  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: general economic conditions in Canada, the United States and globally; industry conditions, the failure of certain business integrations, the failure to attract new business, delays in  product installation schedules, the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in operations; competition for, among other things, capital and skilled personnel and other factors.  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.  The forward-looking information has been provided to the readers of this news release to assist in assessing the impact of the transaction disclosed herein on the Company and such forward-looking information may not be appropriate for other purposes.  Readers are cautioned not to place undue reliance on forward-looking information.

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.

 

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