Calgary, Alberta – October 2, 2019 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced preliminary third quarter 2019 highlights and updates.
Third Quarter 2019 Highlights
During the third quarter 2019, FLYHT secured an aggregate of US $1.0 million in sales contracts and purchase orders, including:
After completing third quarter 2019 shipments, FLYHT’s sales order backlog totaled more than $50 million. The sales order backlog is defined as the sum of all unrecognized revenues from previously announced purchase orders and contracts and includes technical services, licenses, and hardware as well as the future value of contracted SaaS products. Backlog value from contracts deemed unlikely to manifest is excluded. Twelve months of SaaS product value is included in backlog if a customer is currently paying for SaaS products under a contract that has exceeded its original term and is auto-renewing annually for subsequent one-year terms. The sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts.
As of September 30, FLYHT successfully completed the integration of the assets acquired from Panasonic Weather Solutions, known as the “OneFLYHT” Program, into FLYHT Inc., a wholly owned United States-based subsidiary of FLYHT Aerospace Solutions Ltd. The goal of the project was to combine both entities into one, holistic company that operates in multiple locations. Completing the project required collaboration between multiple departments and the successful execution of 266 independent tasks.
FLYHT has begun the process of obtaining a multi-site AS9100 aerospace quality certification as part of its 2020 ISO 9001 recertification. In July and in-line with internal goals, FLYHT also began shipping FlightLink satellite data units and Tropospheric Airborne Meteorological Data Reporting (TAMDAR) sensors from its Littleton, CO facility. The company now hires talent, designs, manufactures, and delivers products at both its Calgary and Littleton locations.
Managed independently from the OneFLYHT program, FLYHT has begun integrating TAMDAR with the AFIRS 228 family. By augmenting both legacy and future AFIRS installations with TAMDAR, FLYHT will expand its worldwide data set of valuable real-time weather observations. This development program is expected to be completed by the end of this year.
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety, efficiency and profitability. Globally, and for more than 20 years, airlines, leasing companies, fractional owners and original equipment manufacturers have installed FLYHT’s differentiated aircraft and enterprise-based solutions to deliver real-time, flight-deck, satellite connectivity for tracking, health monitoring, and streaming of operational, maintenance and weather data. FLYHT is publicly traded as FLY in Canada on the TSX.V; and as FLYLF in the USA on the OTCQX. FLYHT is based in Calgary, Canada with an office in Littleton, Colorado and is an AS9100 Quality registered company. For more information visit www.flyht.com.
|FLYHT Aerospace Solutions Ltd.
Chief Financial Officer
Adelaide Capital Markets Inc.
|USA Investor Relations:
Gateway Investor Relations
Matt Glover or Charlie Schumacher
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