Calgary, Alberta – October 6, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that it has received an additional purchase order for Iridium modems and license fees from a long-time OEM partner. This order is valued at approximately US$1.5 million and builds upon the relationship previously discussed in press releases dated July 15, 2014, August 1, 2019, February 18, 2020 and July 6, 2021.
“Receiving this additional order from our valued OEM partner continues to signal the recovery of the aviation industry,” said Gurjot Bhullar, Manager of Aircraft Systems at FLYHT. “Each follow-on order further proves the value of FLYHT’s offering and strengthens our relationship with our partner. During these tumultuous times, we are committed to continuing to support our partner in delivering impactful avionics products as the world at large tries to find the new normal.”
Under the terms of the existing agreement, the OEM customer will be licensing FLYHT’s technology and delivering the Automated Flight Information Reporting System (AFIRS 228S) to their European airframer customer for three certified aircraft platform types. The orders require shipment throughout the second half of 2021 and the first quarter of 2022.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or 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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected revenues 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 projected revenues. 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 conditions; industry conditions, and supply chain delays. 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
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.
Strategic Acquisition Bolsters Competitive Position and
Creates Cross-Selling Opportunity for FLYHT Software
Calgary, Alberta – September 20, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced it has acquired the Water Vapor Sensing System (“WVSS-II”) product line from SpectraSensors Inc (“SpectraSensors”).
The WVSS-II is a sensor installed on aircraft and provides water vapour measurements in near real-time throughout an aircraft’s flight. These observations directly benefit weather forecasting and improve weather support to aviation.
The acquisition includes manufacturing assets, inventory, aviation-specific intellectual property, and a license to SpectraSensors’ Tunable Diode Laser Absorption Spectroscopy (“TDLAS”) technology for use in the weather and aviation markets.
There are broad use cases for WVSS-II data. For airlines, forecasters rely on WVSS-II data to determine the location and timing of fog, cloud formation, altitude of cloud ceilings, and precipitation types; this information is critical to determine safe conditions for aircraft travel. Beyond airlines, this data enables industry organizations to provide more accurate weather and climate forecasts leading to increased societal and economic benefits.
A recent NOAA study showed that these aircraft-based observations are critical for rapidly updating numerical weather prediction models and reducing numerical weather prediction forecast error up to 15-20%. This improvement has the potential to save airlines money by avoiding air traffic delays, which have raised annual airline operating costs by over $8 billion in the U.S. alone. Weather accounts for 70% of all air traffic delays within the U.S. National Airspace, and almost two-thirds of these delays are potentially avoidable.
“The addition of the WVSS-II sensor to FLYHT’s airborne weather observation capabilities enhances our already strong commitment to the collection and dissemination of global weather for the meteorology community,” said Captain Mary McMillan, FLYHT Board Member. “As a former airline pilot, I believe our growing suite of formidable weather tools, which monitor the changing climate and help improve weather forecasts, provide significant and growing benefit to the industry and individuals. Our aviation customers directly benefit through optimized flight plans which save fuel and ultimately reduce the global carbon footprint.”
The WVSS-II product will enhance FLYHT’s weather business by adding additional hardware, integration and recurring revenue sources to its existing Tropospheric Airborne Meteorological Data Reporting (TAMDAR™) and Aircraft Meteorological Data Relay (AMDAR) programs.
John Schnake, General Manager at SpectraSensors noted, “We are excited to find a good partner in FLYHT where the WVSS product line will continue to provide value to the aviation and weather community. By divesting this product line, SpectraSensors will focus on growing our TDLAS technology in our core Oil & Gas and Chemical industries.”
The WVSS-II will be fully integrated with FLYHT’s AFIRS and EDGE products to provide real-time aircraft-based observations into FLYHT’s software products.
“WVSS-II data is integral to FLYHT’s Actionable Intelligence software product suite rollout,” said Ryan Pepper, FLYHT Product Owner, Flight Dispatch. “Accurate in situ weather data is key to FLYHT’s real-time optimal flight level and routing product development roadmap. Airlines installing WVSS-II, along with the AFIRS Edge product, will have access to unprecedented amounts of data to drive flight crew decision-making and pre-planning functions. This provides not only an enhanced level of safety but also significant fuel cost savings. We will integrate our JetBridge™ technology with WVSS-II data, and are looking for creative ways to use this accurate information to provide increased capabilities for our customers. This data, along with data collected by the AFIRS family, is ripe for use in FLYHT’s machine learning applications being developed in conjunction with our customers.”
The WVSS-II product line was purchased by FLYHT from SpectraSensors for $500,000 USD.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or 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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected benefits of the acquisition. 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 projected revenues. 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, and supply chain delays. 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
Join us on social media!
www.facebook.com/flyht
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.
Calgary, Alberta – September 2, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Company will participate in the Lake Street Capital Markets 5th Annual Best Ideas Growth Conference, being held virtually on September 14 and 15, 2021. Bill Tempany, Interim CEO, will be available for meetings with investors throughout the two-day event.
For more information, visit https://www.lakestreetcapitalmarkets.com/big5conference or contact your Lake Street Capital Markets sales representative to request a meeting.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com.
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
Join us on social media!
www.facebook.com/flyht
www.slideshare.net/flyhtcorp
www.youtube.com/flyhtcorp
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.
Calgary, Alberta – August 11, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that Bill Tempany, Interim CEO, and Alana Forbes, CFO, will present virtually at the Q3 Investor Summit on Tuesday, August 17, 2021, at 2:45 pm ET (12:45 pm MT). Management of FLYHT will also be available for one-on-one meetings with investors throughout the two-day event.
DATE: Tuesday, August 17, 2021
TIME: 2:45 pm ET (12:45 pm MT)
LINK: https://zoom.us/webinar/register/WN_rJQwpKq4SQ2jQyoJxh6z3g
An archived webcast of the presentation will be made available at www.investorsummitgroup.com and in the Investors section of the FLYHT website at www.flyht.com/investors.
For additional information or to schedule a meeting with FLYHT management, please register for the conference at www.investorsummitgroup.com or contact FLYHT’s IR team at flyht@fnkir.com.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com.
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
Join us on social media!
www.facebook.com/flyht
www.slideshare.net/flyhtcorp
www.youtube.com/flyhtcorp
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.
— Trends in SaaS and Hardware are Leading FLYHT’s Path to Recovery —
— Recent Private Placement and Debt Repayment Enhance Financial Position –
Calgary, Alberta – August 4, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the second quarter and six months ended June 30, 2021.
“While the COVID pandemic remains an issue around the globe and has continued to skew FLYHT’s financial performance, we are beginning to see signs of recovery in customer confidence and the aviation industry in general which we expect will lead to improvement in our results in the quarters ahead,” said Bill Tempany, Interim CEO. “The decline in revenue in the quarter, which significantly moderated from prior periods, was mostly attributable to the timing difference in license sales as some OEM deliveries have been delayed. Encouragingly, although not reflected in the second quarter numbers, we are seeing licensing revenue start to return. Our customers are certainly not back to any semblance of their 2019 levels, but the increase in SaaS revenue this quarter driven by more customer flights and flight hours over Q2 2020 is a positive sign of recovery.”
Continued Tempany, “Throughout the pandemic we have taken many steps to improve our business which we believe will lead to growth and higher returns to our shareholders as our company and industry emerge from the pandemic. We are strategically shifting from being a Satcom provider to becoming more of a SaaS provider, leveraging our roots in data and significant installed customer base of over 80 airlines around the globe. We have increased our investment in research and development, developing solutions such as AFIRS Edge, our low cost – high value data feed device, which is on track for delivery this year, with launch customers being identified for early 2022 installations. We hired industry veteran Willie Cecil to drive product direction and enhance our sales and marketing efforts. Furthermore, our successful private placement and debt retirement in July strengthen our balance sheet, and provide us with the capital to carry out our growth initiatives.”
Concluded Tempany, “Although new virus variants could always pose a challenge for the aviation industry, we are cautiously optimistic that the worst of the pandemic is behind us. As the commercial aviation industry begins its inevitable recovery, the need for airlines to reduce avoidable operating expenses and to minimize the impact on the environment of their operations is becoming a higher strategic imperative for them, and I am confident that FLYHT is positioned as a critical partner. We will remain focused on developing cutting edge solutions for our customers to help them rebuild their businesses as they emerge from the pandemic. We are excited about the year ahead for FLYHT.”
Second Quarter 2021 Financial Overview
Total revenue decreased by 4% to $2,926,122 compared to the second quarter of 2020, although the decline in revenue moderated from Q1 2021. SaaS revenue increased by 11% from Q2 2020 to $1,446,221 and Hardware revenue increased by 212% from Q2 2020 to $1,404,193. Increases in SaaS and Hardware were more than offset by declines in Licensing and Technical Services. Licensing revenue decreased 99% from Q2 2020 to $7,924 and Technical Services revenue decreased by 5% from Q2 2020 to $67,784.
Gross margin was 52% of revenue compared to 68% in the second quarter of 2020. The decrease in gross margin was due primarily to changes in the mix of revenue sources during the quarter, as Q2 2021 revenue included a larger contribution from Hardware compared to Q2 2020, which has the lowest gross margin among revenue sources, and limited revenue from Licensing, which carries the highest gross margin among revenue sources.
Operating expenses increased by 17% compared to the second quarter of 2020, largely attributable to the Company’s sharpened focus on its growth and product development efforts. A 23% decrease in Distribution expenses was offset by an increase in Administration expenses of 8% and an increase in Research and Development and certification engineering expenses of 138%.
Negative EBITDA[1] was $980,611 compared to positive EBITDA of $153,132 in the second quarter of 2020.
Net Loss was $1,395,889 compared to a net loss of $276,515 in the second quarter of 2020.
Balance Sheet and Liquidity
FLYHT ended the quarter with cash and short-term investments of $3,079,255, a decrease from 2020’s year-end balance of $5,127,963, and slightly lower than Q1 2021’s ending cash balance of $3,871,741.
Trade and other receivables increased by 4% to $1,647,436 compared to year-end 2020, and Trade payables and accrued liabilities decreased by 10% to $1,918,856 compared to year-end 2020.
Subsequent Events
On July 21, 2021, the Company closed a non-brokered private placement, issuing 8,828,818 common shares at an issue price of $0.75 per share, resulting in proceeds to the Company of CAD$6,621,615. Directors, officers and senior employees contributed 10% of the offering total. The Company used a portion of the proceeds from the offering to repay its outstanding secured convertible debentures, including any accrued and unpaid interest, in the amount of CAD$1,806,425.
Conference Call Information
FLYHT will host a conference call to discuss its second quarter 2021 financial results on August 5, 2021 at 9:00 am MT (11:00 am ET). The conference call will include a brief presentation from FLYHT’s Interim CEO Bill Tempany and CFO Alana Forbes followed by a question and answer session. 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 ten 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 Investor Communications section of FLYHT’s website following the meeting.
Additional Information
FLYHT’s Q2 2021 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.
Options Granted
FLYHT has granted incentive stock options for an aggregate 43,760 common shares, subject to regulatory approval, to new employees and a director under the stock option plan approved at the Annual and Special Meeting held on May 6, 2021.
The stock options are exercisable at a price of $0.93 per share. The options will vest 1/3 on each of August 4, 2022, 2023 and 2024 and will expire on August 4, 2025. 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 provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or 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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected revenues 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 projected revenues. 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, and supply chain delays. 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
Join us on social media!
https://www.linkedin.com/company/flyht/
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).
Calgary, Alberta – July 28, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) set its second quarter 2021 conference call for August 5, 2021, at 9:00 a.m. MT 11:00 a.m. ET.
The conference call will include a brief presentation about FLYHT’s second quarter 2021 financial results followed by a question and answer period with Bill Tempany, Interim CEO and Alana Forbes, CFO.
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 ten 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 Investor Communications section of FLYHT’s website as soon as it is available from the conference call provider.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com
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
Join us on social media!
https://www.linkedin.com/company/flyht/
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.
Calgary, Alberta – July 27, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”), a leader in providing real-time insights and actions to improve global aviation operations and profitability, today announced the repayment in full of its outstanding secured convertible debentures (CAD$1.8 million), including any accrued and unpaid interest, on July 23, 2021 through a portion of the proceeds received from its recent CAD$6.6 million non-brokered private placement.
“This convertible debenture provided FLYHT with the funding required to develop the technologies that are now being exploited by our AFIRS Edge and Actionable Intelligence solutions,” commented Alana Forbes, FLYHT’s Chief Financial Officer. “We appreciate the support of those who purchased these debentures in July 2018, including members of our executive team, and the confidence they have in the Company’s direction. By clearing this debt and closing our recent private placement, we are in a stronger financial position with sufficient cash, allowing us to focus on delivery of these solutions which we have been developing for our launch customers over the past year.”
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com
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
Join us on social media!
https://www.linkedin.com/company/flyht/
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.
Directors, officers and management contribute 10% of $6.6 million proceeds
Calgary, Alberta – July 22, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported that the Company has closed its previously announced non-brokered private placement (the “Offering”), issuing 8,828,818 common shares (“Common Shares”) at an issue price of $0.75 per Common Share resulting in proceeds to the Company of CAD$6,621,615. Directors, officers and senior employees contributed 10% of the Offering total.
“We are very pleased that several existing shareholders, senior leadership and directors of FLYHT see that the actions we have taken in the last year and the obvious imminent recovery of the aviation industry make for a very solid platform for future growth and value creation. This financing solidifies our balance sheet, providing us with the capital to accelerate our growth strategy, including both organic and inorganic initiatives,” said Bill Tempany, Interim CEO of FLYHT. “This level of support demonstrates investors’ confidence in our strategic direction and our management team to execute on the vision presented over the last year.”
The Company intends to use the proceeds from the Offering to fund FLYHT’s growth initiatives including potential strategic acquisitions, to repay in full the outstanding debentures due on July 24, 2021 (CAD$1.8M), and general corporate purposes.
With the closing of this Offering, a new insider of the Company was created who now controls greater than 10% of the Common Shares of FLYHT. All of the Common Shares issued pursuant to the Offering are subject to a four month hold period. Completion of the Offering is subject to the final approval of the TSX Venture Exchange.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com
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
Join us on social media!
https://www.linkedin.com/company/flyht/
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.
Calgary, Alberta – July 7, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Company intends to complete a non-brokered private placement for gross proceeds of up to CAD$6,600,000 (the “Offering”). The Offering consists of a maximum of 8,800,000 common shares in the capital of the Company (the “Common Shares”) issued at a subscription price of CAD$0.75 per Common Share.
“FLYHT is strategically rolling out an expanded solution set that leverages our historical core strength in real-time aircraft data with additional insights and actions from our Actionable Intelligence suite of SaaS applications,” said Bill Tempany, Interim CEO of FLYHT. “This proposed financing will solidify our balance sheet, providing us with capital to accelerate our growth strategy as the commercial aviation industry recovers.”
The Company intends to use the proceeds from the Offering to fund FLYHT’s growth initiatives including potential strategic acquisitions, to repay the Company’s outstanding debentures due on July 24, 2021 (CAD$1.8M) and for general corporate purposes.
All of the Common Shares issued pursuant to the private placement are subject to a four-month hold period. Completion of the Offering is subject to the final approval of the TSX Venture Exchange.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com
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
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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.
Calgary, Alberta – July 6, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) has received a US$338 thousand purchase order for Iridium modems and license fees from a long-time OEM customer. This order builds upon the relationship previously discussed in press releases dated July 15, 2014, August 1, 2019 and February 18, 2020.
“Receiving the order from this OEM, who has been an important partner of FLYHT’s for many years, is a positive sign of the aviation industry’s recovery,” said Gurjot Bhullar, Manager of Aircraft Systems at FLYHT. “Following a challenging 2020, we are excited to once again support our partner and continue to strengthen our business relationship. We applaud the efforts of the aviation community and will continue to provide our world-class customer support and our quality products to aid the industry’s recovery.”
Under the terms of the existing agreement, the OEM will be licensing FLYHT’s technology and delivering the automated flight information reporting system (AFIRS 228S) to their European airframer customer for three certified aircraft platform types. FLYHT anticipates shipping all product, and therefore recognizing revenues, from this order during the third quarter of 2021.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or 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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected revenues 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 projected revenues. 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 conditions; industry conditions, and supply chain delays. 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
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.
