Calgary, Alberta – March 18, 2013 – FLYHT Aerospace Solutions Ltd. (the “Corporation“) (TSX Venture: FLY) announced today that the Corporation is proposing a debt offering of non-convertible debentures (“Debentures”) of FLY for aggregate gross proceeds of up to $5,000,000.
The net proceeds of the offering will be used for the completion of key certifications (STC’s) of the Corporation’s next generation product, the AFIRS™ 228 (Automated Flight Information Reporting System), and for working capital and business development objectives.
The details of the debt financing are as follows: the Debentures will mature on June 30, 2016 and bear interest at a rate of 12% per annum on the contributed amounts, which shall be accrued and paid annually in arrears commencing December 1, 2013. Purchasers of Debentures will receive a capital discount of 10% on the financing, meaning that for every $1.00 Debenture acquired, the Corporation shall owe, on the maturity date, principal equal to $1.10 to the Debenture holder. Subject to the approval of the TSX Venture Exchange, it is anticipated that purchasers of the Debentures will also be issued one bonus common share of the Corporation for every $1.00 principal amount of Debentures acquired pursuant to the offering. All of the securities issued pursuant to the private placement are subject to a 4-month hold period. The Debentures will not be listed on any stock exchange.
Completion of this debt offering remains subject to the final approval of the TSX Venture Exchange.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.
AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
The Howard Group Inc.
(888) or (403)-221-0915
Bristol Institutional Relations
(905) 326 – 1888
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This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the U.S. Securities Act, or any state securities laws and may not be offered or sold within the United States or to “U.S. persons” (as such term is defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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