Calgary, Alberta – December 21, 2015 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced the granting of a non-exclusive license to use certain of its intellectual property (the “IP”). The license is granted to a technology company (the “Licensee”) for an aggregate license fee of $2.5 million USD, payable in the first quarter of 2016.
The licensed IP includes FLYHT software and hardware technology that is currently sold to an original equipment manufacturer (“OEM”). The non-exclusive license does not include any of FLYHT’s IP associated with the Company’s ground-based software program, UptimeTM, nor does it include the AFIRS 228S proprietary embedded logic application (“ELA”) for real-time processing of aircraft data. As part of the agreement, FLYHT obtains the right to resell the Licensee’s future Iridium CERTUS product that will function on the Iridium NEXT constellation (if the Licensee brings such a product to market).
“This non-exclusive license is mutually beneficial for FLYHT and the Licensee,” remarked FLYHT CEO Thomas R. Schmutz. “The license agreement announced today will enable new opportunities for both organizations and does not impact FLYHT’s ability to sell and develop its own product lines, nor does it impact, in any way, existing revenue streams or future planned revenue streams.”
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 Dragon is FLYHT’s latest product, a revolutionary light weight portable satellite communications device that blends existing FLYHT technology with that of the iPad.
AFIRS, UpTime, the Dragon, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
FLYHT Aerospace Solutions Ltd.
Nola M. Heale, CPA (CA)
Chief Financial Officer
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