Calgary, Alberta – January 21, 2016 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced that its extended expiry date on the Debenture conversion feature and amendment of the conversion price to $0.25 per, previously announced in a press release dated December 8, 2015, has been approved by the necessary majority of the Debentureholders in accordance with the trust indenture; and that final approval has been received from the TSX Venture Exchange (“the Exchange”).
The approvals have extended the expiry date on the conversion feature of the Company’s Debentures (the “Debentures”) that were originally issued on December 23, 2010 by one year (consistent with the maturity date of such Debentures) and amended the conversion price on the Debentures to $0.25 per. The outstanding Debentures that are the subject of the extension consist of an aggregate of 3,094,000 Debentures. The Debentures are set to mature on December 23, 2016 and the Exchange and Debentureholders approved the option to: (i) extend the ability to convert the Debentures into common shares of the Corporation (“Common Shares”) until December 23, 2016 (previously such conversion feature was set to expire on December 23, 2015); and (ii) amend the conversion price at which such Debentures are convertible into Common Shares to $0.25 per Common Share (from the original conversion price of $0.40 per Common Share). The Debentures continue to bear interest at a rate of 8% per annum.
For further information on the original issuance of the Debentures – please see the Company’s press releases dated December 23, 2010, December 22, 2014 and December 8, 2015.
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
The Howard Group Inc.
(888) or (403)-221-0915
Bristol Institutional Relations
Kin Communications Inc.
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2021 FLYHT Aerospace Solutions Ltd.