Calgary, Alberta – October 2, 2018 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce an aggregate USD$5.1 million dollars in new sales contracts and purchase orders during the third quarter of 2018, if equipment and service is provided for the length of the contracts.
FLYHT gained three new customers in the third quarter:
FLYHT renewed a contract for UpTime SaaS and sold additional AFIRS 228B units to an existing Middle Eastern customer for a total contract value of USD$848 thousand dollars.
FLYHT also sold AFIRS hardware kits, technical services, or data services for a total of USD$235 thousand dollars to the following customers:
Included in new sales contract amount is a previously announced order for a renewed SaaS contract from an existing Australasian airline (see press release on July 16, 2018) for USD$3.1 million.
At quarter-end, the sales order backlog for AFIRS kits and UpTime voice and SaaS was approximately $25 million dollars.
In addition, FLYHT received a Federal Aviation Administration (FAA) Supplemental Type Certificate (STC) for the Company’s AFIRS 228 system on the Airbus A319/320/321 family of aircraft from a contracted American certification supplier in the third quarter of this year. FLYHT’s library of STCs for AFIRS products now exceeds 90 certificates, believed by management to be the largest in the world. This is significant because these certificates authorize FLYHT to install AFIRS products on an estimated 95% of commercial air transport aircraft worldwide.
FLYHT also closed a convertible debt financing of $2 million dollars (announced via press release on July 24, 2018).
Another highlight of the quarter was Boeing, Embraer and FLYHT’s joint release of a whitepaper and corresponding presentation, describing the results of the Autonomous Distress Tracking and Timely Recovery of Flight Recorder Data trial (see press release on September 4, 2018). The findings, delivered at the Airlines Electronic Engineering Committee (AEEC) meeting in Kelowna, Canada in August, reported on tests performed during the Boeing ecoDemonstrator program. Using FLYHT’s AFIRS solution and the company’s UpTime SaaS product, the joint paper concluded that existing, commercially available equipment and network services (FLYHT’s AFIRS and Inmarsat SwiftBroadband) are suitable for providing distress flight data streaming capabilities that support International Civil Aviation Organization (ICAO) objectives. The whitepaper and presentation are published on the FLYHT Website.
Management is confident that this positive result, combined with AFIRS and enabling UpTime product, FLYHTStream™; the Company’s unmatched library of STCs; the FLYHTStream Triggered Data Streaming Patent issued in China, United States and Canada (pending elsewhere); and FLYHT’s selection as Inmarsat’s inaugural Aviation Certified Application Provider (CAP) for Imarsat’s new SwiftBroadband-Safety services, positions FLYHT well to provide solutions to satisfy the upcoming January 2021 ICAO regulations regarding Operation of an Aircraft and Autonomous Distress Tracking and Timely Recovery of Flight Recorder Data (Modifications to Annex 6 and Amendment 40, respectively).
About FLYHT Aerospace Solutions Ltd.
2018 marks FLYHT’s 20th anniversary as a leader in real-time aircraft data streaming. FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRS™) on their aircraft. The solution is used to capture, process and stream aircraft data providing real-time alerts. AFIRS sends this information through satellite networks to FLYHT’s UpTime™ Cloud data center, which gives aircraft operators direct insight into the operational status and health of their aircraft, which in turn enables them to take corrective action to maintain the highest standard of operational control. For more information visit www.flyht.com.
|Contact Information: |
|FLYHT Aerospace Solutions Ltd.|
Chief Financial Officer
|Adelaide Capital Markets Inc.|
Join us on social media!
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.
 The measure of sales order backlog is comprised of the sales value of prior committed contracts for which neither the AFIRS hardware is installed, nor the voice and data services activated. These signed contracts have been previously announced in various press releases. This sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts and does not include outstanding orders for Licensing or Technical Services revenue components.
2021 FLYHT Aerospace Solutions Ltd.