Calgary, Alberta – March 1, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that it has received approval from the TSX Venture Exchange for the proposed acquisition of CrossConsense GmbH & Co. KG (“CrossConsense”). The arms’ length acquisition of CrossConsense is expected to accelerate FLYHT’s strategic roadmap to build out a maintenance capability, and will fulfill the Company’s goal to increase its presence in the European and Middle East markets.
Under terms of the agreement, previously announced on January 27, 2022, FLYHT (through its wholly owned German subsidiary formed as part of this transaction) will acquire all of the outstanding securities of CrossConsense. This agreement is to be effective January 1, 2022. The parties anticipate closing the transaction as soon as possible after final approval has been received from the German government.
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, AFIRS Edge, a state-of-the-art 5G WQAR and satellite data communications device, and TAMDAR™ and the FLYHT-WVSS-II™, which deliver airborne weather and humidity 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 presentation here, or visit www.flyht.com.
About CrossConsense GmbH & Co. KG
Founded in 2002, Frankfurt Germany-based CrossConsense offers its customers in the commercial aviation industry, highly skilled services, designed to enhance their productivity and uptime performance, based on sound knowledge in the areas of maintenance, engineering and logistical support. CrossConsense maintains a staff of 24 dedicated, experienced, and motivated team workers. For more information, visit https://www.crossconsense.com.
FLYHT Aerospace Solutions Ltd. FNK IR LLC
Alana Forbes Matt Chesler, CFA
Chief Financial Officer Investor Relations
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 acceleration of the development of a maintenance capability and the increase in the company’s presence in certain international markets. 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.
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