FLYHT Provides Fourth Quarter Update
CALGARY, AB--(Marketwired - January 04, 2017) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (FLYLF) (the "Company" or "FLYHT") is pleased to announce the following updates to sales activity in the fourth quarter of 2016:
Received orders from an existing OEM partner (see release on July 15, 2014) for approximately USD $1.8 million of parts with related license fees.
Signed two new airline customers in The People's Republic of China (China) for Automated Flight Information Reporting System (AFIRS™) 228 hardware equipment and added units with an existing customer in the region. These contracts will total approximately USD $709,000 assuming FLYHT provides services over the full term of the five (5) year agreements. The new contracts bring the number of FLYHT customers in China to 20.
Two existing customers added AFIRS 228 units with voice and data services; one airline operates in North America and the other in Africa. The contract revenue will be approximately USD $811,000 assuming FLYHT provides services over the full term of the five (5) year agreements.
Additionally, the Company's outstanding redeemable debentures matured and were repaid in full for $3.1 million on December 23, 2016.
FLYHT was awarded an additional Supplemental Type Certificate (STC) by the General Administration of Civil Aviation of China (CAAC). This allows further installation of the AFIRS solution on the CRJ 100, 200, 440, 700 and 900 aircraft.
"FLYHT has had a successful 2016 and we are excited about what 2017 may bring," remarked FLYHT's CEO Tom Schmutz. "Some of the highlights from the past year include the $2.5 million USD IP license fee receipt, the acquisition of a $2.35 million interest-free government loan, the signing of eight new airlines in China and significant strengthening of our balance sheet with the repayment of $5.6 million in matured debentures."
About FLYHT Aerospace Solutions Ltd.
FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 60 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems to increase safety, improve operational efficiencies and enhance profitability. FLYHT's proprietary technology, the Automated Flight Information Reporting System (AFIRS™), operates on multiple aircraft types and provides functions such as safety services voice and text messaging, data collection and transmission, and on-demand streaming of flight data recorder (black box), engine and airframe data. AFIRS sends this information through the Iridium Satellite Network to FLYHT's UpTime™ ground-based server, which routes the data to customer-specified end points and provides an interface for real-time aircraft interaction. AFIRS has flown over 2.4 million aggregate flight hours and 1.6 million flights on customers' aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.
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