CALGARY, Alberta, July 03, 2019 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced preliminary second quarter 2019 highlights and updates.
Second Quarter 2019 Highlights
During the second quarter 2019, FLYHT secured an aggregate of US $3.0 million in sales contracts and purchase orders, including:
On April 15, 2019, FLYHT announced a US $1.8 million OEM purchase order for Iridium modems and license fees, which is included in the US $3.0 million aggregate disclosure.
After all shipments in the second quarter of 2019, FLYHT’s sales order backlog totaled $58.0 million. The sales order backlog is the sum of purchase orders and contracts for all unrecognized technical services, licenses, and hardware and the future value of contracted SaaS products. These signed contracts or purchase orders have been previously announced in various press releases. Backlog value for contracts deemed unlikely to manifest is removed. Twelve months of SaaS product value is included in backlog if a customer is currently paying for SaaS products under a contract that has exceeded its original term and is auto-renewing annually for subsequent one-year terms. The sales order backlog value assumes that FLYHT provides hardware and services over the full scope and term of the constituent contracts.
In addition to these new sales contracts and purchase orders, FLYHT received Parts Manufacturer Approval (PMA) from the Federal Aviation Administration (FAA) to manufacture the AFIRS family of products within the United States. Currently, FLYHT manufactures AFIRS products in Canada under authority granted by Transport Canada. This new FAA authorization enables FLYHT’s facilities in Calgary, AB and Littleton, CO to be more flexible in their production of aircraft parts.
During the second quarter of 2019, FLYHT made continued progress in the “OneFLYHT” integration program. The Company successfully manufactured the first FlightLinkTM Iridium Satellite Data Unit and Tropospheric Airborne Meteorological Data Reporting (TAMDARTM) sensor since it acquired the assets of Panasonic Weather Solutions last October. The Company remains on target to begin shipping these products in the third quarter of this year. Additionally, FLYHT completed AS9100D Quality Management Systems – Requirements for Aviation, Space and Defense Organizations re-certification for its Calgary facility. The Company remains on track to establish a multi-site certification, which would include both the Calgary and the Littleton facilities, later this year.
FLYHT extended the May 2018 services agreement with Adelaide Capital Markets Inc (“Adelaide”) for a second term of 12 months. Under the terms of this amendment, Adelaide will receive $6,000 CAD per month from FLYHT. The amendment also provides for the issuance of 45,000 common share stock options of FLYHT to Adelaide on or before August 1, 2019 at an exercise price per share equal to the Company’s market price of the shares on the date of issuance and subject to the pricing rules of the TSX Venture Exchange in relation to options. The options will vest in tranches of 11,250 in each of the four quarters following the grant date and shall be exercisable until Aug 1, 2022. The amendment can be cancelled with 30 days’ notice in writing, at which time all unvested stock options would immediately expire, and all vested options would expire 90 days post-cancellation. The stock options are subject to a four month hold period. Adelaide does not own any shares in the Company.
The agreement and the issuance of stock options are subject to TSX Venture Exchange approval.
Finally, FLYHT’s current United States investor relations team, Liolios, announced an official name change to Gateway Investor Relations on May 6, 2019.
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety, efficiency and profitability. Globally, and for more than 20 years, airlines, leasing companies, fractional owners and original equipment manufacturers have installed FLYHT’s differentiated aircraft and enterprise-based solutions to deliver real-time, flight-deck, satellite connectivity for tracking, health monitoring, and streaming of operational, maintenance and weather data. FLYHT is publicly traded as FLY in Canada on the TSX.V; and as FLYLF in the USA on the OTCQX. FLYHT is based in Calgary, Canada with an office in Littleton, Colorado and is an AS9100 Quality registered company. For more information visit www.flyht.com.
|Contact Information: |
|FLYHT Aerospace Solutions Ltd. |
Chief Financial Officer
|Canada Investor |
Adelaide Capital Markets Inc.
|U.S. Investor Relations:|
Gateway Investor Relations
Matt Glover or Charlie Schumacher
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