CALGARY, Alberta, July 03, 2018 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V: FLY ) (OTCQX:FLYLF) (the “Company” or “FLYHT”) is pleased to announce an aggregate USD $4.45 million in new sales contracts and purchase orders during the second quarter of 2018.
FLYHT gained two new airline customers in the second quarter:
- One European operator who signed an agreement to receive CAN-TSO-159b approved Automated Flight Information Reporting System (AFIRS™) 228S hardware units with a contract value of USD $360,000 to integrate into their aircraft to achieve Future Air Navigation System (FANS) compliance.
- One Australian operator that enabled FLYHTLog™, FLYHTHealth™ and FLYHTVoice™ on leased aircraft that they recently received which had AFIRS products installed. This five-year agreement will yield USD $260,200 if services are provided during the duration of the contract.
FLYHT renewed or expanded contracts for UpTime™ Software as a Service (SaaS) for five years for five airlines (based in Africa, Mexico, the Caribbean and Canada) and one lessor with a total contract value of USD $564,360 if services are provided during the length of the contracts. Two other existing customers renewed, and one increased, their contracts for a combined USD $2.46 million as previously released on June 7 and May 22 .
FLYHT sold AFIRS hardware kits or technical services for USD $491,342 to the following existing customers:
- an existing operator in China,
- an existing operator in the Middle East, and
- an existing commercial OEM customer.
Also included in the new sales contract amount is an additional order from an existing OEM partner (see release on July 15, 2014 ) of USD $315,621 for license fees.
At quarter end, the sales order backlog for AFIRS hardware and SaaS was approximately $26 million 1 .
“While we seek new customers, we are particularly excited with the re-signing of existing customers,” stated FLYHT’s Chief Executive Officer, Tom Schmutz. “This shows our SaaS products are very useful for airlines and are integrated into their day to day operations.”
1 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 SaaS 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.
FLYHT was issued two Supplemental Type Certificates (STC) for AFIRS 228 in the second quarter. FLYHT received the Mexican Civil Aviation Authority (DGAC) STC for the Boeing 737–300/400/500/700/800 series, and the Brazilian Civil Aviation Authority (ANAC) validation of the Transport Canada STC for the Embraer E190-100 series.
Finally, during the quarter, FLYHT announced the issuance of the FLYHTStream patent in Canada, previously issued in the United States and China. Also, FLYHT was recognized by Inmarsat PLC. as the first world wide recipient of the Certified Application Provider (CAP) Programme for their Swift Broadband-Safety network.
About FLYHT Aerospace Solutions Ltd.
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 to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTime™ Cloud data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.
Contact Information FLYHT Aerospace Solutions Ltd. Alana Forbes Chief Financial Officer 403-291-7437 aforbes@flyht.com Adelaide Capital Markets Inc. Deborah Honig 647-203-8793 deborah@adelaidecapital.ca
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