CALGARY, Alberta, April 03, 2019 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announces preliminary first quarter 2019 highlights and sets fourth quarter and fiscal year 2018 conference call for Thursday, April 11, 2019 at 7:00 a.m. MDT (9:00 a.m. EDT).
First Quarter 2019 Preliminary Highlights
- Secured an aggregate US $2.47 million in sales contracts and purchase orders, assuming the Company provides services over the full term of these contracts
- Expanded Supplemental Type Certificate (STC) portfolio
- Reported Hardware and SaaS order backlog in excess of $61.9 million 1
- Appointed seasoned aviation executive Nina Jonsson to the FLYHT Board of Directors (previously announced January 21, 2019 )
- Relocated CEO Thomas R. Schmutz’s office to Littleton, CO; FLYHT’s headquarters will remain in Calgary, Canada
- Augmented investor relations strategy and engaged Liolios to expand focus and outreach on U.S. markets (previously announced February 26, 2019 )
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 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.
During the first quarter of 2019, FLYHT secured an aggregate of US $2.47 million in sales contracts and purchase orders, including:
- A new African customer for UpTime TM data services including FLYHTLog TM , FLYHTHealth TM and FLYHTASD TM . This customer has received leased aircraft with Automated FLYHT Information Reporting Systems (AFIRS TM ) already installed and has enabled these services thorough a service contract.
- Contract renewals with two existing customers, one operating in North America and one in the Middle East
- Sales of AFIRS TM hardware kits to two existing operators in China and one in Africa
- Services or spare parts to a meteorological agency, an African operator and an Asian-Pacific operator
- Previously announced additional orders from existing customer Azur Aviation who signed a contract for US $740,000 for AFIRS units to meet Future Air Navigation System (FANS) regulatory requirements (previously announced January 14, 2019 )
In addition to the new sales contracts and purchase orders, FLYHT added to its extensive Supplemental Type Certificate (STC) portfolio in the first quarter, receiving the following:
- STC from the State Aviation Administration of Ukraine (SAAU) For the Boeing 737-300/400/500/700/800 (Jan 31, 2019)
- STC from the State Aviation Administration of Ukraine (SAAU) For the Boeing 767-300 (Jan 31, 2019)
- STC Validation (STCV) from the Egyptian Civil Aviation Authority (ECAA) for the Airbus A319-100 Series, A320-200 Series and A321-100/-200 Series (Feb 13, 2019)
Conference Call Details
FLYHT will host a live conference call to discuss its fourth quarter and full year 2018 financial results on Thursday , April 11, 2019 at 7 am MDT (9 am EDT, 6 am PDT) . The conference call will include a brief presentation about FLYHT’s fourth quarter and full year financial results followed by a question and answer period with management.
To access the conference call by phone within Canada and the U.S.A., the toll-free number is 1-800-319-4610. Outside Canada and the U.S.A., dial 1-604-638-5340. (Callers should dial in five to 10 minutes prior to the scheduled start time).
Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call, can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com .
An archive of the conference call will be posted on the Presentations and Webcasts section of FLYHT’s website as soon as it is available from the conference call provider.
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. | Canada Investor Relations: | USA Investor Relations: |
| Alana Forbes | Adelaide Capital Markets Inc. | Liolios |
| Chief Financial Officer | Deborah Honig | Matt Glover |
| 403-291-7437 | 647-203-8793 | 949-574-3860 |
| aforbes@flyht.com | deborah@adelaidecapital.ca | matt@liolios.com |
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