CALGARY, Alberta, April 26, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that the Company has executed a settlement agreement and mutual release (in respect of any claims between the parties) in respect of the litigation between Thomas R. Schmutz (former CEO of FLYHT) and the Company, as first announced on June 30, 2020. The parties have agreed upon a final settlement whereby FLYHT will pay Mr. Schmutz $225,000 CAD and 250,000 common shares in FLYHT. All of the common shares issued pursuant to the settlement agreement are subject to a 4-month hold period. The settlement is conditional upon final approval for the issuance of the common shares by the TSX Venture Exchange.
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 and TAMDAR™, which aggregates and streams airborne weather 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 latest presentation here, or visit www.flyht.com
|FLYHT Aerospace Solutions Ltd.
Chief Financial Officer
|FNK IR LLC
Matt Chesler, CFA
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