April 02, 2020 07:04 ET
| Source: FLYHT Aerospace Solutions Ltd.
CALGARY, Alberta, April 02, 2020 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announces preliminary first quarter 2020 highlights and sets fourth quarter and fiscal year 2019 conference call for Thursday, April 9, 2020 at 7:00 a.m. MDT (9:00 a.m. EDT).
First Quarter 2020 Preliminary Highlights
- Secured an aggregate US $4.6 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 sales order backlog of approximately $52 million1
- Promoted seasoned aviation executive Derek Taylor to Vice President, Sales and Marketing (previously announced March 3, 2020)
- Provided worldwide meteorological organizations a temporary, free license to utilize Tropospheric Airborne Meteorological Data Reporting (TAMDAR(TM)) weather data sets to help offset the recent decrease in accessible data due to COVID-19 (previously announced March 30, 2020)
- FLYHT shared its preliminary strategic response to the COVID-19 pandemic and its negative impact to commercial aviation (press release dated March 25, 2020)
During the first quarter of 2020, FLYHT secured an aggregate of US $4.6 million in sales contracts and purchase orders, including:
- A one-year contract extension with Environment and Climate Change Canada for the delivery of Aircraft Meteorological Data Relay (AMDAR) data
- Two Automated Flight Information Reporting System (AFIRS(TM)) 228S kits to an existing Chinese airline customer
- A partner (previously announced September 28, 2015) leased an AFIRS 228B equipped aircraft to an African operator who activated FLYHTLog(TM), FLYHTASD(TM), FLYHTVoice(TM) and FLYHTHealth(TM) on a five-year contract
- Three AFIRS 228B kits to a new aircraft leasing customer
- One AFIRS 228S kit to a European operator to implement Future Air Navigation System (FANS) safety services voice and data
- One AFIRS 228B kit to an existing African operator customer
- Previously announced a US $2.43 million purchase order for Iridium modems and license fees from a long-time OEM customer (previously announced February 18, 2020)
- Previously announced a US $1.77 million purchase order for software as a service (SaaS) features FLYHTHealth and FLYHTMail(TM) from Azur Havacilik A.S. (previously announced February 24, 2020)
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:
- FLYHT successfully completed the transfer of Federal Aviation Administration (FAA) STC ST04285CH from our third-party certification partner to FLYHT Inc, our US subsidiary. This AFIRS 228 STC for the Airbus A320 family of aircraft was developed with and held by the third party prior to FLYHT’s US presence. The transfer and reissue of this STC in FLYHT Inc.’s name puts it fully in FLYHT’s control for changes and revision to suit our customer’s needs.
- European Union Aviation Safety Agency (EASA) STC 10054714 was re-issued by EASA to approve the latest A320Neo “NX” models on the STC, expanding the applicability of the approval for our customers. EASA STC 10054714 is held by a third-party on behalf of FLYHT for the installation of FlightLink and TAMDAR on the Airbus A320 family of aircraft.
Conference Call Details
FLYHT will host a live conference call to discuss its fourth quarter and full year 2019 financial results on Thursday, April 9, 2020 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 email@example.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 improves aviation safety, efficiency and profitability by providing airlines, leasing companies, owners, operators and original equipment manufacturers with real-time insights into how their aircraft are performing. The company’s products include AFIRS(TM) (Automated Flight Information Reporting System), a satellite communications (Satcom) aircraft interface device (AID) which enables real-time streaming of flight information, aircraft tracking and health monitoring, fuel management, and black box data streaming, as well as TAMDAR(TM) (Tropospheric Airborne Meteorological Data Reporting), 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, visit www.flyht.com
|FLYHT Aerospace Solutions Ltd.
Chief Financial Officer
Adelaide Capital Markets Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1 Sales order backlog is the sum of purchase orders and contracts for all unrecognized technical services, licenses, 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.