FLYHT Provides First Quarter 2020 Update and Schedules Fourth Quarter and Fiscal 2019 Conference Call
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 HighlightsSecured an aggregate US $4.6 million in sales contracts and purchase orders, assuming the Company provides services over the full term of these contractsExpanded Supplemental Type Certificate (STC) portfolioReported sales order backlog of approximately $52 million1Promoted 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™) 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) dataTwo Automated Flight Information Reporting System (AFIRS™) 228S kits to an existing Chinese airline customerA partner (previously announced September 28, 2015) leased an AFIRS 228B equipped aircraft to an African operator who activated FLYHTLog™, FLYHTASD™, FLYHTVoice™ and FLYHTHealth™ on a five-year contractThree AFIRS 228B kits to a new aircraft leasing customerOne AFIRS 228S kit to a European operator to implement Future Air Navigation System (FANS) safety services voice and dataOne AFIRS 228B kit to an existing African operator customerPreviously 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™ 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 DetailsFLYHT 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)