FLYHT Provides Fourth Quarter 2017 Update
CALGARY, AB–(Marketwired – January 08, 2018) – FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce USD $555,000 in new sales contracts and purchase orders during the fourth quarter of 2017.
The new sales contracts are with an existing Canadian customer that ordered an Automated Flight Information Reporting System (AFIRS™) 228 hardware kit. FLYHT also sold parts to an international military parts supplier.
In addition to these latest orders, FLYHT previously announced an AFIRS contract in the fourth quarter with Turkey-based Azur Aviation for USD $2.1 million in a press release dated October 17, 2017. This brings the total new sales contracts and purchase orders for the quarter to USD $2.7 million, assuming FLYHT provides services over the full term of each of the agreements.
For the year 2017, FLYHT has booked USD $16.9 million in sales contracts and purchase orders for all revenue categories. This figure includes USD $209,000 of purchase orders received earlier this year from an aircraft lessor and distributor, but not previously reported. At the end of November 2017, the sales order backlog for AFIRS kits and voice and data services exceeded $27 million(1).
FLYHT was also issued the Civil Aviation of China Supplemental Type Certificate (STC) for the E-190 Embraer Jet family during the fourth quarter and is continuing to pursue the Federal Aviation Administration (FAA) STC at the request of a customer.
During the fourth quarter, significant effort has been spent enhancing FLYHTStream™ for use with Inmarsat SwiftBroadband. This work is in support of the Boeing ecoDemonstrator Program, which was previously announced on August 10, 2018 in this press release. FLYHTStream enhancements include the real-time simulation of the flight deck controls and indicators during streaming as well as the real-time streaming of flight deck audio which augments the flight data streaming component. The FLYHT equipment has been delivered for this trial, which will be initiated on a FedEx B-777 during the first quarter of 2018.
These enhancements will also be demonstrated with Inmarsat as the aircraft interface component for their “Black Box in the Cloud” always-on streaming concept for SwiftBroadband-Safety (SB-S) network. This trial was announced by Inmarsat on September 19, 2017 in an Inmarsat press release titled Inmarsat to demonstrate advanced SwiftBroadband-Safety capabilities in flight trial with FLYHT.
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: (TSX VENTURE: FLY) (OTCQX: FLYLF)). 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-based 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.
Join us on social media!
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) 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 Parts or Services revenue components.
FLYHT Aerospace Solutions Ltd.
Chief Financial Officer