CALGARY, Alberta, Feb. 18, 2020 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) has received a US$2.43 million purchase order for Iridium modems and license fees from a long-time OEM customer. This order builds upon the relationship previously discussed in press releases dated July 15, 2014 and August 1, 2019.
Under the terms of the existing agreement, the OEM will be licensing FLYHT’s technology and delivering the automated flight information reporting system (AFIRS 228S) to their European airframer customer for three certified aircraft platform types. FLYHT anticipates shipping all product, and therefore recognizing revenues, from this order during 2020. As a result, this order is expected to increase FLYHT’s 2020 licensing revenues to a level approximately equal to that of 2019, assuming all shipments scheduled on the purchase order are fulfilled.
“Receiving a follow-on order from this OEM, who has been an important partner of FLYHT’s for several years, is a great testament to the value our solutions provide our customers and our ability to establish long-term relationships through quality customer service,” said Matieu Plamondon, Chief Operations Officer. “We’ve established ourselves as a ‘go-to supplier’ for this OEM and their customers by providing an outstanding Future Air Navigation System (FANS) Satcom product for both production and retrofit. We look forward to expanding our business with this great partner.”
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™ (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™ (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.
| Contact Information: | |||
| FLYHT Aerospace Solutions Ltd. Alana Forbes Chief Financial Officer 403-291-7437 aforbes@flyht.com | Canada Investor Relations: Adelaide Capital Markets Inc. Deborah Honig 647-203-8793 deborah@adelaidecapital.ca | U.S. Investor Relations: Gateway Investor Relations Matt Glover or Charlie Schumacher 949-574-3860 FLY@gatewayir.com | |
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