CALGARY, Alberta, July 28, 2021 (GLOBE NEWSWIRE) -- Further to the press release dated July 22, 2021, the following insiders of FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) subscribed of Common Shares in the non-brokered private placement:
- Alana Forbes (an officer of the Company– 66,667 Common Shares);
- Bill Tempany (an officer and director of the Company) – 133,485 Common Shares;
- Brent Rosenthal (director of the Company) – 333,333 Common Shares;
- Darrel Deane (officer of the Company) – 40,000 Common Shares;
- Paul Takalo (director of the Company) – 33,334 Common Shares;
- Derek Graham (officer of the Company) – 33,333 Common Shares;
- Doug Marlin (director of the Company) – 33,333 Common Shares;
- Mary McMillan (director of the Company) – 41,666 Common Shares;
- John Olcott (director of the Company) – 16,667 Common Shares); and
- A newly created insider of the Company (Michael Kellen, being the decision maker for each of The Ellen-Maria Gorrissen Trust I U/A Dated 06/03/1993 and The Ellen-Maria Gorrissen Trust 2 U/A Dated 06/03/1993 (who each subscribed for – 2,083,333 Common Shares and collectively now own greater than 10% of the outstanding shares of the Company) (subject to final approval of the TSX Venture Exchange).
These may be considered "Related Party Transactions" under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, however the Company will rely upon available exemptions from the minority shareholder approval and valuation requirements set forth in that Instrument (the fair market value of these subscriptions being less than 25% of the Company’s market capitalization (exemptions found in sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions)). The actions disclosed herein were approved by the board of directors of the Company via written resolution, signed and approved by all directors.
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
Contact Information:
| FLYHT Aerospace Solutions Ltd. Alana Forbes Chief Financial Officer 403.291.7437 aforbes@flyht.com investors@flyht.com | FNK IR LLC Matt Chesler, CFA Investor Relations 646.809.2183 flyht@fnkir.com | |
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