FLYHT AEROSPACE SLTNS LTD - FLYLF STOCK NEWS

FLYHT Aerospace Solutions announced that the Court of King's Bench of Alberta has granted the final order approving the previously announced plan of arrangement with Firan Technology Group (FTG). Under this arrangement, FTG will acquire all outstanding common shares of FLYHT in a cash and share transaction valued at approximately CAD$13.2 million. Subject to customary closing conditions, the arrangement is expected to be completed on December 20, 2024.

FLYHT Aerospace Solutions shareholders have overwhelmingly approved the company's acquisition by Firan Technology Group (FTG). At the special meeting held on December 16, 2024, shareholders voted 97.867% in favor of the arrangement, with 16,513,039 votes supporting the acquisition and only 359,982 votes against it. The transaction, which was previously announced on October 21, 2024, requires a final order from the Court of King's Bench of Alberta and satisfaction of other closing conditions. The arrangement is expected to close around December 20, 2024.

FLYHT Aerospace Solutions has renewed a multi-year contract to provide recurring software services for a Middle East military customer. The agreement, valued at approximately US$1.9 million over three years, covers software, voice, and data services for a fleet of 23 C-130 Hercules aircraft. The service package includes FLYHTLog for automated block and flight times, FLYHTFollow for global flight tracking and alerting, two-way text messaging, and satcom voice capabilities. This renewal demonstrates the continued value of FLYHT's AFIRS solution for military operations.

FLYHT Aerospace Solutions has distributed management information circulars for a special shareholders' meeting on December 16, 2024, regarding the proposed acquisition by Firan Technology Group (FTG). The transaction, valued at approximately CAD$13.2 million, offers shareholders options to receive either a combination of cash and FTG shares, cash only, or FTG shares only. Due to a Canadian postal strike, materials are being delivered via courier and email upon request. The board unanimously recommends shareholders vote FOR the arrangement, which is expected to complete in Q4 2024, subject to shareholder approval and other conditions.

FLYHT Aerospace Solutions reported Q3 2024 financial results showing a 14% revenue decline to $4,398,225 compared to Q3 2023. The decrease was primarily driven by a 22% drop in SaaS revenue to $2,167,003 and a 95% reduction in Licensing revenue to $22,889. Hardware revenue increased 6% to $1,061,822, while Technical Services revenue grew 41% to $1,146,511. Gross margin decreased to 56.8% from 58.7% year-over-year. The company reported a net loss of $2,244,504, compared to a $728,655 loss in Q3 2023. Cash and short-term investments stood at $1,289,217 as of September 30, 2024.

FLYHT Aerospace Solutions has received an order from WestJet Airlines to install its TSO-approved AFIRS™ 228S satcom solution on WestJet's Boeing 737 MAX-10 fleet. The contract expansion, valued at approximately US$900,000, builds upon a previously announced 2020 agreement. The AFIRS system will provide long-range data and voice communications while maintaining fleet commonality across WestJet's aircraft types. The solution allows immediate installation and activation of safety services functions upon aircraft delivery.

FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) has entered into a definitive agreement to be acquired by Firan Technology Group (TSX:FTG)(OTCQX:FTGFF) in a cash and share transaction valued at approximately CAD$13.2 million. The transaction offers FLYHT shareholders a 41% premium to the closing price on October 21, 2024. Shareholders can elect to receive cash, FTG shares, or a combination, subject to pro-ration. The deal is expected to close in Q4 2024, subject to shareholder and regulatory approvals.

The acquisition aims to accelerate FLYHT's growth, particularly in commercializing its AFIRS Edge product line. It aligns with FTG's strategic objectives to increase aftermarket sales in commercial aerospace and expand its relationship with Airbus. FLYHT's board unanimously recommends shareholders vote in favor of the transaction, supported by a fairness opinion from KSV Advisory Inc.

FLYHT Aerospace Solutions has announced a partnership with WestJet Airlines and the National Oceanic and Atmospheric Administration (NOAA) to enhance weather forecasting accuracy in North America. WestJet will install FLYHT's weather solutions on five Boeing aircraft flying Pacific routes, including FLYHT-WVSS-II atmospheric water vapor sensors integrated with FLYHT's Edge multi-channel WQAR and Certus SatCom for real-time data transmission.

The collaboration aims to provide NOAA with critical real-time humidity, temperature, and wind data in data-sparse regions over the Pacific. This data will help improve forecasts, particularly for phenomena like 'Atmospheric Rivers' that can cause flooding and heavy snowfall in the Western U.S. The project, funded by a $500,000 appropriation to FLYHT in September 2023, is set to begin hardware installations in early 2025.

FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) has successfully integrated its 5G AFIRS Edge™ solution with Air North's Boeing 737 NG operations. This integration brings several efficiencies, including:

• Automated post-flight data download for flight safety programs
• Aircraft Interface Device (AID) functionality
• Power over Ethernet for charging iPads in the cockpit

The AFIRS 228 Iridium SatCom will power Air North's real-time access to various FLYHT services. Air North, as the STC partner for Boeing 737 NG aircraft, has agreed to purchase FLYHT's hardware and software services as part of their fleet renewal plans. This successful integration validates FLYHT's pioneering technology and marks a significant step in improving connectivity and operational efficiencies for Air North.