FLYHT Announces Strategic Restructuring
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) has announced a strategic restructuring of its business operations, aiming to significantly reduce expenditures. The company expects this move to contribute to $1.75 million in annual savings. Key points include:
1. Completion of the AFIRS Edge product line development
2. Shift in focus towards sales and delivering contracted backlog
3. Workforce reduction of 20%
4. Introduction of the Edge+ product, a 4MCU plug-in-replacement version
5. Appointment of Darrel Deane as Chief Revenue Officer and Gurjot Bhullar as Chief Operating Officer
The restructuring aims to achieve positive EBITDA sustainably while delivering returns to stakeholders. A one-time restructuring expense of approximately $770,000 is expected in Q3 2024.
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) ha annunciato una ristrutturazione strategica delle sue operazioni aziendali, con l'obiettivo di ridurre significativamente le spese. L'azienda si aspetta che questa mossa contribuisca a 1,75 milioni di dollari in risparmi annuali. I punti chiave includono:
1. Completamento dello sviluppo della linea di prodotti AFIRS Edge
2. Cambio di focus verso le vendite e la consegna del backlog contratto
3. Riduzione della forza lavoro del 20%
4. Introduzione del prodotto Edge+, una versione sostitutiva plug-in da 4MCU
5. Nomina di Darrel Deane come Chief Revenue Officer e di Gurjot Bhullar come Chief Operating Officer
La ristrutturazione mira a raggiungere un EBITDA positivo in modo sostenibile, restituendo valore agli stakeholder. Si prevede una spesa una tantum per la ristrutturazione di circa 770.000 dollari nel terzo trimestre del 2024.
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) ha anunciado una reestructuración estratégica de sus operaciones comerciales, con el objetivo de reducir significativamente los gastos. La compañía espera que este movimiento contribuya a 1.75 millones de dólares en ahorros anuales. Los puntos clave incluyen:
1. Finalización del desarrollo de la línea de productos AFIRS Edge
2. Cambio de enfoque hacia las ventas y la entrega del backlog contratado
3. Reducción de la plantilla del 20%
4. Introducción del producto Edge+, una versión de reemplazo plug-in de 4MCU
5. Nombramiento de Darrel Deane como Chief Revenue Officer y de Gurjot Bhullar como Chief Operating Officer
La reestructuración tiene como objetivo lograr un EBITDA positivo de manera sostenible, al mismo tiempo que se brinda retorno a los interesados. Se espera un gasto único por reestructuración de aproximadamente 770.000 dólares en el tercer trimestre de 2024.
FLYHT 항공우주 솔루션 (TSXV:FLY)(OTCQX:FLYLF)은 전략적 구조 조정을 발표하여 사업 운영 비용을 대폭 줄이는 것을 목표로 하고 있습니다. 회사는 이 조치가 연간 175만 달러의 절감 효과에 기여할 것으로 예상하고 있습니다. 주요 사항은 다음과 같습니다:
1. AFIRS Edge 제품군 개발 완료
2. 판매 및 계약된 백로그 전달로 초점 전환
3. 인력 20% 감축
4. 4MCU 플러그인 대체 버전인 Edge+ 제품 도입
5. Darrel Deane를 최고 수익 책임자로 지명하고 Gurjot Bhullar를 최고 운영 책임자로 임명
이번 구조 조정은 이해관계자에게 수익을 제공하면서 지속 가능한 긍정적인 EBITDA를 달성하는 것을 목표로 합니다. 2024년 3분기에는 약 77만 달러의 일회성 구조 조정 비용이 발생할 것으로 예상됩니다.
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) a annoncé une réorganisation stratégique de ses opérations commerciales, visant à réduire de manière significative les dépenses. La société s'attend à ce que ce mouvement contribue à 1,75 million de dollars d'économies annuelles. Les points clés incluent :
1. Achèvement du développement de la ligne de produits AFIRS Edge
2. Changement de focus vers les ventes et la livraison du backlog contracté
3. Réduction de la main-d'œuvre de 20%
4. Introduction du produit Edge+, une version de remplacement plug-in de 4MCU
5. Nommer Darrel Deane en tant que Chief Revenue Officer et Gurjot Bhullar en tant que Chief Operating Officer
La réorganisation vise à atteindre un EBITDA positif de manière durable tout en offrant des retours aux parties prenantes. Une dépense unique de réorganisation d'environ 770 000 dollars est prévue au troisième trimestre 2024.
FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) hat eine strategische Umstrukturierung seiner Geschäftsabläufe angekündigt, um die Ausgaben erheblich zu senken. Das Unternehmen erwartet, dass dieser Schritt zu 1,75 Millionen Dollar an jährlichen Einsparungen beitragen wird. Wichtige Punkte sind:
1. Abschluss der Entwicklung der AFIRS Edge Produktlinie
2. Fokussierung auf den Verkauf und die Lieferung des vertraglich vereinbarten Rückstandes
3. Reduzierung der Belegschaft um 20%
4. Einführung des Edge+ Produkts, einer 4MCU Plug-in-Ersatzversion
5. Ernennung von Darrel Deane zum Chief Revenue Officer und Gurjot Bhullar zum Chief Operating Officer
Die Umstrukturierung zielt darauf ab, nachhaltig ein positives EBITDA zu erreichen und gleichzeitig den Stakeholdern Erträge zu liefern. Eine einmalige Umstrukturierungskosten von etwa 770.000 Dollar wird im dritten Quartal 2024 erwartet.
- Completion of AFIRS Edge product line development, representing a significant milestone
- Expected annual cost savings of $1.75 million CAD
- Introduction of Edge+, a 'plug and play' 5G compatible WQAR and AID solution
- Strategic focus shift towards sales and delivering contracted backlog
- Organizational changes aimed at achieving sustainable positive EBITDA
- 20% workforce reduction
- One-time restructuring expense of approximately $770,000 in Q3 2024
Restructure Expected to Contribute to
CALGARY, AB / ACCESSWIRE / August 22, 2024 / FLYHT Aerospace Solutions Ltd. ("FLYHT" or the "Company") (TSXV:FLY)(OTCQX:FLYLF) today announced a restructuring of its business operations to significantly reduce expenditures.
"We have reached an exciting and critical juncture in the 25-year history of FLYHT," said Mary McMillan, Interim CEO and Executive Chair of the Board. "After several years of hard work, the development of the AFIRS Edge product line is functionally complete. This milestone represents a significant achievement for our team and our company. As we move forward, we must now sharpen our focus, energy, and resources around sales and delivering our contracted backlog towards achieving positive EBITDA on a sustainable basis. There is both an opportunity and an imperative to retool the organization to focus on delivery of the promised returns to all our stakeholders while achieving significant cost savings."
Added McMillan, "Unfortunately, fallout from these actions involves parting ways with some team members who have played critical roles in getting us to where we are today. Their individual contributions cannot be understated, and I want to express my sincerest gratitude for their performance and commitment to FLYHT."
Concluded McMillan, "We are able to make this organizational change because we have substantially completed what we set out to do with the Edge: develop an industry leading 5G compatible wireless QAR (WQAR) and aircraft interface device (AID). We are releasing the 4MCU plug-in-replacement version, the Edge+, which we believe addresses the present and future requirements of the global airline community. The Edge+ is a world class ‘plug and play' version which we believe will rapidly penetrate the market. Now is the time to focus on introducing the Edge products to the wider marketplace, deliver and grow our contracted backlog, including our weather portfolio and SATCOM solutions."
To support this sharpened focus, Darrel Deane will take on the role of Chief Revenue Office (formerly Vice President Solutions) and Gurjot Bhullar will take on the role of Chief Operating Officer (formerly Vice President Operations).
These reductions will impact
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products, AFIRS™. Solutions include an aircraft satcom/interface device that enables cockpit voice communications, transmission of aircraft data both while inflight via satellite and post-flight via 5G, real-time aircraft state and fleet status analysis, and preventative maintenance solutions. FLYHT's hardware products can also be interfaced with FLYHT's proprietary relative humidity sensors to deliver airborne weather and humidity data in real-time.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. For more information, visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to projected revenues and related matters. Although FLYHT believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. FLYHT cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include but are not limited to global economic conditions, industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. FLYHT undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
FLYHT Aerospace Solutions Ltd. | FNK IR LLC |
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Alana Forbes | Matt Chesler, CFA |
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Chief Financial Officer | Investor Relations |
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403.291.7437 | 646.809.2183 |
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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.
SOURCE: FLYHT Aerospace Solutions Ltd.
View the original press release on accesswire.com
FAQ
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