FLYHT Promotes Kent Jacobs to President, Bolsters Operational Team

Rhea-AI Summary

FLYHT Aerospace Solutions Ltd. (TSX-V:FLY, OTCQX:FLYLF) announced key management promotions to enhance its SaaS presence in aviation. Kent Jacobs, a veteran with over 20 years at FLYHT, was promoted to President, while Gurjot Bhullar became VP of Operations, bringing over a decade of experience. The company granted stock options for a total of 100,000 shares to the new executives, subject to approval. Additionally, the investor relations agreement with FNK IR, LLC was amended, with a monthly fee of US$6,000 and further stock options granted.

Positive

• Kent Jacobs promoted to President, leveraging over 20 years of experience to enhance leadership in SaaS solutions.
• Gurjot Bhullar promoted to VP of Operations, contributing over 10 years of service.
• Strategic changes aimed at strengthening FLYHT's SaaS capabilities in the aviation sector.

Negative

• Derek Graham, VP of Business Development, resigned, potentially impacting business continuity and strategy.

Promotes Gurjot Bhullar to VP of Operations

CALGARY, AB / ACCESSWIRE / November 8, 2021 / FLYHT Aerospace Solutions Ltd. (TSX-V:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") today announced changes to the management team to address opportunities identified to strengthen its SaaS presence in the global aviation sector.

The Board of Directors promoted Kent Jacobs, the first employee of FLYHT, to President. Over his 20-plus years with the Company, Kent has served in many roles and is a global expert on aviation systems and solutions, including leading FLYHT's transition to SaaS from avionics sales.

The Company has also promoted Gurjot Bhullar to Vice President of Operations. Gurjot has been with the Company for more than 10 years and has worked in various departments over that time.

Mr. Jacobs commented, "My journey with FLYHT began some 20 years ago with little more than ideas, energy, and the desire to improve the industry I love. This new chapter allows me to leverage my experience in aviation and my relationships throughout the industry, to continue the drive for FLYHT to become a dominant SaaS-based solutions provider in the industry. I am excited and eager for this opportunity to help move FLYHT towards our Actionable Intelligence goals."

Bill Tempany, FLYHT's Interim CEO, added, "This new structure will allow me to focus on our M&A objectives and with Kent and the team's support, make sure our achievements are well communicated to our investors. FLYHT is in a strong position as the pandemic looks for an ending and we are all very excited about what we can now achieve together."

Mr. Derek Graham, VP Business Development, has resigned to pursue opportunities in the industry with one of FLYHT's partners. The Board of Directors thanks Derek for his contributions over the last decade and wishes him best in his future endeavors.

In tandem with these promotions, incentive stock options for an aggregate 100,000 common shares were granted to Mr. Jacobs and Mr. Bhullar, subject to TSXV approval. The options are exercisable at a price of $0.77 per share, will vest immediately and are exercisable until November 5, 2022. These options are subject to the terms of the Company's stock option plan and a four-month hold period.

The Company also amended its investor relations agreement (originally announced on August 5, 2020) with FNK IR, LLC ("FNK"). Under the terms of the amendment, FNK will receive US$6,000 per month from FLYHT on a month-to-month basis and has been granted a further 30,000 options, subject to TSXV approval. These options will: (i) be at an exercise price per share equal to the Company's market price of the shares on the date of issuance and subject to the pricing rules of the TSX Venture Exchange in relation to options; and (ii) vest at 7,500 per quarter over the calendar year and are exercisable until November 5, 2024. These options are subject to the terms of the Company's stock option plan and a four-month hold period.

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 and humidity 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. FNK IR LLC

Alana Forbes Matt Chesler, CFA
Chief Financial Officer Investor Relations
403.291.7437 646.809.2183
aforbes@flyht.com flyht@fnkir.com
investors@flyht.com

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 source version on accesswire.com:
https://www.accesswire.com/671593/FLYHT-Promotes-Kent-Jacobs-to-President-Bolsters-Operational-Team

FAQ

What recent management changes occurred at FLYHT Aerospace Solutions Ltd. on November 8, 2021?

FLYHT Aerospace announced the promotion of Kent Jacobs to President and Gurjot Bhullar to VP of Operations.

What stock options were granted to FLYHT's executives?

FLYHT granted stock options for 100,000 shares to Kent Jacobs and Gurjot Bhullar, exercisable at $0.77 per share.

What is the significance of the management changes for FLYHT's stock symbol FLYLF?

The changes reflect a focus on enhancing SaaS capabilities, which could positively impact FLYLF's market performance.

What amendments were made to FLYHT's investor relations agreement?

FLYHT amended its agreement with FNK IR, LLC to a monthly fee of US$6,000 and granted additional stock options.