FLYHT Receives Final Order Approval for the Arrangement
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 ha annunciato che la Corte di King's Bench dell'Alberta ha emesso l'ordine finale che approva il piano di ristrutturazione precedentemente annunciato con Firan Technology Group (FTG). In base a questo accordo, FTG acquisirà tutte le azioni ordinarie in circolazione di FLYHT in una transazione in contante e azioni del valore di circa CAD$13,2 milioni. Soggetto a condizioni di chiusura consuete, si prevede che l'accordo venga completato il 20 dicembre 2024.
FLYHT Aerospace Solutions anunció que la Corte de King's Bench de Alberta ha otorgado la orden final aprobando el plan de arreglo previamente anunciado con Firan Technology Group (FTG). Bajo este arreglo, FTG adquirirá todas las acciones comunes en circulación de FLYHT en una transacción de efectivo y acciones valorada en aproximadamente CAD$13,2 millones. Sujeto a condiciones de cierre habituales, se espera que el arreglo se complete el 20 de diciembre de 2024.
FLYHT Aerospace Solutions는 알버타주 킹스 벤치 법원이 Firan Technology Group (FTG)와의 이전에 발표된 합의안에 대한 최종 결정을 승인했다고 발표했습니다. 이번 합의에 따라 FTG는 현금 및 주식 거래를 통해 FLYHT의 모든 발행 주식을 인수합니다. 거래 금액은 약 CAD$13.2 백만으로 평가됩니다. 일반적인 거래 완료 조건을 준수하며, 이 합의는 2024년 12월 20일에 완료될 것으로 예상됩니다.
FLYHT Aerospace Solutions a annoncé que la Cour de King's Bench de l'Alberta a accordé l'ordonnance finale approuvant le plan d'arrangement précédemment annoncé avec Firan Technology Group (FTG). Dans le cadre de cet arrangement, FTG acquerra toutes les actions ordinaires en circulation de FLYHT dans une transaction en espèces et en actions d'une valeur d'environ CAD$13,2 millions. Sous réserve des conditions de clôture habituelles, l'arrangement devrait être finalisé le 20 décembre 2024.
FLYHT Aerospace Solutions gab bekannt, dass das King's Bench Gericht von Alberta die endgültige Genehmigung für den zuvor angekündigten Sanierungsplan mit Firan Technology Group (FTG) erteilt hat. Im Rahmen dieser Vereinbarung wird FTG alle ausstehenden Stammaktien von FLYHT in einer Bar- und Aktientransaktion erwerben, die auf etwa CAD$13,2 Millionen geschätzt wird. Vorbehaltlich der üblichen Abschlussbedingungen wird erwartet, dass die Vereinbarung am 20. Dezember 2024 abgeschlossen wird.
- Acquisition deal valued at CAD$13.2 million
- Final court approval received for the arrangement
- Clear timeline for deal completion (December 20, 2024)
- None.
CALGARY, AB / ACCESSWIRE / December 18, 2024 / FLYHT Aerospace Solutions Ltd. ("FLYHT" or the "Company") (TSXV:FLY)(OTCQX:FLYLF) today announced that, further to its new releases dated October 21, 2024, November 25, 2024 and December 16, 2024, the Court of King's Bench of Alberta (the "Court") granted the final order of the Court approving the previously announced plan of arrangement under the Canada Business Corporations Act (the "Arrangement") pursuant to which Firan Technology Group Corporation (TSX:FTG) (OTCQX:FTGFF) ("FTG") has agreed to acquire all of the issued and outstanding common shares of FLYHT in a cash and share transaction valued at approximately CAD
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, the transmission of aircraft data both 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.
About Firan Technology Group Corporation
FTG is an aerospace and defence electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defence, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill, Massachusetts and a joint venture in Tianjin, China.
FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and electronic assemblies for original equipment manufacturers of aerospace and defence equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, and Tianjin, China.
FTG's common shares are traded on the Toronto Stock Exchange under the symbol FTG.
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. 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 |
Alana Forbes | Matt Chesler, CFA |
Chief Financial Officer | Investor Relations |
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
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