FLYHT's AFIRS Edge A320 Platform to Launch on Coral Jet
FLYHT Aerospace Solutions Ltd. (FLYLF) announced that Coral Jet, a new airline, will be the launch customer for FLYHT's AFIRS Edge product. This contract, valued at approximately $100,000 USD over five years, positions the Edge as a key tool for enhancing operational efficiency and reducing emissions.
The AFIRS Edge serves as an interface device, offering advanced analytics, aircraft data access, and real-time performance monitoring. FLYHT aims to complete the required certification process for additional aircraft models this year.
- Coral Jet's order positions FLYHT as a key player in the Caribbean market.
- The contract valued at approximately $100,000 USD enhances FLYHT's revenue stream.
- The AFIRS Edge provides airlines with cutting-edge analytics and operational efficiencies.
- Dependence on a single customer (Coral Jet) for the initial launch may pose revenue risks if Coral Jet's operations do not expand as projected.
CALGARY, AB / ACCESSWIRE / May 31, 2022 / FLYHT Aerospace Solutions Ltd.(TSX-V:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") and Coral Jet, a startup airline that will service the Caribbean, United States and Canada, today announced that Coral Jet has placed an initial order to become the launch customer for the AFIRS Edge™. The Edge will be added to Coral Jet's existing AFIRS™ satcom products, as previously announced on January 11, 2022.
The AFIRS Edge is an aircraft interface device ("AID"), pushing aircraft data to EFB applications, providing airlines with Wireless Quick Access (WQAR) capabilities, all while serving as a gateway on the aircraft for critical real-time information and onboard data storage. With powerful onboard analytics capabilities, the Edge leverages innovative technology to allow complex analytics to be developed and deployed more efficiently than conventional updates. The Edge also serves as a data port for the Actionable Intelligence services such as fuel management, aircraft health monitoring and real-time engine data reporting. These tools will help airlines recover from the pandemic while monitoring and reducing fuel burn and thereby greenhouse gas emissions.
FLYHT's development of the Edge as well as its suite of Actionable Intelligence tools was developed with repayable funding support from PrairiesCan through its Western Innovation Initiative.
Kent Jacobs, President of FLYHT stated, "We are very excited to have a launch customer for the Edge product line and plan to complete the STC process for the A319/320/321 and the B737NG this year. Our AFIRS Edge is a light weight, powerful avionics product that provides airlines with a wireless QAR (Quick Access Recorder), AID functions, and ACMS capabilities that will help airlines improve their operational efficiency. Completing these two STCs this year will allow us to meet the demand we are seeing in the marketplace. We see this as a significant step forward in the rollout of this product."
Wes Gardner, Director of Flight Operations of Coral Jet said, "FLYHT products have always been ahead of their time, and we see the Edge product line solving most of our data and pilot communication needs. We look forward to the new products being developed for the Edge to help us run an efficient and environmentally friendly airline."
This contract is valued at approximately
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. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT's TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.
CrossConsense, FLYHT's wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.
FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. 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 the anticipated/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
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.
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