FLYHT Signs Actionable Intelligence Agreement with Coral Jet

Rhea-AI Summary

FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) has announced a new agreement with Coral Jet to equip its future fleet of seven A319/320 aircraft with AFIRS™ technology and SaaS services from FLYHT's Actionable Intelligence suite. This contract is expected to generate approximately US$760,000 over five years, with potential revenue increases as Coral Jet expands its fleet. Installations are set to begin in Q2 2022. FLYHT aims to support Coral Jet in enhancing operational efficiency and safety, reinforcing fuel management practices essential for their new operations.

Positive

• Agreement with Coral Jet to provide AFIRS™ technology and SaaS services.
• Expected revenue of approximately US$760,000 over five years, with potential for increases.
• Strengthening market position by equipping a new airline with innovative solutions.

Negative

• None.

CALGARY, AB / ACCESSWIRE / January 11, 2022 / FLYHT Aerospace Solutions Ltd.(TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") and Bermuda Aviation Asset Management Ltd dba Coral Jet ("Coral Jet"), today announced the signing of an agreement to equip Coral Jet's future fleet of seven A319/320 aircraft with AFIRS™ and to provide SaaS services from FLYHT's Actionable Intelligence suite of applications.

Coral Jet is a start up airline that will serve the Caribbean, United States, and Canada with plans to increase its aircraft fleet over the coming years.

Wes Gardner, Director of Flight Operations for Coral Jet, stated, "Our team has used the AFIRS solution in previous operations a65nd the flexibility of the hardware and software components, coupled with the reliability of the products and the professionalism of FLYHT staff, have always served us well. As a new operation, we have the ability to start with good habits. FLYHT's Actionable Intelligence applications will reinforce the necessary fuel management practices we are striving for."

Bill Tempany, FLYHT's Chief Executive Officer, stated, "Coral Jet is the latest upstart airline to adopt FLYHT's solutions to help them gain a competitive advantage in an increasingly competitive industry. Our team is committed to adding functionality to help Coral Jet, and our 80-plus customers, secure and maintain that market lead in their respective markets."

Installations will start early in the second quarter of 2022. The contract is expected to generate revenue of approximately US$760,000 over the five year contract term, with potential for increases as Coral Jet's fleet grows.

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, AFIRS Edge, a state-of-the-art 5G WQAR and satellite data communications device, and TAMDAR™ and the FLYHT-WVSS-II™, which deliver 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 presentation here, or 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. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We 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. 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 and industry conditions. 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. We undertake 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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FAQ

What is the significance of FLYHT's agreement with Coral Jet?

FLYHT's agreement with Coral Jet is significant as it provides the startup airline with advanced AFIRS™ technology, enhancing operational efficiency and potentially securing a competitive advantage in the aviation market.

How much revenue is expected from the Coral Jet contract?

The Coral Jet contract is expected to generate approximately US$760,000 over a five-year term, with potential for increased revenue as the airline expands its fleet.

When will the installations for Coral Jet's aircraft start?

Installations of the AFIRS™ technology for Coral Jet's aircraft are set to begin in the second quarter of 2022.

What aircraft types will Coral Jet be equipping with FLYHT's technology?

Coral Jet will equip its future fleet of seven A319/320 aircraft with FLYHT's AFIRS™ technology and SaaS services.

What services will FLYHT provide to Coral Jet?

FLYHT will provide AFIRS™ technology and SaaS services from its Actionable Intelligence suite, aimed at improving operational insight and fuel management for Coral Jet.