FLYHT to be Factory Installed on COMAC's C-919
FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) has announced a multi-year contract with Commercial Aircraft Corporation of China (COMAC) for the installation of AFIRS 228 on the C-919 aircraft, with an initial purchase order valued at $98,000. The C-919, a narrow-body jet designed to compete with Boeing 737 and Airbus A320, is in the final certification phase by the CAAC. COMAC has confirmed orders for 305 aircraft, marking a significant collaboration for FLYHT as it expands its presence in the Chinese aviation market.
- Secured a multi-year contract with COMAC for AFIRS 228 installation, indicating strong market demand.
- Initial purchase order valued at $98,000 represents a positive revenue stream.
- COMAC has confirmed orders for 305 C-919 aircraft, suggesting potential for future orders.
- None.
CALGARY, AB / ACCESSWIRE / October 28, 2021 / FLYHT Aerospace Solutions Ltd.(TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT"), a provider of industry leading solutions to improve aviation safety, efficiency and profitability of airlines, today announced that it has signed a multi-year contract with Commercial Aircraft Corporation of China, Ltd. ("COMAC") for the installation of AFIRS 228 on the COMAC C-919 aircraft, and has received an initial purchase order.
The C-919, which can seat up to 168 passengers, is a narrow-body commercial aircraft which is expected to compete in the market for single-aisle jets with the Boeing 737 and Airbus A320. The aircraft is in final certification processes by the Civil Aviation Administration of China (CAAC) and AFIRS will be used for communications during the cold weather certification to be conducted in Canada. COMAC currently has confirmed orders for 305 aircraft mostly from Chinese leasing companies or airlines. This initial order is valued at
Headquartered in Shanghai, COMAC is a Chinese aerospace manufacturer established in 2008.
Interim CEO Bill Tempany stated, "With this agreement and initial order from COMAC, we build upon our strong customer base of OEMs and airlines in China where we currently service 31 airlines plus have many AFIRS units installed on aircraft through our partnership to supply a large European airframer. FLYHT was chosen to be one of the suppliers to help get this new aircraft off the ground, and the AFIRS technology was selected after careful evaluation, as COMAC seeks certification from international regulators. We anticipate this initial purchase will be the first of many future orders and look forward to growing with COMAC in 2022 and beyond."
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™, which delivers airborne weather and humidity data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, China and Indonesia, and is an AS9100 Quality registered company. For more information, view our latest 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. 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 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, 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. 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:
FLYHT Aerospace Solutions Ltd.
Alana Forbes
Chief Financial Officer
403.291.7437
aforbes@flyht.com
investors@flyht.com
FNK IR LLC
Matt Chesler, CFA
Investor Relations
646.809.2183
flyht@fnkir.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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