Long-term Customer Extends Software Services Agreement with FLYHT

Rhea-AI Summary

FLYHT Aerospace Solutions Ltd. has signed a five-year contract renewal with one of its long-term charter customers to provide continuous software services to its fleet of Boeing 777 and 767 aircraft. The contract is valued at approximately US$1.3 million.

Positive

• FLYHT Aerospace Solutions Ltd. has secured a five-year contract renewal, demonstrating the value it provides to charter airlines.
• The contract is valued at approximately US$1.3 million.

Negative

• None.

Five-Year Renewal Continues Longstanding Relationship

CALGARY, AB / ACCESSWIRE / August 1, 2023 / FLYHT Aerospace Solutions Ltd. ("FLYHT") (TSXV:FLY)(OTCQX:FLYLF), today announced that it has signed a five-year contract renewal with one of its long-term charter customers to provide continuous software services to its entire fleet of Boeing 777 and 767 aircraft.

The charter airline, a FLYHT customer since 2009, has FLYHT's AFIRS 220 and AFIRS 228B Iridium satcom hardware installed on its fleet of 14 Boeing 777-200ER, 767-300ER, and 767-200ER aircraft. Through FLYHT's FLYHTHealth™, FLYHTLog™ and satcom voice services, the airline receives reports on aircraft system health, engine and airframe exceedances, engine trends, as well as aircraft tracking and voice services. Additionally, the airline customer is currently conducting a trial for CrossConsense's visualization and maintenance alerting tool, ACSIS.

"We are honored that our long standing and deeply valued customer has signed on for continued FLYHT voice and data services as part of its ongoing effort to maintain and improve operational efficiency and safety," commented Kent Jacobs, President & Interim CEO at FLYHT. "This long-term extension further validates the value that FLYHT provides to charter airlines, and we are eager to demonstrate additional services and capabilities in the future to deepen the engagement."

With real-time threshold exceedance reports from AFIRS, airlines are notified immediately when a specific event has occurred. With real-time threshold exceedance alerts, airlines know in advance exactly when and where to look for events that may require immediate action or further investigation, such as engine over temps, engine over speeds, high vibrations, low oil pressure, hard landings, and flap over speeds, to name a few. Real-time threshold exceedance reports are completely configurable and enable proactive maintenance of customers' aircraft, engines and life limited parts. This contract renewal is valued at approximately US$1.3 million, provided that all services are delivered over the five-year term of the agreement.

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 that 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 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. Alana Forbes Chief Financial Officer 403.291.7437 investors@flyht.com

FNK IR LLC Matt Chesler, CFA Investor Relations 646.809.2183 flyht@fnkir.com

Satichi Consulting Inc. Daniel Kim Corporate Development 416.728.5630 dkim@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/771346/Long-term-Customer-Extends-Software-Services-Agreement-with-FLYHT

FAQ

Who has FLYHT Aerospace Solutions Ltd. signed a contract renewal with?

FLYHT Aerospace Solutions Ltd. has signed a contract renewal with one of its long-term charter customers.

What services will FLYHT provide under the contract renewal?

FLYHT will provide continuous software services to the charter customer's fleet of Boeing 777 and 767 aircraft.

How long is the contract renewal?

The contract renewal is for a period of five years.

What is the value of the contract renewal?

The contract renewal is valued at approximately US$1.3 million.