FLYHT AEROSPACE SLTNS LTD - FLYLF STOCK NEWS

FLYHT Aerospace Solutions announced the election of Lorne Sugarman to its Board of Directors, effective June 24, 2024. Sugarman brings 30 years of experience in the technology sector as an executive, investor, and advisor. He currently serves as the founder and president of Adielle Group and holds board positions at EVP Capital Inc., Iocaste Ventures Inc., and Tokens.com. Sugarman’s appointment follows the retirement of long-serving board member Michael Brown. FLYHT expects Sugarman's expertise to aid in the company's growth, particularly in bringing 5G aviation and weather solutions to market.

FLYHT Aerospace Solutions announced its upcoming Annual General and Special Meeting (AGM) on June 19, 2024, at 9:00 am MT. The meeting will be held virtually and include a corporate update and Q&A session. Shareholders can pre-register for the live webcast up to 48 hours in advance. Public listen-only access will be available via toll-free and international numbers. A replay will be accessible on FLYHT's Investor Relations website.

FLYHT Aerospace Solutions announced that Board Member Nancy Young will participate in a fireside chat at the Jefferies Virtual Aerospace ESG Summit on June 20, 2024, at 8:55 a.m. MT (10:55 a.m. ET). The company will also host meetings with institutional investors. Interested parties can arrange meetings through their Jefferies representative or the FLYHT investor relations team at investors@flyht.com. A live and archived webcast of the fireside chat will be available on the FLYHT investor relations website.

FLYHT Aerospace Solutions has received Transport Canada's Supplemental Type Certificate (STC) for its AFIRS Edge™ 5G wireless data communication device for Boeing 737 NG aircraft. This certification, achieved with Air North as a partner, enables FLYHT to distribute the Edge units in Canada and globally. This marks the second STC approval for the device this year, following its certification for Airbus A320. Air North will integrate FLYHT's AFIRS Edge and AFIRS 228 Iridium SatCom solutions into its fleet as part of its renewal plans. These devices offer enhanced aircraft communication, operational efficiency, and safety, providing real-time data services such as fuel management and aircraft health monitoring.

FLYHT Aerospace Solutions (TSXV:FLY, OTCQX:FLYLF) announced the closing of a $5 million unsecured debenture with Pinnacle Island II LP, an unrelated third-party lender. The debenture has a three-year term with an annual interest of 12%, paid quarterly. The proceeds are subject to a 5% discount, benefiting the lender.

Additionally, FLYHT has issued 2,000,000 common share purchase warrants to the lender, each warrant exercisable at $0.4839 for three years. Paradigm Capital Inc. served as the financial advisor for this transaction, receiving a 4% cash commission on the principal amount.

FLYHT Aerospace Solutions (TSXV:FLY)(OTCQX:FLYLF) announced a $5 million unsecured debenture with Pinnacle Island II LP. The funds will support additional Supplemental Type Certifications (STC) and accelerate commercialization of its 5G aviation and weather solutions. The debenture carries a three-year term with an annual 12% interest, payable quarterly, and includes a 5% discount fee. Additionally, FLYHT will issue 2 million common share purchase warrants with a 3-year exercisable period at a 12.5% premium to the 20-day volume weighted average price at issuance. Paradigm Capital Inc. acted as financial advisor, earning a 4% cash commission on the loan amount. Final approval from the TSX Venture Exchange is pending.

FLYHT Aerospace Solutions (OTCQX: FLYLF) announced its Q1 2024 financial results, reporting a 1% revenue increase to $4.79M compared to Q1 2023. SaaS revenue grew by 15% to $2.76M, while Technical Services surged 128% to $1.28M. Gross margin improved to 64% from 57.3%. However, hardware revenue plummeted 63% to $663K. Operating expenses saw a 10% decline, narrowing the EBITDA loss to $594K from $1.34M. Net loss was reduced to $794K from $1.66M. The company completed a $5M financing round and received supplemental type certification for AFIRS Edge™ on Airbus A320 aircraft. Cash and short-term investments stood at $1.48M with $1.18M used from its credit facility for working capital.

FLYHT Aerospace Solutions (TSX-V:FLY, OTCQX:FLYLF) announced a conference call to discuss first quarter 2024 results on May 30, 2024. The call will begin at 7:30 a.m. MT (9:30 a.m. ET) and feature remarks from President & Interim CEO Kent Jacobs and CFO Alana Forbes. Participants in the U.S. and Canada can join toll-free at 1-844-763-8274, while international participants can dial 1-647-484-8814. The company will accept questions by phone and email during the session. An archived version of the call will be available on FLYHT's Investor Relations website.

FLYHT Aerospace Solutions announced its participation in the Rivemont Investments MicroCap Technology Special in Montreal on May 14, 2024. Kent Jacobs, President and Interim CEO, will host a presentation and Q&A session. The event is open to existing and potential shareholders.