Press release from Marketwire
AeroMechanical Services to Provide Service to International Charter Airline
Tuesday, September 13, 2011
AeroMechanical Services to Provide Service to International Charter Airline07:04 EDT Tuesday, September 13, 2011CALGARY, ALBERTA--(Marketwire - Sept. 13, 2011) -AeroMechanical Services Ltd. (TSX VENTURE:AMA) (the "Company" or "AMA") has signed a contract with an international charter airline based in the United States for the Automated Flight Information Reporting System ("AFIRS™") 220. The contract requires AMA to install the AFIRS 220 on seven Boeing 767-200/300SF aircraft. The airline has been in business for over two decades, operates international routes, and prides itself on being in constant contact with ground support for flight planning, up-to-date weather and scheduling information. AFIRS will enable real-time flight following and 24/7 connectivity between the aircraft and operations through the Iridium satellite communications system. The carrier will also utilize AMA's other services including engine trending, airframe and engine exceedances, and Out, Off, On and In times. "AFIRS' features benefit all airlines though are especially valuable to airlines that fly international routes over remote regions with no radar coverage," said Bill Tempany, CEO of AMA. "This particular customer will be able to track its aircraft in real time anywhere on the globe and send text messages and talk with support on the ground at all times." AMA will provide equipment and services to the airline over a three year contract. Installations are scheduled to begin immediately. If AMA completes installation on all contracted aircraft and provides recurring service for the full term of the agreement, gross revenue to AMA will be approximately $730,600 USD, excluding optional services. AMA holds all the necessary certifications to provide services to this customer.This disclosure as it relates to this agreement is subject to the following disclaimer:When a contract is initially signed, the intended number of aircraft, pricing and potential installation schedules is agreed to by the parties. The actual installation schedules as well as the number and types of aircraft are often revised throughout the term of the agreement as the airline realigns its fleet of aircraft with its business requirements. Delays in installations can and do occur which can affect the total value of the contracts such that the revenues noted above may not be fully achieved. Fulfilment of the contract terms may also be affected if there are any changes to government statutes, regulations or rules of the applicable governing bodies. The contract terms and values disclosed herein are based on the original information available to AMA upon execution of the contract and are subject to change. For the actual revenue earned, please see AMA's financial statements including its revenue recognition policy disclosed within the notes to the Audited Annual Financial Statements.About AeroMechanical ServicesAeroMechanical Services Ltd., under the brand name FLYHT™, provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, AMA's triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The company has been publicly traded on the TSX Venture Exchange since 2003 under the trading symbol AMA. AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of AeroMechanical Services Ltd.Join us on social media! www.facebook.com/flyht www.twitter.com/flyhtcorp www.slideshare.net/flyhtcorp www.youtube.com/flyhtcorp www.flyht.com FOR FURTHER INFORMATION PLEASE CONTACT: Thomas R. French, CGAAeroMechanical Services Ltd.VP Finance and CFO403firstname.lastname@example.orgORColin LanguedocBarnes Communications Inc.Senior Consultant416-367-5000 ext. email@example.comNeither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.