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Press release from Marketwire

FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) Closes Initial Tranche of Its Previously Announced Private Placement

Friday, June 22, 2012

FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) Closes Initial Tranche of Its Previously Announced Private Placement14:44 EDT Friday, June 22, 2012CALGARY, ALBERTA--(Marketwire - June 22, 2012) -NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESFLYHT Aerospace Solutions Ltd. (the "Corporation") (TSX VENTURE:FLY) is pleased to announce that it has closed the initial tranche of its previously announced private placement (see press releases dated May 25, 2012 and June 14, 2012). Pursuant to this closing, the Corporation will issue an aggregate 9,191,500 units ("Units") at a price of $0.20 per Unit for gross proceeds of $1,838,300 (the "Offering"). Each Unit consists of one common share ("Common Share") and one-half of one common share purchase warrant (each whole warrant referred to as a "Warrant") of the Corporation. Each Warrant will entitle the holder to acquire one Common Share at a price of $0.30 for a period of 2 years from the date of issuance of the Warrant. Certain directors and officers of the Corporation subscribed for an aggregate $40,000 of Units under this closing. Pursuant to this private placement, Hugh Cleland of BluMont Capital Corp. (which subscribed for an aggregate $650,000 worth of Units under this closing), has become an insider of the Corporation and will now control, directly or indirectly, approximately 10.73% of all the issued and outstanding Common Shares of the Corporation. Finder's fees totaled an aggregate of $107,450 and an aggregate of 537,250 finder's fee warrants were issued to specific finders for their assistance on this closing. Each finder's fee warrant shall be exercisable for a period of two (2) years from the date of issuance into one Common Share at $0.20 per Common Share. It is expected that additional tranches under this private placement will close shortly. BluMont Capital Corp. intends to subscribe for an additional $150,000 of Units under such additional tranches.The proceeds will be used to fund business development objectives and for working capital purposes. All of the securities issued pursuant to the Offerings are subject to a four (4) month hold period. Completion of the Offering is subject to the final approval of the TSX Venture Exchange. About FLYHT Aerospace Solutions Ltd. 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, FLYHT'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 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012. AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions 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 This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the U.S. Securities Act, or any state securities laws and may not be offered or sold within the United States or to "U.S. persons" (as such term is defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. FOR FURTHER INFORMATION PLEASE CONTACT: Thomas R. French, CGAFLYHT Aerospace Solutions Ltd.VP Finance and CFO403-291-7427tfrench@flyht.comwww.flyht.comNeither 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.