Press release from Marketwire
FLYHT Announces the Appointment of Chief Operating Officer and Issuances of Incentive Stock Options
Wednesday, May 08, 2013
FLYHT Announces the Appointment of Chief Operating Officer and Issuances of Incentive Stock Options17:00 EDT Wednesday, May 08, 2013
CALGARY, ALBERTA--(Marketwired - May 8, 2013) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) (the "Company" or "FLYHT") today announced it has appointed Mr. Derek Graham as its new Chief Operating Officer.
Mr. Graham adds extensive depth and leadership to FLYTH's management team having worked for over 10 years at a major avionics manufacturer in product line management and development. In that role, Mr. Graham was heavily involved in aeronautical satellite development and was responsible for a line of successful aviation Iridium and Inmarsat communications products.
"I am delighted to join FLYHT and its management team in this new capacity and I am looking forward to the immense opportunities we share at this very exciting time for the Company," stated Mr. Graham. "Having worked in traditional aeronautical SatCom for many years, I believe that AFIRS™ and UpTime™ technologies are game changers in our industry. FLYHT has built a fantastic product line and now the key focus for me will be to ensure that we achieve our growth and operating objectives in order to build a very successful Company for many years to come."
"Derek is an astute technical project manager and has already been involved with our company for over one year," stated Bill Tempany, President and CEO of FLYHT. "Derek was instrumental in the successful project milestone deliveries to L3 for Airbus. He has clearly demonstrated his ability to manage complex technical challenges and delivery of the most practical options for the customer. We look forward to benefiting from Derek's talents being applied to all of the processes and operations of our Company and helping us build and deliver on our vision of being a world class supplier of aviation solutions."
The Company also announced that it has granted incentive stock options for an aggregate 2,161,500 common shares, subject to regulatory approval, to employees, officers and directors under the stock option plan approved at the Annual and Special meeting yesterday.
"We have approved the stock option plan as a tangible performance incentive at several levels of the Company," said Bill Tempany, Chairman and CEO of FLY. "We have set the exercise price of the options above the current trading price of our shares because we feel that the price today is below where we should be. For that reason we believe that the plan serves to fully align employees, officers, board members and investors in the pursuit of shareholder value."
The stock options are exercisable at an exercise price of $0.25 per share which is approximately 28% above the current trading price on the TSX Venture Exchange. They also feature immediate vesting and expire on December 31, 2017. A maximum of 10% of the issued and outstanding shares are reserved under the Company's stock option plan. The options, and any common shares issued upon exercise of the stock options are subject to a four-month resale restriction.
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.
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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, the use of the net proceeds of the offering. 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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Neither 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.Contact Information:
FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
The Howard Group Inc.
(888) or (403)-221-0915
Bristol Institutional Relations
(905) 326 - 1888