Press release from Marketwire
FLYHT Signs New AFIRS 220 and 228B Contract With Maldivian Airline
Wednesday, May 15, 2013
FLYHT Signs New AFIRS 220 and 228B Contract With Maldivian Airline07:07 EDT Wednesday, May 15, 2013
CALGARY, ALBERTA--(Marketwired - May 15, 2013) - FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) ("FLYHT") reported today that it has signed a contract with a scheduled Maldivian airline for the Automated Information Reporting System ("AFIRS™") 220 and 228B.
The contract requires FLYHT to install the AFIRS 220 on one Boeing 757 and AFIRS 228B on two Boeing 767 aircraft for an operator in the Maldives. The airline will use AFIRS to provide real-time flight data monitoring. The customer will benefit from all AFIRS 220 features including automated Out, Off, On and In times, airframe and engine exceedances, flight tracking and satellite voice communications.
FLYHT will provide equipment and services to the airline over a five year contract with automatic yearly renewals after the initial term. Installations are anticipated to begin in the second quarter of 2013. If FLYHT completes installation on all contracted aircraft and provides recurring service for the full term of the agreement, gross revenue to FLYHT will be approximately $480,000 USD, excluding optional services. The agreement includes the option to upgrade, at an additional charge, to the AFIRS 228S technology if the customer wishes. FLYHT has all necessary certifications to commence installations immediately.
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.
AFIRS, UpTime, FLYHT, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.
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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.Contact Information:
FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
The Howard Group Inc.
Investor Relations, Senior Associate
(888) or (403)-221-0915
Bristol Institutional Relations