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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  FLYHT Aerospace Solutions Ltd.    FLY   CA30252U3038

FLYHT AEROSPACE SOLUTIONS LTD.

(FLY)
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FLYHT Aerospace : Receives Order from China Express to Factory Install AFIRS on ARJ 21 Aircraft and Announces China Express as a Launch Partner for its Actionable Intelligence Solution

09/10/2020 | 10:16am EST

CALGARY - FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the 'Company' or 'Flyht') announced today that it has received an order for 20 AFIRS units that will be factory installed on the ARJ21 aircraft for China Express Airlines Co. Ltd., China's first private regional airline.

China Express will take delivery of the first 20 of an expected commitment for up to 100 of the newest aircraft type available in China over the next 5 years.

China Express has also agreed to be a launch customer for Flyht's Actionable Intelligence solution by integrating AFIRS data from both its current fleet and the incoming ARJ fleet with ground handling data from various systems. Flyht currently has more than 2,800 aircraft equipped with the patented AFIRSTM system, and provides data analytics and reporting to more than 80 aircraft operators around the globe.

China Express stated, 'Flyht has long been a valued technology partner with their AFIRS system installed on our existing fleet of CRJ and A320 aircraft. As we expand our fleet with new aircraft, we are having AFIRS installed by the manufacturer so that we can leverage real-time data immediately through the use of Flyht's new Actionable Intelligence tools.'

Bill Tempany, Interim CEO of Flyht, said, 'Our long-term relationships with our airline partners in China have been very successful and our integration into this new aircraft type being delivered as a factory installed option, is proof that our patience and dedication to this market and customer were well founded. We are also excited that China Express has agreed to be our strategic technology partner in China to take advantage of our Actionable Intelligence products.' Based on the current installation schedule and product deployment plan, Flyht is expected to generate US$2 million in revenue from this contract over the next five years in a combination of hardware and data services. Additional revenues are expected as the Actionable Intelligence functionality is rolled out, which will be announced in due course.

About FLYHT Aerospace Solutions Ltd.

Flyht has been a pioneer in improving aviation safety, efficiency and profitability by providing insight into airline operations. Our products have allowed us to develop Actionable Intelligence tool kits based on our development of Flyht's patented and unique aircraft certified hardware, AFIRS, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR, which aggregates and streams airborne weather data in realtime. Flyht is headquartered in Calgary, Canada with an office in Littleton, Colorado and is an AS9100 Quality registered company.

About China Express Airlines

China Express Airlines, also known as Huaxia Airlines, is China's first private regional airline. They have been a customer of Flyht since their first aircraft were delivered and take full advantages of all the features of the AFIRS system.

Contact:

Tel: 403.291.7437

Email: aforbes@flyht.com

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EXPRESS AIRLINES CO.,LTD -1.53% 12.86 End-of-day quote.58.37%
FLYHT AEROSPACE SOLUTIONS LTD. 1.72% 0.59 Delayed Quote.-55.38%
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Financials
Sales 2019 21,2 M 16,3 M 16,3 M
Net income 2019 -0,75 M -0,57 M -0,57 M
Net Debt 2019 1,04 M 0,80 M 0,80 M
P/E ratio 2019 -38,1x
Yield 2019 -
Capitalization 15,5 M 11,9 M 11,9 M
EV / Sales 2018 1,69x
EV / Sales 2019 1,69x
Nbr of Employees -
Free-Float 94,2%
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Managers
NameTitle
William T. Tempany Chairman & Chief Executive Officer
Matieu Plamondon Chief Operating Officer & Vice President
Alana Forbes Chief Financial Officer
Derek Graham Chief Technical Officer
Douglas Gordon Marlin Vice Chairman
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