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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 : Works to Speed Aviation Industry Recovery with New Actionable Intelligence Suite of Applications

09/17/2020 | 08:38am EST

FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the 'Company' or 'Flyht') today announced that the Company has developed and is delivering phase one of the Actionable Intelligence suite of SaaS applications.

These developments will enable Flyht to combine its proven history of collecting, analysing and reporting aircraft operational data with IBM Watson Knowledge Catalog and IBM Cloud Pak for Data to enhance efficiency, cost and the goal of on time operations for clients like China Express Airlines, Swoop Airlines and its other global customers.

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. The operation supports airlines 24/7 as they face challenges presented by weather, technical or air traffic delays, safety and regulatory changes, economic swings, and even the current pandemic.

For over 20 years Flyht has helped its customers manage operations and control costs with both airborne and ground solutions. The new solution, Actionable Intelligence, uses real time data capabilities to create profit-driving actions rather than simply recording history and showing where money was lost. The solution assists airlines with analyzing and optimizing flight planning operations to improve efficiency, cost, and the goal of on time operations for its customers. Combined with the power of AFIRS, the solution incorporates real time alerting on events that might cause delays if not actioned in a timely manner. Flyht's customers currently project that the investment of $5 million in airborne hardware will deliver $40 million in annual profit enhancement, producing a one-year return on investment of 800 percent.

Actionable Intelligence runs on IBM Cloud Pak for Data, an integrated set of data and AI capabilities built on Red Hat OpenShift, that enables the solution to request immediate action to reduce time and costs associated with turnaround of an aircraft. Using IBM Watson Knowledge Catalog enables Flyht to use machine learning to expand these capabilities over time to become faster and more accurate in providing the profit enhancing opportunities.

Bill Tempany, Interim CEO of Flyht, says that 'the solutions that are being delivered in conjunction with our launch technology partner airlines will revolutionize the way the airlines manage their businesses, satisfy their customers and adjust to the new reality that will evolve as the industry recovers from the pandemic. We are proud to be doing work to help the aviation industry recover from the unprecedented events of 2020.'

Charles Duncan, President of Swoop stated that 'the power of the Watson tools along with real time data from our aircraft integrated with our existing ground based applications give Swoop the opportunity to be the industry leader in Actionable Intelligence. We are confident that our partnership with Flyht and IBM will have long lasting positive effects on our profits and how we operate our business.'

China Express Airlines stated that 'Flyht is a valued technology partner. We already have AFIRS installed on our CRJ and A320 fleets and look forward to the ability to have Actionable Intelligence delivered on our enabled aircraft.'

Flyht announced a refreshed group of products and services at their AGM on June 23, 2020 that included the use of state of the art technologies as an IBM Business Partner that will help Flyht's customers lead the recovery of the industry.

About FLYHT Aerospace Solutions Ltd.

Flyht provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by Flyht's patented aircraft certified hardware products including 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 real-time. Flyht is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company.

Contact:

Tel: 403.291.7437

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CHINA EXPRESS AIRLINES CO.,LTD -0.93% 12.83 End-of-day quote.58.00%
FLYHT AEROSPACE SOLUTIONS LTD. -4.84% 0.61 Delayed Quote.-55.38%
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Financials
Sales 2020 15,8 M 12,3 M 12,3 M
Net income 2020 -3,32 M -2,59 M -2,59 M
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 16,5 M 12,8 M 12,9 M
Capi. / Sales 2020 1,05x
Capi. / Sales 2021 1,02x
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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