FLYHT Receives Additional Purchase Order from a Long-Time OEM Partner
Rhea-AI Summary
FLYHT Aerospace Solutions Ltd. (OTCQX:FLYLF) has announced a new purchase order worth approximately US$1.5 million for Iridium modems from a long-standing OEM partner, reflecting a recovery in the aviation industry. This follows previous agreements detailed in prior press releases dating back to 2014. The order involves licensing FLYHT's technology for the Automated Flight Information Reporting System (AFIRS 228S), which will be delivered to a European airframer for three aircraft types.
Positive
- Secured a new purchase order valued at US$1.5 million.
- Strengthens relationship with a long-term OEM partner.
- Indicates recovery in the aviation industry.
Negative
- None.
News Market Reaction – FLYLF
On the day this news was published, FLYLF declined 1.54%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CALGARY, AB / ACCESSWIRE / October 6, 2021 / FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") announced today that it has received an additional purchase order for Iridium modems and license fees from a long-time OEM partner. This order is valued at approximately US
"Receiving this additional order from our valued OEM partner continues to signal the recovery of the aviation industry," said Gurjot Bhullar, Manager of Aircraft Systems at FLYHT. "Each follow-on order further proves the value of FLYHT's offering and strengthens our relationship with our partner. During these tumultuous times, we are committed to continuing to support our partner in delivering impactful avionics products as the world at large tries to find the new normal."
Under the terms of the existing agreement, the OEM customer will be licensing FLYHT's technology and delivering the Automated Flight Information Reporting System (AFIRS 228S) to their European airframer customer for three certified aircraft platform types. The orders require shipment throughout the second half of 2021 and the first quarter of 2022.
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. For more information, view our latest presentation here, or visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
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, statements with respect to the anticipated/projected revenues and related matters. 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.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include but are not limited to: global economic conditions; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Contact Information:
FLYHT Aerospace Solutions Ltd.
Alana Forbes
Chief Financial Officer
403.291.7437
aforbes@flyht.com
investors@flyht.com
FNK IR LLC
Matt Chesler, CFA
Investor Relations
646.809.2183
flyht@fnkir.com
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.
SOURCE: FLYHT Aerospace Solutions Ltd.
View source version on accesswire.com:
https://www.accesswire.com/666953/FLYHT-Receives-Additional-Purchase-Order-from-a-Long-Time-OEM-Partner
FAQ
What is the latest purchase order announced by FLYHT Aerospace Solutions Ltd. on October 6, 2021?
How does the new purchase order impact FLYHT's relationship with its OEM partner?
What is the significance of the order for the aviation industry?
When will the shipments for the new order take place?
What technology is being licensed under the new purchase order?
