CALGARY, Alberta, May 22, 2018 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V:FLY) (OTCQX:FLYLF) (the “Company” or “FLYHT”) is pleased to announce a Software as a Service (SaaS) contract renewal with an existing customer.
The value of this renewal agreement with the airline is USD $1.03 million, assuming the Company provides services over the full term of the five (5) year contract.
The airline operates in North America and uses the Automated Flight Information Reporting System (AFIRSTM) and associated UpTimeTM capabilities to monitor and manage its aircraft on many short-haul flights. The suite of services FLYHT provides to this operator across its fleet has expanded over the years, beginning with voice and data communications through the Iridium network including real-time aircraft tracking with FLYHTLogTM. AFIRS also provides an integrated quick access recorder (QAR). The airline then added airframe exceedances and engine monitoring through FLYHTHealthTM and has achieved significant benefits from this combined functionality.
“This contract renewal demonstrates the value FLYHT technology provides to our customers,” remarked FLYHT’s COO, Matieu Plamondon. “Our expanded relationship with this airline is possible because FLYHT’s technology saves aircraft operators money, streamlines their operations and enhances their operational safety.”
About FLYHT Aerospace Solutions Ltd.
FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: FLY:TSX.V; FLYLF:OTCQX). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRSTM) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTimeTM cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.
Contact Information
FLYHT Aerospace Solutions Ltd.
Alana Forbes
Chief Financial Officer
403-291-7437
aforbes@flyht.com
Adelaide Capital Markets Inc.
Deborah Honig
647-203-8793
deborah@adelaidecapital.ca
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