Calgary, Alberta – December 21, 2020 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that Corvus Airlines (dba Ravn Alaska), a regional airline that specializes in servicing the small communities in Alaska, has signed an agreement with FLYHT to reactivate its fleet of nine DHC-8 aircraft with full AFIRS™ services. As of November 20th, Ravn Alaska obtained route authority from the US Department of Transportation and has resumed scheduled flights to and from Anchorage, Dutch Harbor (Unalaska), Homer, Kenai, Kodiak, and Sand Point.
“The FLYHT team welcomes Ravn back to the Alaskan skies and as a valued customer of FLYHT,” stated Robert Logullo, FLYHT Account Manager. “Ravn Alaska’s quick emergence from Chapter 11 is a sure sign that this essential service needed to be restored. We’re proud to be part of the vital transportation network in Alaska with Ravn.”
Rob McKinney, CEO of Ravn stated “As Ravn gets back into full swing, after all the traumatic events of 2020, we are grateful to have reliable partners like FLYHT, to make our restart easier, and successful.”
Bill Tempany, CEO of FLYHT commented, “Ravn’s reactivation of services is one of many encouraging signs of recovery that we are seeing across our business in the fourth quarter. Other positive developments include confirmed customer deliveries of up to 35 AFIRS shipsets to be delivered in the fourth quarter, and a one-year extension of our agreement with Environment Canada for the provision of weather data. We have continued to conserve cash in the quarter while building and delivering additional SaaS services to new and existing customers.”
The contract with Ravn is expected to generate revenue of approximately $300,000 to FLYHT, provided that all services are delivered over the 5-year term of the agreement. FLYHT expects to deliver services valued at approximately $130,000 to Environment Canada over the term of the contract extension. The value of the AFIRS kits being delivered in the fourth quarter were previously announced upon signing the respective original agreements.
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.cn.flyht.com
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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: general economic conditions in Canada, the United States and globally; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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FLYHT Aerospace Solutions Ltd.
Chief Financial Officer
FNK IR LLC
Matt Chesler, CFA
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