FLYHT Promotes Kent Jacobs to President, Bolsters Operational Team Promotes Gurjot Bhullar to VP of Operations

Calgary, Alberta – November 8, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced changes to the management team to address opportunities identified to strengthen its SaaS presence in the global aviation sector.

The Board of Directors promoted Kent Jacobs, the first employee of FLYHT, to President. Over his 20-plus years with the Company, Kent has served in many roles and is a global expert on aviation systems and solutions, including leading FLYHT’s transition to SaaS from avionics sales.

The Company has also promoted Gurjot Bhullar to Vice President of Operations. Gurjot has been with the Company for more than 10 years and has worked in various departments over that time.

Mr. Jacobs commented, “My journey with FLYHT began some 20 years ago with little more than ideas, energy, and the desire to improve the industry I love. This new chapter allows me to leverage my experience in aviation and my relationships throughout the industry, to continue the drive for FLYHT to become a dominant SaaS-based solutions provider in the industry. I am excited and eager for this opportunity to help move FLYHT towards our Actionable Intelligence goals.”

Bill Tempany, FLYHT’s Interim CEO, added, “This new structure will allow me to focus on our M&A objectives and with Kent and the team’s support, make sure our achievements are well communicated to our investors. FLYHT is in a strong position as the pandemic looks for an ending and we are all very excited about what we can now achieve together.”

Mr. Derek Graham, VP Business Development, has resigned to pursue opportunities in the industry with one of FLYHT’s partners. The Board of Directors thanks Derek for his contributions over the last decade and wishes him best in his future endeavors.

In tandem with these promotions, incentive stock options for an aggregate 100,000 common shares were granted to Mr. Jacobs and Mr. Bhullar, subject to TSXV approval. The options are exercisable at a price of $0.77 per share, will vest immediately and are exercisable until November 5, 2022.

The Company also amended its investor relations agreement (originally announced on August 5, 2020) with FNK IR, LLC (“FNK”). Under the terms of the amendment, FNK will receive US$6,000 per month from FLYHT on a month-to-month basis and has been granted a further 30,000 options, subject to TSXV approval. These options will: (i) be at an exercise price per share equal to the Company’s market price of the shares on the date of issuance and subject to the pricing rules of the TSX Venture Exchange in relation to options; and (ii) vest at 7,500 per quarter over the calendar year and are exercisable until November 5, 2024. These options are subject to the terms of the Company’s stock option plan and a four-month hold period.

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 and humidity 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 http://www.flyht.com.

FLYHT Reports Third Quarter 2021 Results

  • Return to Revenue Growth in the Quarter at +65% Year
  • Strategic Acquisition Bolsters Competitive Position and Creates Cross-Selling Opportunity-
  • Private Placement and Debt Repayment Enhance Financial Position

Calgary, Alberta – November 4, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the third quarter and nine months ended September 30, 2021.

“Our third quarter financial performance is beginning to reflect the significant efforts we have made to reinvent the business,” said Bill Tempany, Interim CEO. “We delivered 65% revenue growth, the first quarterly growth since 2019, narrowed our net losses despite a decline in government grant support, and strengthened our balance sheet with an over subscribed private placement and the retirement of our convertible debentures. We also purchased complementary weather sensor technology which is further increasing the value of our offering to airlines.” Continued Mr. Tempany, “The significant increase in FLYHT’s licensing revenues this quarter as well as recent new sales contracts and purchase orders from new and existing customers are positive signs both for FLYHT and the global airline industry. It is clear there is pent up demand for travel, especially domestic travel, and the financial performance of the aviation industry as a whole is expected to improve in 2022 compared to 2021.”

Concluded Mr. Tempany, “FLYHT is well-positioned to emerge from the pandemic as the global aviation leader in Actionable Intelligence. With a sharpened focus on software solutions, leading technology, loyal customers who value the service, a strong leadership team and salesforce, and the financial strength to execute a targeted M&A strategy to scale the offering, we are highly confident that we will be able to leverage our installed customer base of over 80 global airlines to generate profitable growth for the company and value creation for our stakeholders.”

Third Quarter 2021 Financial Overview

Total revenue increased by 65% to $3,173,331 compared to Q3 2020. Growth was driven by Licensing, which generated over $1 million of revenue in Q3 2020 versus minimal a year ago. Additionally, Hardware revenue increased by 314% to $567,356. Technical Services revenue increased by 117% to $93,911. SaaS revenue declined 9% year-over-year to $1,507,366 and increased 4% compared to Q2 2021.

Gross margin increased slightly to 68.2% of revenue compared to 69.2% in Q3 2020. The decrease in gross margin was due primarily to changes in the mix of revenue sources during the quarter, as Q3 2021 revenue included a larger contribution from Licensing compared to Q3 2020, which carries the highest gross margin among revenue sources.
Operating expenses increased by 16% compared to Q3 2020, largely due to a reduction in government grants which are applied as an offset to reported expenses. A 22% decrease in Administration expenses was offset by an increase in Distribution expenses of 70% and an increase in Research and Development and certification engineering expenses of 25%.

EBITDA[1] loss narrowed to $811,966 compared to an EBITDA loss of $1,079,873 in Q3 2020.
Net loss narrowed to $1,107,195 compared to a net loss of $1,647,249 in Q3 2020.

Balance Sheet and Liquidity

FLYHT ended the quarter with cash and short-term investments of $5,355,302, an increase from $5,127,963 at YE 2020 and $3,079,255 at June 30, 2021.

Trade and other receivables increased by 25% to $1,978,189 compared to YE 2020, and Trade payables and accrued liabilities decreased by 20% to $1,717,060 compared to YE 2020.

Third Quarter Achievements

During the quarter, the Company acquired the Water Vapor Sensing System (“WVSS-II”) product line from SpectraSensors Inc (“SpectraSensors”) to enhance its weather business. The WVSS-II is a sensor installed on aircraft and provides water vapour measurements in near real-time throughout an aircraft’s flight. These observations directly benefit weather forecasting and improve weather support to aviation. The acquisition includes manufacturing assets, inventory, aviation-specific intellectual property, and a license to SpectraSensors’ Tunable Diode Laser Absorption Spectroscopy (“TDLAS”) technology for use in the weather and aviation markets. The WVSS-II product line was purchased by FLYHT from SpectraSensors for $500,000 USD.

Also during the quarter, on July 21, 2021, the Company closed a non-brokered private placement, issuing 8,828,818 common shares at an issue price of $0.75 per share, resulting in proceeds to the Company of CAD$6,621,615. Directors, officers and senior employees contributed 10% of the offering total. The Company used a portion of the proceeds from the offering to repay its outstanding secured convertible debentures, including any accrued and unpaid interest, in the amount of CAD$1.8 million.

Conference Call Information

FLYHT will host a conference call to discuss its third quarter 2021 financial results on November 5, 2021 at 7:30 am MT (9:30 am ET). The conference call will include a brief presentation from FLYHT’s Interim CEO Bill Tempany and CFO Alana Forbes followed by a question and answer session. To access the conference call by phone within Canada and the U.S., the toll-free number is 1-800-319-4610. Outside Canada and the U.S., dial 1-604-638-5340. Callers should dial in five to ten minutes prior to the scheduled start time.

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website following the meeting.

Additional Information

FLYHT’s Q3 2021 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at http://www.sedar.com.

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 http://www.flyht.com.

FLYHT to be Factory Installed on COMAC’s C-919

Calgary, Alberta – October 28, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”), a provider of industry leading solutions to improve aviation safety, efficiency and profitability of airlines, today announced that it has signed a multi-year contract with Commercial Aircraft Corporation of China, Ltd. (“COMAC”) for the installation of AFIRS 228 on the COMAC C-919 aircraft, and has received an initial purchase order.
The C-919, which can seat up to 168 passengers, is a narrow-body commercial aircraft which is expected to compete in the market for single-aisle jets with the Boeing 737 and Airbus A320. The aircraft is in final certification processes by the Civil Aviation Administration of China (CAAC) and AFIRS will be used for communications during the cold weather certification to be conducted in Canada. COMAC currently has confirmed orders for 305 aircraft mostly from Chinese leasing companies or airlines. This initial order is valued at $98,000 USD.

Headquartered in Shanghai, COMAC is a Chinese aerospace manufacturer established in 2008.

Interim CEO Bill Tempany stated, “With this agreement and initial order from COMAC, we build upon our strong customer base of OEMs and airlines in China where we currently service 31 airlines plus have many AFIRS units installed on aircraft through our partnership to supply a large European airframer. FLYHT was chosen to be one of the suppliers to help get this new aircraft off the ground, and the AFIRS technology was selected after careful evaluation, as COMAC seeks certification from international regulators. We anticipate this initial purchase will be the first of many future orders and look forward to growing with COMAC in 2022 and beyond.”

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, AFIRS Edge a state of the art 5G WQAR and satellite data communications device, and TAMDAR™, which delivers airborne weather and humidity data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, China and Indonesia, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit http://www.flyht.com.

FLYHT Receives Additional Purchase Order from a Long-Time OEM Partner

Calgary, Alberta – October 6, 2021 – FLYHT Aerospace Solutions Ltd. (TSX-V: 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$1.5 million and builds upon the relationship previously discussed in press releases dated July 15, 2014, August 1, 2019, February 18, 2020 and July 6, 2021.

“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 http://www.flyht.com.

FLYHT Solidifies Capabilities, Acquires Water Vapor Sensing System from SpectraSensors

Strategic Acquisition Bolsters Competitive Position and Creates Cross-Selling Opportunity for FLYHT Software

CALGARY, Alberta, Sept. 20, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced it has acquired the Water Vapor Sensing System (“WVSS-II”) product line from SpectraSensors Inc (“SpectraSensors”).

The WVSS-II is a sensor installed on aircraft and provides water vapour measurements in near real-time throughout an aircraft’s flight. These observations directly benefit weather forecasting and improve weather support to aviation. 

The acquisition includes manufacturing assets, inventory, aviation-specific intellectual property, and a license to SpectraSensors’ Tunable Diode Laser Absorption Spectroscopy (“TDLAS”) technology for use in the weather and aviation markets.

There are broad use cases for WVSS-II data. For airlines, forecasters rely on WVSS-II data to determine the location and timing of fog, cloud formation, altitude of cloud ceilings, and precipitation types; this information is critical to determine safe conditions for aircraft travel. Beyond airlines, this data enables industry organizations to provide more accurate weather and climate forecasts leading to increased societal and economic benefits.

A recent NOAA study showed that these aircraft-based observations are critical for rapidly updating numerical weather prediction models and reducing numerical weather prediction forecast error up to 15-20%. This improvement has the potential to save airlines money by avoiding air traffic delays, which have raised annual airline operating costs by over $8 billion in the U.S. alone. Weather accounts for 70% of all air traffic delays within the U.S. National Airspace, and almost two-thirds of these delays are potentially avoidable. 

“The addition of the WVSS-II sensor to FLYHT’s airborne weather observation capabilities enhances our already strong commitment to the collection and dissemination of global weather for the meteorology community,” said Captain Mary McMillan, FLYHT Board Member. “As a former airline pilot, I believe our growing suite of formidable weather tools, which monitor the changing climate and help improve weather forecasts, provide significant and growing benefit to the industry and individuals. Our aviation customers directly benefit through optimized flight plans which save fuel and ultimately reduce the global carbon footprint.”

The WVSS-II product will enhance FLYHT’s weather business by adding additional hardware, integration and recurring revenue sources to its existing Tropospheric Airborne Meteorological Data Reporting (TAMDAR™) and Aircraft Meteorological Data Relay (AMDAR) programs. 

John Schnake, General Manager at SpectraSensors noted, “We are excited to find a good partner in FLYHT where the WVSS product line will continue to provide value to the aviation and weather community.  By divesting this product line, SpectraSensors will focus on growing our TDLAS technology in our core Oil & Gas and Chemical industries.” 

The WVSS-II will be fully integrated with FLYHT’s AFIRS and EDGE products to provide real-time aircraft-based observations into FLYHT’s software products.

“WVSS-II data is integral to FLYHT’s Actionable Intelligence software product suite rollout,” said Ryan Pepper, FLYHT Product Owner, Flight Dispatch. “Accurate in situ weather data is key to FLYHT’s real-time optimal flight level and routing product development roadmap. Airlines installing WVSS-II, along with the AFIRS Edge product, will have access to unprecedented amounts of data to drive flight crew decision-making and pre-planning functions. This provides not only an enhanced level of safety but also significant fuel cost savings. We will integrate our JetBridge™ technology with WVSS-II data, and are looking for creative ways to use this accurate information to provide increased capabilities for our customers. This data, along with data collected by the AFIRS family, is ripe for use in FLYHT’s machine learning applications being developed in conjunction with our customers.”

The WVSS-II product line was purchased by FLYHT from SpectraSensors for $500,000 USD.

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.

FLYHT to Participate in Lake Street Best Ideas Growth Conference

CALGARY, Alberta, Sept. 02, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced that the Company will participate in the Lake Street Capital Markets 5th Annual Best Ideas Growth Conference, being held virtually on September 14 and 15, 2021. Bill Tempany, Interim CEO, will be available for meetings with investors throughout the two-day event.

For more information, visit https://www.lakestreetcapitalmarkets.com/big5conference or contact your Lake Street Capital Markets sales representative to request a meeting.

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 http://www.flyht.com.

FLYHT Reports Second Quarter 2021 Results

— Trends in SaaS and Hardware are Leading FLYHT’s Path to Recovery —

— Recent Private Placement and Debt Repayment Enhance Financial Position —

CALGARY, Alberta, Aug. 04, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today reported financial results for the second quarter and six months ended June 30, 2021.

“While the COVID pandemic remains an issue around the globe and has continued to skew FLYHT’s financial performance, we are beginning to see signs of recovery in customer confidence and the aviation industry in general which we expect will lead to improvement in our results in the quarters ahead,” said Bill Tempany, Interim CEO. “The decline in revenue in the quarter, which significantly moderated from prior periods, was mostly attributable to the timing difference in license sales as some OEM deliveries have been delayed. Encouragingly, although not reflected in the second quarter numbers, we are seeing licensing revenue start to return. Our customers are certainly not back to any semblance of their 2019 levels, but the increase in SaaS revenue this quarter driven by more customer flights and flight hours over Q2 2020 is a positive sign of recovery.”

Continued Tempany, “Throughout the pandemic we have taken many steps to improve our business which we believe will lead to growth and higher returns to our shareholders as our company and industry emerge from the pandemic. We are strategically shifting from being a Satcom provider to becoming more of a SaaS provider, leveraging our roots in data and significant installed customer base of over 80 airlines around the globe. We have increased our investment in research and development, developing solutions such as AFIRS Edge, our low cost – high value data feed device, which is on track for delivery this year, with launch customers being identified for early 2022 installations. We hired industry veteran Willie Cecil to drive product direction and enhance our sales and marketing efforts. Furthermore, our successful private placement and debt retirement in July strengthen our balance sheet, and provide us with the capital to carry out our growth initiatives.”  

Concluded Tempany, “Although new virus variants could always pose a challenge for the aviation industry, we are cautiously optimistic that the worst of the pandemic is behind us. As the commercial aviation industry begins its inevitable recovery, the need for airlines to reduce avoidable operating expenses and to minimize the impact on the environment of their operations is becoming a higher strategic imperative for them, and I am confident that FLYHT is positioned as a critical partner. We will remain focused on developing cutting edge solutions for our customers to help them rebuild their businesses as they emerge from the pandemic. We are excited about the year ahead for FLYHT.”

Second Quarter 2021 Financial Overview

Total revenue decreased by 4% to $2,926,122 compared to the second quarter of 2020, although the decline in revenue moderated from Q1 2021. SaaS revenue increased by 11% from Q2 2020 to $1,446,221 and Hardware revenue increased by 212% from Q2 2020 to $1,404,193. Increases in SaaS and Hardware were more than offset by declines in Licensing and Technical Services. Licensing revenue decreased 99% from Q2 2020 to $7,924 and Technical Services revenue decreased by 5% from Q2 2020 to $67,784.

Gross margin was 52% of revenue compared to 68% in the second quarter of 2020. The decrease in gross margin was due primarily to changes in the mix of revenue sources during the quarter, as Q2 2021 revenue included a larger contribution from Hardware compared to Q2 2020, which has the lowest gross margin among revenue sources, and limited revenue from Licensing, which carries the highest gross margin among revenue sources.

Operating expenses increased by 17% compared to the second quarter of 2020, largely attributable to the Company’s sharpened focus on its growth and product development efforts. A 23% decrease in Distribution expenses was offset by an increase in Administration expenses of 8% and an increase in Research and Development and certification engineering expenses of 138%.

Negative EBITDA1 was $980,611 compared to positive EBITDA of $153,132 in the second quarter of 2020.

Net Loss was $1,395,889 compared to a net loss of $276,515 in the second quarter of 2020.

Balance Sheet and Liquidity

FLYHT ended the quarter with cash and short-term investments of $3,079,255, a decrease from 2020’s year-end balance of $5,127,963, and slightly lower than Q1 2021’s ending cash balance of $3,871,741.

Trade and other receivables increased by 4% to $1,647,436 compared to year-end 2020, and Trade payables and accrued liabilities decreased by 10% to $1,918,856 compared to year-end 2020.

Subsequent Events

On July 21, 2021, the Company closed a non-brokered private placement, issuing 8,828,818 common shares at an issue price of $0.75 per share, resulting in proceeds to the Company of CAD$6,621,615. Directors, officers and senior employees contributed 10% of the offering total. The Company used a portion of the proceeds from the offering to repay its outstanding secured convertible debentures, including any accrued and unpaid interest, in the amount of CAD$1,806,425.

Conference Call Information

FLYHT will host a conference call to discuss its second quarter 2021 financial results on August 5, 2021 at 9:00 am MT (11:00 am ET). The conference call will include a brief presentation from FLYHT’s Interim CEO Bill Tempany and CFO Alana Forbes followed by a question and answer session. To access the conference call by phone within Canada and the U.S.A., the toll-free number is 1-800-319-4610. Outside Canada and the U.S.A., dial 1-604-638-5340. Callers should dial in five to ten minutes prior to the scheduled start time.

Management will accept questions by telephone and e-mail. Individuals wishing to ask a question during the call can do so by pressing *1. Questions can be emailed in advance or during the conference call to investors@flyht.com. An archive of the conference call will be posted on the Investor Communications section of FLYHT’s website following the meeting.

Additional Information

FLYHT’s Q2 2021 Report, which contains more detailed information including the CEO’s Letter to Shareholders, Management Discussion and Analysis and Financial Statements, can be accessed on the Company’s website. The MD&A and Financial Statements have also been filed with SEDAR and will be accessible at www.sedar.com.

Options Granted

FLYHT has granted incentive stock options for an aggregate 43,760 common shares, subject to regulatory approval, to new employees and a director under the stock option plan approved at the Annual and Special Meeting held on May 6, 2021.

The stock options are exercisable at a price of $0.93 per share. The options will vest 1/3 on each of August 4, 2022, 2023 and 2024 and will expire on August 4, 2025. A maximum of 10% of the issued and outstanding shares are reserved under the Company’s stock option plan. The options, and any common shares issued upon exercise of the stock options, are subject to a four-month resale restriction.

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

FLYHT and Major Chinese Cargo Operator Contract for Additional Installations of AFIRS

One of China’s largest cargo carriers continues to invest in FLYHT’s communication solutions for their expanding fleet

CALGARY, Alberta, June 30, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that they have signed an agreement with an existing customer to equip up to an additional 15 aircraft per year over the next five years with the AFIRS™ solution, to meet the demands of the airline’s growing business.

Bill Tempany, CEO of FLYHT, stated, “We are thrilled that this customer is growing the number of AFIRS-equipped aircraft in use, in our family of Chinese customers who now number over 25 airlines. Their operations fit well with the products and services we sell to our clients who respond to the ever increasing demands of cargo operations, while keeping close contact with the crews and operations departments to ensure maximum utilization of their fleets. We are very pleased to continue our growth in China and around the globe.”

The agreement is expected to generate revenue of approximately USD $3.6 million to FLYHT, provided all deliverables are shipped over the five-year term of the agreement. In tandem with the agreement signing, FLYHT received a purchase order from this cargo operator for the first four aircraft under this agreement.

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.

FLYHT to Present at 2021 LD Micro Invitational XI

CALGARY, Alberta, June 01, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (“FLYHT”) today announced that Bill Tempany, Interim CEO, and Alana Forbes, CFO, will present virtually at the 2021 LD Micro Invitational XI on Wednesday, June 9, 2021, at 11:00 a.m. ET (9:00 a.m. MT).

DATE:Wednesday, June 9, 2021
TIME:11:00 a.m. ET (9:00 a.m. MT)
REGISTRATION:https://ldmicrojune2021.mysequire.com/

A live audio webcast and archive of the presentation will be available using the webcast links above and in the Investors section of the FLYHT website at www.flyht.com/investors.

For additional information, please contact FLYHT’s IR team at flyht@fnkir.com.

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.

FLYHT Names Nina Jonsson as Chairman of Board of Directors

CALGARY, Alberta, May 11, 2021 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce that Ms. Nina Jonsson, a 30-year global airline industry veteran, has agreed to serve as Chairman of the Board of FLYHT. Ms. Jonsson brought the airline customer’s perspective to the forefront when she joined FLYHT’s board of directors in 2019, and in her new role, will continue to help guide the Company as the industry recovers from the pandemic and refocuses on the future.

Nina Jonsson

Ms. Jonsson has held leadership roles at major operators in the U.S. and Europe, including most recently at Air France-KLM, United Airlines, US Airways and global industrial aviation services provider Bristow Group. She is currently active as a consultant to the global airline industry’s C-suite as Senior Advisor with Plane View Partners, and serves on the board of directors at Icelandair and the advisory boards of Waltzing Matilda Aviation and Genesis Park Acquisition Corporation.

“I am very proud of the superbly capable, innovative, nimble and customer-focused team at FLYHT,” said Nina, “As a pioneer and independent provider in the live-streaming aircraft data space for the past two decades, FLYHT is uniquely positioned to help airline customers achieve cost-savings, greater operational efficiencies, and enhanced safety with its Actionable Intelligence solutions. As Chairman, I’m looking forward to continuing to work with Bill and the entire FLYHT team to promote the Company’s services across the airline industry and to help it grow into the major player it deserves to be.”

Barry Eccleston, outgoing Chairman of FLYHT, stated, “I have known Nina for years and recruited her to the board because of her knowledge and passion for the industry she has been part of for three decades. As I stated at FLYHT’s recent AGM, I am confident that the Company is being left in good hands to capitalize on the recovery of the industry we all love.”

Bill Tempany, Interim CEO of FLYHT, stated, “Getting to know Nina over the last two years, I am confident that her leadership style, industry knowledge and contacts, and passion for the business, will help drive FLYHT in ways we have never experienced before. I am looking forward to working with Nina to take our Company to new heights and provide a rewarding place for our employees and shareholders. We have a new vigor in the business, and under Nina’s stewardship, will take advantage of turning our strong products into industry transforming solutions.”

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.