FLYHT Aerospace Solutions Ltd. (TSX VENTURE:FLY) ("FLYHT") is pleased to report today that it has signed a contract with a South American cargo airline for the Automated Flight Information Reporting System ("AFIRS™").
The contract requires FLYHT to install the AFIRS on 12 Boeing 737-400 and 12 ATR-200 aircraft. The airline is a cargo carrier with plans to be the dominant cargo carrier in the region with an integrated ground and air cargo operation. The company intends to use AFIRS as a key component of its paperless operational strategy, which is designed to reduce total operating costs and increase efficiencies.
Bill Tempany, CEO and President of FLYHT, stated, "We are excited to be partnering with an operator who has a similar vision to ours and can see the competitive advantage of AFIRS for operational control and cost savings. We are confident that our AFIRS-based solutions will enable our customer's vision."
FLYHT will provide equipment and services to the airline over a 5-year contract with automatic yearly renewals after the initial term. Installations are anticipated to begin once the necessary local approvals of FLYHT's existing STC's for these aircraft are received. It is anticipated that the approvals will take three to six months. If FLYHT completes installation on all contracted aircraft and provides recurring service for the full term of the agreement, the overall gross revenue to FLYHT will be approximately $2,561,400 USD, excluding optional services.
Source: FLYHT Aerospace Solutions Ltd.
Date: Nov 12, 2013