FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT") today announced the following updates:
FLYHT has signed contracts over the past six months with six new airlines including three in China, for a total of 13 aircraft, that will install the Automated Flight Information Reporting System ("AFIRS™") and/or sign up for UpTime™ products, generating recurring revenue. Aggregate revenue on all six contracts will be approximately $615,000 USD provided FLYHT completes all installations and provides recurring revenue services for the full terms of the agreements. Optional services are available to the customers in addition to what has been ordered.
"We are making progress worldwide with airlines and China continues to be a growing market for FLYHT," remarked VP Sales and Marketing David Perez. To improve customer relations and sales opportunities in China, FLYHT has hired a new account manager stationed in Shanghai. "The new position provides local support for airlines in the region which allows the VP, China Sales to focus full-time on sales efforts."
Independent from these events noted above, FLYHT has executed an amendment modifying the payment dates for the IP license agreement previously entered into between FLYHT and a technology company (the "Licensee") (see press release dated December 21, 2015). All terms of the agreement remain unadjusted except for the license payments to FLYHT have been delayed while the Licensee completes certain internal processes and confirms their market demand. The amendment modifies the license payments to occur in the second quarter of 2016.
Source: FLYHT Aerospace Solutions Ltd.
Date: Mar 29, 2016