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Tuesday, August 22, 2017

FLYHT Updates October 3 Chinese Sales Contract to $6.94 M

FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today announced it has signed an amendment to the contract announced on October 3, 2016 with an Information Technology (IT) Company that implements data solutions for Chinese commercial aviation operators in the People’s Republic of China.

The contract amendment is for the sale of the Automated Flight Information Reporting System (AFIRSTM) 228S for an increase to an approximate value of USD $6.94 million, from the initial sales agreement of USD $4.26 million, assuming FLYHT provides the hardware over the full term of the five (5) year agreement. FLYHT’s data services may be added in the future, further increasing the value of the contract. The other terms of the contract remain unchanged.

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“FLYHT is pleased to sign an amendment to our current agreement with this IT company. The airline client of the IT company has decided to purchase more aircraft than planned and wants AFIRS on their fleet. This amendment will cover the revised fleet size,” remarked Michael Fang, FLYHT’s Vice President China Sales.

Source : FLYHT Aerospace Solutions Ltd. - view original press release

Published on ASDNews: Nov 14, 2016


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