FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT") is excited to announce the sale of the Automated Flight Information Reporting System (AFIRS™) to a new commercial airline customer in the People's Republic of China. This sale was the result of a competitive bid process that FLYHT won against other major Original Equipment Manufacturer (OEM) suppliers.
"This is another important win for FLYHT as we continue to demonstrate our value to the Chinese market," remarked Michael Fang, FLYHT's Vice President China Sales. "Airlines in the region can learn more about our technology in April when we present and exhibit at the 4th China Aviation New Technology Forum in Shanghai."
The initial contract for the sale of AFIRS hardware is valued at approximately USD $1.68 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.
FLYHT has all the necessary Supplemental Type Certificates (STC's) to complete installation on the designated aircraft within this contract. Installations are anticipated to begin in the third quarter of 2017.
Source: FLYHT Aerospace Solutions Ltd.
Date: Mar 1, 2017