FLYHT Announces Ravn Alaska’s Return to Service and Provides Business Update
December 21 2020 - 7:04AM
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY)
(OTCQX: FLYLF) (the “Company” or “FLYHT”) announced today that
Corvus Airlines (dba Ravn Alaska), a regional airline that
specializes in servicing the small communities in Alaska, has
signed an agreement with FLYHT to reactivate its fleet of nine
DHC-8 aircraft with full AFIRS™ services. As of November 20th, Ravn
Alaska obtained route authority from the US Department of
Transportation and has resumed scheduled flights to and from
Anchorage, Dutch Harbor (Unalaska), Homer, Kenai, Kodiak, and Sand
Point.
“The FLYHT team welcomes Ravn back to the
Alaskan skies and as a valued customer of FLYHT,” stated Robert
Logullo, FLYHT Account Manager. “Ravn Alaska’s quick emergence from
Chapter 11 is a sure sign that this essential service needed to be
restored. We’re proud to be part of the vital transportation
network in Alaska with Ravn.”
Rob McKinney, CEO of Ravn stated “As Ravn gets
back into full swing, after all the traumatic events of 2020, we
are grateful to have reliable partners like FLYHT, to make our
restart easier, and successful.”
Bill Tempany, CEO of FLYHT commented, “Ravn’s
reactivation of services is one of many encouraging signs of
recovery that we are seeing across our business in the fourth
quarter. Other positive developments include confirmed customer
deliveries of up to 35 AFIRS shipsets to be delivered in the fourth
quarter, and a one-year extension of our agreement with Environment
Canada for the provision of weather data. We have continued to
conserve cash in the quarter while building and delivering
additional SaaS services to new and existing customers.”
The contract with Ravn is expected to generate
revenue of approximately $300,000 to FLYHT, provided that all
services are delivered over the 5-year term of the agreement. FLYHT
expects to deliver services valued at approximately $130,000 to
Environment Canada over the term of the contract extension. The
value of the AFIRS kits being delivered in the fourth quarter were
previously announced upon signing the respective original
agreements.
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
Cautionary Note Regarding
Forward-Looking Statements
Except for statements of historical fact, this
news release contains certain "forward-looking information" within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as "plan",
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can be no assurance that such expectations will prove to be
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actual results achieved will be the same, in whole or in part, as
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a variety of risks and uncertainties and other factors that could
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cautioned not to place undue reliance on forward-looking
information.
Contact Information:
FLYHT
Aerospace Solutions Ltd. |
FNK IR
LLC |
Alana Forbes |
Matt Chesler, CFA |
Chief Financial Officer |
Investor Relations |
403.291.7437 |
646.809.2183 |
aforbes@flyht.com |
flyht@fnkir.com |
investors@flyht.com |
|
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