FLYHT Announces Ravn Alaska’s Return to Service and Provides Business Update
CALGARY, Alberta, Dec. 21, 2020 (GLOBE NEWSWIRE) -- *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 20^th, 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
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*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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