CALGARY, AB–(Marketwired – July 13, 2017) – FLYHT Aerospace Solutions Ltd. (“FLYHT” or the “Company”) (TSX VENTURE: FLY) (OTCQX: FLYLF) is pleased to announce that the TSX Venture Exchange has approved a consolidation of its common shares (the “Consolidation”) on a 10 to 1 basis.
The Consolidation was previously approved by the Company’s shareholders at the Annual and Special Meeting held on May 10, 2017.
The Consolidation results in one (1) new post-consolidated common share being issued for ten (10) old pre-consolidated common shares.
The Consolidation will take effect on July 17, 2017 with the Common Shares trading on a post-Consolidation basis beginning at the open of markets on July 17, 2017. At the date of this press release, there are a total of 209,636,273 Common Shares issued and outstanding. Assuming no other change in the issued capital of the Company, it is expected upon completion of this Consolidation, FLYHT will have approximately 20,963,617 (after taking into account certain fractional rounding) Common Shares issued and outstanding. FLYHT’s issuing name will not change as a result of the Consolidation.
The Company is pursuing the Consolidation due to the improvement in the underlying financial performance of the Company and the management of FLYHT believes that the Consolidation will have positive effects for Company stock trading and financial reporting. FLYHT was profitable in 2016 and has produced four successive positive quarters. FLYHT is also producing positive cash flow through normal operations. A more thorough discussion of the rationale for the Consolidation can be found on the Company website at http://flyht.com/investor-letters/.
A full description of the Consolidation is contained in the Company’s Management Information Circular and Proxy Statement dated April 4, 2017, which has been filed with SEDAR at www.sedar.com.
About FLYHT Aerospace Solutions Ltd.
FLYHT is a leading provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 customers, including airlines, leasing companies and original equipment manufacturers, have installed our systems in order to increase safety, improve operational efficiencies and enhance profitability. FLYHT’s proprietary technology, the Automated Flight Information Reporting System (AFIRS™), operates on multiple aircraft types and provides functions such as safety services voice and text messaging, data collection and transmission, and on-demand streaming of flight data recorder (black box), engine and airframe data. AFIRS sends this information through the Iridium Satellite Network to FLYHT’s UpTime™ ground-based server, which routes the data to customer-specified end points and provides an interface for real-time aircraft interaction. AFIRS has flown over 2.6 million aggregate flight hours and 1.7 million flights on customers’ aircraft. FLYHT holds supplemental type certificates (STC) which allow for the installation of AFIRS on 95% of transport category aircraft.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
FLYHT Aerospace Solutions Ltd.
Paul Takalo
Interim Chief Financial Officer
403-291-7425
[email protected]
Investor Relations
The Howard Group Inc.
Dave Burwell
Vice President
(888) or (403)-221-0915
d[email protected]
