TSX Venture: FLY
Shares Issued: 139,386,166
Fully Diluted: 178,135,626
FLYHT reported this morning that it has officially received their first European activation Supplemental Type Certificate (STC). An STC is granted by the European Aviation Safety Agency and essentially gives a company permission to modify an aircrafts design. This type of certification is required for FLYHT’s clients to install and actually make use of the AFIRS 228 system. The STC being discussed applies to FLYHT’s contract with NetJets Europe, which was announced earlier this year. This validation allows NetJets to officially flip the switch and start to take advantage of the AFIRS systems that were installed on its Hawker Beechcraft fleet. The STC is not limited to NetJets’ Hawkers. It applies to all operators of Hawker Beechcraft in Europe.
The European Aviation Safety Agency is a European Union agency that was created in order to provide a single regulatory system for the aviation industry across Europe. The organization was established in 2003 and its main objective is to ensure the highest level of safety standards are being adhered to in order to promote improved safety and responsible growth. Certifications granted by the EASA are valid across all 27 countries within the EU.
Not only did NetJets Europe perform its due diligence on the AFIRS system prior to signing its contact with FLYHT, but now we have a European Union agency that has done its own testing and signed off on the product as well.
The EASA does its homework when it comes to granting certifications and approvals of changes to aeronautical products. It can be a tedious process, but FLYHT’s recent milestone both confirms the quality of its technology and stands as a favorable sign for future possibilities.
The recent news release affirms our statement in our last commentary that FLYHT is truly moving beyond “I think I can” to “I know I can.” Keep a look out for The Howard Group’s reintroduction commentary to FLYHT, which will be released later this month.
To view the full news release, please click here.