FLYHT Aerospace Solutions Ltd.TSX Venture: FLY
Shares Issued: 139,386,166
Fully Diluted: 178,135,626
After signing a contract with a Canadian airline back in January, FLYHT announced today that it has received another Supplemental Type Certificate for the ATR 42 / 72 specific to that contract. For those new to the FLYHT story, an STC is a regulatory requirement in order to make any changes or installations to an aircraft.
From Wikipedia - The ATR 42 is a twin-turboprop, short-haul regional airliner built in France and Italy by ATR (Aerei da Trasporto Regionale or Avions de Transport Régional).
ATR and Airbus are both built in Toulouse, and share resources and technology. The name "42" comes from the aircraft's standard seating, which varies from 40 to 52. The aircraft was the basis for the ATR 72.
According to the news release, 19 aircraft are covered in the agreement, 14 installation kits have been shipped and having the STC in hand means an existing 12 units can be activated.
Why is this important? An activated unit immediately starts generating recurring revenue.
STC’s are issued by aviation regulators after thorough examination and strenuous due diligence procedures that allows an AFIRS™ unit to be retrofitted onto an aircraft. These certificates are specific to both the type of aircraft and the country, in which it is being issued. Once an STC for an aircraft type is in place in a jurisdiction, all aircraft in that jurisdiction can be installed under the same approval.
To view today’s news release, please click here