FLYHT Aerospace Solutions Ltd.
TSX Venture: FLY
Shares Issued: 140,386,166
Fully Diluted: 179,132,626
FLYHT kicked off the New Year with an announcement of a $350 thousand USD two year contract for its AFIRS 220 product with a “domestic operator” in Nigeria. Although the contract is for two years, investors should note that historically all AFIRS contracts have been extended once the terms of the agreements are up. This agreement includes the option to upgrade, at an additional charge, to the AFIRS 228 technology if the customer wishes.
There won’t be any time wasted with this order, as FLYHT already has the Supplemental Type Certificates (STCs) in place for the two types of Airbus that will receive AFIRS 220 units.
The airline is another operator in Nigeria taking steps to follow the recommendations of the Nigerian Civil Aviation Authority ("NCAA"), to implement an intelligent flight tracking system to increase safety and improve efficiency. The NCAA is now recommending AFIRS to all of its domestic carriers following the crash of Dana Air Flight 992 on June 3, 2012 where the black box was completely destroyed. AFIRS provides customers with real time emergency information transmission, which would have helped the investigative body. The Howard Group commented on Nigerian news reports in November 2012. Click here to view.
To view the full news release, please click here.