FLYHT Aerospace Solutions Ltd.
TSX Venture: FLY
Shares Issued: 142.5 million
Fully Diluted: 182.1 million
This morning, FLYHT announced that it has successfully completed SITA’s VHF AIRCOM Qualification (VAQ) testing. This was a critical step as SITA’s endorsement was needed by FLYHT as it moves towards Airbus factory installations of its AFIRS 228 solution, which management expects to begin in the fourth quarter of this year.
In September, L-3 Aviation Recorders announced it had signed an agreement with Airbus for FLHYT’s SATCOM Solutions on the A320 Family of Aircraft. See news release here. Airbus currently produces in excess of 450 A320 aircraft per year and there are more than 5,000 aircraft in the A320 family of aircraft in service today.
SITA is a multinational information technology company specializing in providing IT and telecommunication services to the air transport industry. The company provides its services to over 550 members and 2,700 customers worldwide - this amounts to over 90% of the world's airline business.
SITA's consolidated revenues in 2009 were $1.49 billion (€1.07 billion).
To view today’s news release, please click here.