TSX Venture: FLY
Shares Issued: 142.5 million
Fully Diluted: 182.1 million
Today, FLYHT announced that it has agreed with Datang Mobile Aviation Division and COMAC (Chinese Aircraft Corporation of China) that AFIRS(TM) 228 will be a standard feature on all ARJ21 aircraft. To date, 415 aircraft have been ordered with delivery to start by the end of 2014. The value of this deal for FLYHT over the five year term of the contract is estimated to be over $40 million.
In order to reduce China's dependency on Boeing and Airbus, COMAC is in the process of developing a large passenger aircraft with a capacity of over 150 passengers, called ARJ21. At the end of 2014, COMAC is expected to begin manufacturing and delivering ARJ21 aircraft to customers that include Chinese airlines and other airlines based in Pakistan and various African countries.
Click here to view the ARJ21 on Wikipedia: http://en.wikipedia.org/wiki/Comac_ARJ21
To view the full news release, please click here.