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CALGARY, Alberta, July 27, 2021 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”), a leader in providing real-time insights and actions to improve global aviation operations and profitability, today announced the repayment in full of its outstanding secured convertible debentures (CAD$1.8 million), including any accrued and unpaid interest, on July 23, 2021 through a portion of the proceeds received from its recent CAD$6.6 million non-brokered private placement.
“This convertible debenture provided FLYHT with the funding required to develop the technologies that are now being exploited by our AFIRS Edge and Actionable Intelligence solutions,” commented Alana Forbes, FLYHT’s Chief Financial Officer. “We appreciate the support of those who purchased these debentures in July 2018, including members of our executive team, and the confidence they have in the Company’s direction. By clearing this debt and closing our recent private placement, we are in a stronger financial position with sufficient cash, allowing us to focus on delivery of these solutions which we have been developing for our launch customers over the past year.”
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com
FLYHT Aerospace Solutions Ltd.
FNK IR LLC
Matt Chesler, CFA
Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.