FLYHT Announces Settlement of Legal Action and Renewing of Commercial Relationship
18 Juin 2014 - 1:04PM
Marketwired
FLYHT Announces Settlement of Legal Action and Renewing of
Commercial Relationship
CALGARY, ALBERTA--(Marketwired - Jun 18, 2014) - FLYHT Aerospace
Solutions Ltd. (TSX-VENTURE:FLY) ("FLYHT") is pleased to announce
that FLYHT and Sierra Nevada Corporation ("SNC") have signed a
settlement agreement to renew sales activities and fully settle all
outstanding claims between the two parties under the following
material terms:
- The parties signed a license and manufacturing agreement, a
value-added reseller agreement and other related ancillary
agreements, which are for a period of five (5) years with renewal
provisions and which govern the parties activities in military and
civilian markets (collectively, the "Agreements"), including but
not limited to:
- FLYHT granted exclusive and non-exclusive licenses to SNC for
the manufacture of certain AFIRS units, and for the sale of the
AFIRS units and related products into specified military and
civilian markets;
- FLYHT will cooperate with SNC to provide UpTime Services to
certain commercial end users, as agreed on a case-by-case basis;
and
- Upon SNC realizing revenue in the amount of $2,500,000 (USD)
from the sale of certain AFIRS units, FLYHT will receive license
fees from SNC for any subsequent sales of AFIRS 228B units by SNC
($5,000 per unit) to any end user and for the use of UpTime
services by military end users.
- All FLYHT's indebtedness to SNC (being approximately $1,986,746
Canadian Dollars) is terminated and released subject to the terms
of the Agreements; and
- All legal action between FLYHT and SNC is discontinued.
FLYHT will continue to lead sales and service activities in all
civil aviation markets, and SNC will lead sales in the United
States and NATO military and government manned and unmanned
aircraft markets.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides proprietary technological products and services
designed to reduce costs and improve efficiencies in the airline
industry. The Company has patented and commercialized three
products and associated services currently marketed to airlines,
manufacturers and maintenance organizations around the world. Its
premier technology, AFIRS™ UpTime™, allows airlines to monitor and
manage aircraft operations anywhere, anytime, in real time. If an
aircraft encounters an emergency, FLYHT's triggered data streaming
mode, FLYHTStream™, automatically streams vital data, normally
secured in the black box, to designated sites on the ground in
real-time. The Dragon is FLYHT's latest product, a revolutionary
light weight portable satellite communications device that blends
existing FLYHT technology with that of the iPad.
AFIRS, UpTime, the Dragon, FLYHTStream and AeroQ are trademarks
of FLYHT Aerospace Solutions Ltd.
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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.
FLYHT Aerospace Solutions Ltd.Thomas R. French, CGAChief
Financial Officer403-291-7427tfrench@flyht.comInvestor RelationsThe
Howard Group Inc.Dave BurwellVice President(888) or
(403)-221-0915dave@howardgroupinc.comBristol Institutional
RelationsGlen AkselrodPresident(905) 326-1888glen@bristolir.comKin
Communications Inc.Fred Leigh(866) or (604)
684-6730FLY@kincommunications.com
Flyht Aerospace Solutions (TSXV:FLY)
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