FLYHT Agrees to
Purchase Shares of CrossConsense, Adding Strategic Capabilities in
Aircraft Maintenance and Expanding European Presence
Calgary, Alberta
and Frankfurt, Germany - January 26, 2022 - InvestorsHub NewsWire -
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the "Company" or "FLYHT")
and CrossConsense GmbH &
Co. KG ("CrossConsense")
today announced an agreement whereby FLYHT will acquire all of the
outstanding shares of CrossConsense. This acquisition is expected
to accelerate FLYHT's strategic roadmap to build out a maintenance
capability, and will fulfill the Company's goal to increase its
presence in the European and Middle East markets.
CrossConsense develops and markets
software to support commercial aviation maintenance management.
Products include:
-
A predictive maintenance
troubleshooting and engineering tool;
-
Software to support aircraft
maintenance, repair and data migration; and
-
Live data dashboards to assist
aircraft maintenance teams.
CrossConsense has also constructed
a progressive web application plus native apps that offer
up-to-date data on an airline's fleet status. Additionally,
CrossConsense offers consulting and support services as well as
hosting, database operation and performance monitoring of
commercial aircraft maintenance applications.
The acquisition of CrossConsense is
designed to further cement and extend a number of FLYHT's key
commercial objectives. Through this transaction, FLYHT will now be
able to build a meaningful European presence, within a major
aviation hub, as CrossConsense is based in Frankfurt, Germany.
Additionally, the transaction is expected to expand FLYHT's reach
into software technical services in support of aircraft maintenance
functions. Finally, the transaction is expected to bring new
worldwide customers to both companies.
Udo Stapf, the founder and majority
shareholder of CrossConsense stated, "The integration of our team
and capabilities with those of FLYHT's is expected to meaningfully
enhance our capabilities to provide global solutions to our
combined customer base of more than 100 airline and cargo
customers. Under the FLYHT umbrella of products and services, we
will be better positioned to service the growing needs of our
customers, helping them improve efficiency."
Bill Tempany, CEO of FLYHT, stated,
"Acquiring CrossConsense will expand FLYHT's product line with
predictive maintenance and maintenance system services - two areas
that are in high demand by our customers and synergistic with our
current offering. The ability to utilize real-time AFIRS data in a
maintenance environment is anticipated to provide a substantial
impetus to our customers' Actionable Intelligence. Additionally,
the combination is expected to establish a meaningful European
presence for our company through which we can further build our
global operations."
Added Tempany, "We welcome the many
talented maintenance software specialists at CrossConsense to the
FLYHT team. Their extensive knowledge of aircraft maintenance
management systems and development expertise in blockchain
processes strengthens our knowledge base in areas that are
especially aligned with FLYHT's key ongoing strategic
initiatives."
Transaction
Details
Under terms of the agreement, FLYHT
(through its wholly owned German subsidiary formed as part of this
transaction) will acquire all of the outstanding securities of
CrossConsense for CAD$1,250,000 in cash and 1,900,000 common shares
of FLYHT. The shares will be held in escrow and will be released
equally in 1/3 increments at 4, 16 and 28 months following issuance
on the transaction's closing date. This agreement is subject to
approval of the German Government and the TSX Venture Exchange and
to be effective January 1, 2022, with a transaction close as soon
as possible after those approvals are received.
Additionally, Udo Stapf will
continue his involvement in the business, with an agreement in
place for provision of services over the 18 months following the
transaction's effective date.
FLYHT also announced that Axel
Christ from CrossConsense has been appointed Managing Director of
the new organization. Over his 15 years at CrossConsense he has
made significant contributions, responsible for innovation and
technology of the company's software and services. Mr. Christ has
been working with Kent Jacobs, President of FLYHT in Calgary, on
aligning priorities and goals.
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, AFIRS Edge, a
state-of-the-art 5G WQAR and satellite data communications device,
and TAMDAR™ and the FLYHT-WVSS-II™, which deliver airborne weather and humidity
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
presentation here,
or visit www.flyht.com.
About
CrossConsense
Founded in 2002, Frankfurt
Germany-based CrossConsense offers its customers in the commercial
aviation industry, highly skilled services, designed to enhance
their productivity and uptime performance, based on sound knowledge
in the areas of maintenance, engineering and logistical support.
CrossConsense maintains a staff of 24 dedicated, experienced, and
motivated team workers. For more information, visit https://www.crossconsense.com.
Contact
Information:
FLYHT Aerospace
Solutions Ltd. FNK IR LLC
Alana Forbes Matt Chesler, CFA
Chief Financial Officer
Investor Relations
403.291.7437 646.809.2183
aforbes@flyht.com
flyht@fnkir.com
investors@flyht.com
Cautionary Note
Regarding Forward-Looking Statements
Except for statements of historical
fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur. In
particular, forward-looking information in this press release
includes, but is not limited to, statements with respect to the
anticipated impact of joint development, sales and marketing
efforts between the two companies. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking information is
based on the opinions and estimates of management at the date the
statements are made and are founded on the basis of expectations,
assumptions and hypotheses made by the Company, including, but not
limited to projected revenues. Such forward-looking information is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those anticipated in the forward-looking information. Some of the
risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information
include, but are not limited to: general economic conditions in
Canada, the United States and globally; industry conditions, and
supply chain delays. Readers are cautioned that this list of risk
factors should not be construed as exhaustive.
The forward-looking information
contained in this news release is expressly qualified by this
cautionary statement. We undertake no duty to update any of the
forward-looking information to conform such information to actual
results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking
information.
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.
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