Adds Strategic Capabilities in Aircraft Maintenance and Expands European Presence
CALBARY, AB / ACCESSWIRE / March 22, 2022 / FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") announced the closing of the transaction to acquire CrossConsense GmbH & Co. KG ("CrossConsense"), following all required regulatory approvals and the fulfillment of other customary closing conditions. This acquisition is expected to accelerate FLYHT's strategic roadmap to build out a maintenance capability, and fulfill the Company's goal to increase its presence in the European and Middle East markets.
Under the terms of the agreement (see press releases dated January 26, 2022 and March 1, 2022), FLYHT acquired all of the outstanding securities of CrossConsense through its wholly owned German subsidiary formed as part of this transaction.
"The CrossConsense acquisition fulfills two of our objectives - having an aviation maintenance software capability as well as a strong presence in Europe," said Bill Tempany, CEO of FLYHT. "Integrating our complementary offerings introduces new opportunities for growth and synergies across products, staff, customers and geographies. We have already identified several customers who will benefit from this coordinated effort and are engaging with them. We have the added benefit of having a very strong team of people under our wing who will continue to provide their loyal customers with the superior services and products they have for the last 20 years. This includes Udo Stapf, who will remain an advisor to the combined team for the next 18 months."
Axel Christ, Managing Director of CrossConsense, shared, "I am very excited that we have become a part of the FLYHT family. We share the vision of making aviation data and resulting insights available to our customers. This relationship means that we can now bridge the gap between MRO and flight ops data, which is a real multiplier when it comes to possible functionalities. FLYHT and CrossConsense both cater to the aviation community but have historically covered different topics and geographies. Our combined set of customers will benefit from the bigger portfolio we now bring to the table."
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.
Alana Forbes
Chief Financial Officer
403.291.7437
aforbes@flyht.com
FNK IR LLC
Matt Chesler, CFA
Investor Relations
646.809.2183
flyht@fnkir.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.
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SOURCE: FLYHT Aerospace Solutions Ltd.
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