FLYHT Aerospace Solutions secures new deal
June 15, 2012, Calgary - FLYHT Aerospace Solutions Ltd. today announced BluMont Capital has placed a lead order of $800,000 or four million units for its previously announced non-brokered private placement.
"The corporation is pleased that a long term shareholder supports the efforts FLYHT has made over the past few years and sees the importance in the milestones that have been achieved in recent months," stated Bill Tempany, President/CEO of FLYHT.
"We are very pleased to be the lead $800,000 order for this financing, and that-upon closing of the financing-our participation will take us above the 10 per cent ownership threshold," said Hugh Cleland of BluMont Capital. "After a two year lull in sales, the successful launch of the AFIRS 228 heralds a new era for FLYHT. With the NetJets deal and the L-3/OEM assembly line deal as strong signs of pent-up industry demand, we believe that this capital is sufficient to allow FLYHT to become a generator of significant free cashflow. We believe that FLYHT is now positioned to grow its installed base to 3,000 planes or higher over our investment horizon, and we are encouraged that at least four other institutions appear to see the same potential we do, investing in this round of financing at a time when capital is difficult to come by for small and microcap companies."
With the recent announcements, the Corporation is excited about the acceptance of FLYHT's solutions by major aviation organizations.