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FLYHT Aerospace welcomes new COO

May 9, 2013, Calgary, Alta. - FLYHT Aerospace Solutions Ltd. today announced it has appointed Derek Graham as its new Chief Operating Officer.


May 9, 2013
By FLYHT

May 9, 2013, Calgary, Alta. – FLYHT Aerospace Solutions Ltd. today announced it has appointed Derek Graham as its new Chief Operating Officer.

Graham adds extensive depth and leadership to FLYTH's management team having worked for more than 10 years at a major avionics manufacturer in product line management and development. In that role, Graham was heavily involved in aeronautical satellite development and was responsible for a line of successful aviation Iridium and Inmarsat communications products.

"I am delighted to join FLYHT and its management team in this new capacity and I am looking forward to the immense opportunities we share at this very exciting time for the Company," stated Graham. "Having worked in traditional aeronautical SatCom for many years, I believe that AFIRS and UpTime technologies are game changers in our industry. FLYHT has built a fantastic product line and now the key focus for me will be to ensure that we achieve our growth and operating objectives in order to build a very successful company for many years to come."

"Derek is an astute technical project manager and has already been involved with our company for over one year," stated Bill Tempany, president/CEO of FLYHT. "Derek was instrumental in the successful project milestone deliveries to L3 for Airbus. He has clearly demonstrated his ability to manage complex technical challenges and delivery of the most practical options for the customer. We look forward to benefiting from Derek's talents being applied to all of the processes and operations of our company and helping us build and deliver on our vision of being a world class supplier of aviation solutions."

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FLYHT also announced that it has granted incentive stock options for an aggregate 2,161,500 common shares, subject to regulatory approval, to employees, officers and directors under the stock option plan approved at the Annual and Special meeting yesterday.

"We have approved the stock option plan as a tangible performance incentive at several levels of the Company," said Bill Tempany, chairman/CEO of FLYHT. "We have set the exercise price of the options above the current trading price of our shares because we feel that the price today is below where we should be. For that reason we believe that the plan serves to fully align employees, officers, board members and investors in the pursuit of shareholder value."

The stock options are exercisable at an exercise price of $0.25 per share which is approximately 28 per cent above the current trading price on the TSX Venture Exchange. They also feature immediate vesting and expire on December 31, 2017. A maximum of 10 per cent of the issued and outstanding shares are reserved under the Company's stock option plan. The options, and any common shares issued upon exercise of the stock options are subject to a four-month resale restriction.