FLYHT announces new deals, IP sales update
FLYHT Aerospace Solutions Ltd. has announced the receipt of the first of two milestone payments of the aggregate US$2.5 million license fee due from a technology company. (see press release dated December 21, 2015). Further agreement terms, including payment of the final milestone, transfer of the intellectual property (the “IP”) and training of Licensee personnel, will be completed during the second quarter. The licensed IP includes core satellite communication technology but does not include those elements of the FLYHT AFIRS solution that make it truly unique within the industry.
FLYHT has also received an order from an OEM partner for US$1.2 million of parts with related license fees, for immediate delivery, and has signed its third Chinese airline customer of the year to contract. The undisclosed airline will commence receipt of Automated Flight Information Reporting System (AFIRSTM) equipment in May; aggregate revenue will be approximately US$1 million provided FLYHT completes all installations.
“China continues to be a great growth area for FLYHT and our OEM relationships are outstanding,” remarked Thomas R. Schmutz, chief executive officer, “The combined revenue elements in this press release amount to $6 million at today’s exchange rates and they are high margin.”