FLYHT Provides Third Quarter 2017 Update

/ — CALGARY, AB–(Marketwired – October 03, 2017) – FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) is pleased to announce USD $1.7 million in additional sales contracts and purchase orders during the third quarter of 2017, bringing the total for the quarter to nearly USD $3.1 million, assuming FLYHT provides services over the full term of the agreements. The following are the updates regarding sales activity during the third quarter.

  • FLYHT received additional orders from an existing OEM partner (see release on July 15, 2014) for parts with related license fees for delivery.
  • Three existing customers, one in Africa and two in China, ordered additional Automated Flight Information Reporting System (AFIRS™) 228 hardware kits and/or voice and data services.
  • FLYHT received a purchase order from a leasing company located in Ireland for three aircraft. Along with Avmax, this is FLYHT’s second relationship with a leasing company.
  • FLYHT also received a purchase order from a military logistics company for AFIRS units.
  • FLYHT signed a contract with one Airline in South Korea.
  • FLYHT signed a contract with the Operator Bahamasair.

Bahamasair, which operates in the Caribbean, will add AFIRS to their current fleet of ATR and B737 aircraft. As part of this agreement, Bahamasair will also utilize FLYHT’s UpTime™ Cloud solution to provide real-time data to support their Operations Control and to support their maintenance operations.

The airline will take full advantage of FLYHT’s services to monitor and manage the health of its aircraft. These services include global voice and text messaging capabilities to stay in constant contact with Bahamasair pilots. FLYHTHealth™ will monitor the status of aircraft systems and engines and will alert the airline to any maintenance or operational issues. FLYHTASD™ will provide Bahamasair with an aircraft situational display, an electronic, real-time map of their assets, enabling the airline to configure flight tracking intervals.

“We are excited to add Bahamasair to our customer list. Caribbean operations can be challenging because of high daily aircraft utilization with a number of shorter flight segments, expanded long-haul routes to the southern Caribbean, and generally, a vast number of over-water flights,” remarked David Perez, FLYHT’s VP Sales and Marketing. “Bahamasair will achieve positive benefits from real-time awareness that FLYHT is providing to other operators in the region.”

In addition to the latest orders above, FLYHT previously announced AFIRS contracts in the third quarter with two new Chinese cargo airlines for USD $1.4 million in a press release on September 5, 2017.

FLYHT was issued a Supplemental Type Certificate (STC) for the AFIRS 228 by Transport Canada Civil Aviation (TCCA) for Bombardier Q-400 in July and revised an STC in August that allows modifications on certain Airbus A320 aircraft to introduce AFIRS 228S real-time data services.

FLYHT also received final approval for activation of the TCCA STC for the E-190 Embraer Jet family. However, delays encountered in test flights, which are outside of FLYHT’s control, have caused Federal Aviation Authority (FAA) and the associated Chinese CAAC STC approvals to be achieved later than was planned and will therefore negatively impact the revenue plan for the third quarter. The receipt of these remaining approvals is anticipated during the fourth quarter of this year.

About FLYHT Aerospace Solutions Ltd.

FLYHT’s mission is to improve aviation safety, efficiency and profitability (located in Calgary, Canada; publicly traded as: (TSX VENTURE: FLY) (OTCQX: FLYLF)). Airlines, leasing companies, fractional owners and original equipment manufacturers have installed the Automated Flight Information Reporting System (AFIRS™) on their aircraft to capture, process and stream aircraft data with real-time alerts. AFIRS sends this information through satellite networks to the UpTime™ cloud-based data center, which provides aircraft operators with direct insight into the operational status and health of their aircraft and enables them to take corrective action to maintain the highest standard of operational control.

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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.

At 3.49% CAGR, Commercial Helicopter Market Worth $11.6 Billion by 2027 : Radiant Insights,Inc

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The global commercial helicopters market, valued at US$8.2 billion in 2017, is expected to grow at a CAGR of 3.49% over the forecast period, to reach US$11.6 billion by 2027, with a cumulative value of US$107.4 billion.

The global commercial helicopter market is expected to attain more than USD 11 billion in revenue by 2027, according to a report on Radiant Insights, Inc. It was valued at USD 8.2 billion in 2017. The market is predicted to grow at a CAGR close to 3.5% over the forecast period (2017 to 2022). Demand for commercial helicopters across industry verticals such as oil and gas and tourism is expected to bode well for global market growth.

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Commercial helicopters are aircraft used by developed countries for travelling purposes. Their end users comprise city governments, security agencies, and businesses. The recession in 2008 had culminated in a slump in helicopter sales. But developments in their production have resulted in low rotor noises and enhanced speeds. Economical maintenance cost of aircrafts, improved commute, and lower accident rates are factors expected to drive their demand in the forthcoming years.

Gas emissions from helicopters were detrimental to the environment, in addition to causing sound pollution. The Clean Sky initiative in Europe is currently adhering to policies outlined by Registration, Evaluation, Authorisation and restriction of Chemicals (REACH) to reduce carbon emission by 40% and reduce decibel levels. Lack of qualified pilots and technicians is expected to deter market sales in future.

Recently, Russian Helicopters gained license for commencing commercial passenger operations of two of its helicopters, Kamov Ka-226 and Kazan Ansat. The company has launched a customer service in collaboration with Strategy Partners Group in order to provide aftermarket services to helicopters till 2030. Improving economies of Southeast Asia have led to countries in the region to create policies for air taxis.

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Bangladesh is gaining increased demand for helicopter taxis for travel purposes. Need for helipads in hospitals and as a preferred mode of transportation by businesspersons is driving regional demand. Helicopters currently being employed by air ferrying companies are Robinson R66, Bell 429, and Airbus Helicopters H135. China is another lucrative market for investors due to relaxed tax rates for leasing. It uses its aircrafts in mining, power line surveillance, agriculture spraying, and search-and-rescue operations.

The worldwide commercial helicopter market is segmented by type and region. By type, the market is divided into light, medium, and heavy helicopters. The medium helicopter segment is reportedly going to gain a 55% share in the market, followed by the light and heavy helicopter segments respectively.

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Regions in the global market include North America, Latin America (LATAM), Asia Pacific (APAC), Middle East, and Africa. North America is projected to dominate the market with a 35.2% market share, followed by APAC and Europe markets. This can be credited to the use of commercial helicopters for helicopter emergency medical services (HEMS) and law enforcement missions. The LATAM market is estimated to witness immense demand due to exemplary fiscal growth enjoyed by countries such as Brazil and Mexico.

Key market players include Bell Helicopter, Sikorsky Aircraft Corporation, Russian Helicopters, Leonardo S.p.A., and Airbus Helicopters SAS. Manufacturers are focusing on research and development in order to reduce weight and increase speed. Faster and reliable helicopters are expected to gain prominence in the years ahead.

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About Radiant Insight

Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake. 

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