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FLYHT Names Peter Large and Nancy Young to Board of Directors and Provides Corporate Updates

Thursday, 11 May 2023 19:35

FLYHT Aerospace Solutions Ltd.

Proven Aviation, Transportation and Sustainability Executives Join Board as Independent Directors

CALGARY, AB / ACCESSWIRE / May 11, 2023 / FLYHT Aerospace Solutions Ltd. (TSXV:FLY)(OTCQX:FLYLF) (the "Company" or "FLYHT") today announced that the Board of Directors has named Nancy N. Young and Pete Large to the Company's Board of Directors. Ms. Young and Dr. Large will serve as independent directors.

Ms. Young currently is a globally recognized sustainability and environmental attorney and consultant with over 25 years of experience in climate change, aviation environmental matters, environmental social governance, and sustainable aviation fuels. As the Chief Sustainability Officer at Alder Fuels from April 2022 through January 2023, she established the start-up biocrude company's environmental and sustainability legal, policy, and regulatory programs. Immediately prior to joining Alder, Ms. Young served for 14 years as the VP of Environmental Affairs at Airlines for America (A4A). From 2015 through 2016, she served on the UN Secretary-General's High-Level Advisory Group for Sustainable Transport. Prior to joining A4A, Ms. Young was a Director/Partner at the law firm of Beveridge & Diamond, PC.

Dr. Large is a senior technology executive with years of experience spanning transportation, aviation, space, civil infrastructure and construction, including specific expertise in transforming how work is done through data-driven digital technologies that provide better business insights, decision making, efficiency, safety, first-time quality and sustainability. He currently serves as Senior Vice President at global industrial technology company Trimble Inc. He previously held positions as a Research Solutions Strategist within Boeing's Digital Solutions and Analytics Business and as a Director at Inmarsat in the Aviation Safety & Operational Services business. He holds an Ed.D with the Aviation and Space specialization from Oklahoma State University, an M.S. in Management from the Stanford University Graduate School of Business, and a BSc(Hons) from the University of Newcastle Upon Tyne.

"Adding proven transportation and sustainability expertise to FLYHT's Board helps validate the progress we have made in establishing our company as a leader in using real-time data and insights to improve aviation and the world around us," commented Captain Mary I. McMillan, FLYHT's non-executive Chairman of the Board. "With Nancy and Pete on our team, we are well positioned to address the important and complex issues of technological change in avionics, operational efficiencies, and environmental necessities. We extend a warm welcome to Nancy and Peter and look forward to working with them."

Following today's AGM, FLYHT granted incentive stock options for an aggregate of 449,400 common shares, subject to regulatory approval, to employees, officers, and directors under the stock option plan approved at the Annual and Special Meeting held on May 11, 2023. The stock options are exercisable at a price of $0.94 per share. The options will vest 1/3 on each of May 11, 2024, 2025 and 2026, and will expire on May 11, 2027.

Incentive stock options were also granted for an aggregate of 9,000 common shares to Satichi Consulting Inc. and 17,500 to FNK IR LLC, both of whom are engaged as investor relations consultants with FLYHT. These incentive stock options are also subject to regulatory approval and were issued under the stock option plan approved at the Annual and Special Meeting held on May 11, 2023. These stock options are exercisable at a price of $0.94 per share. The options will vest ¼ on each of August 11, 2023, November 11, 2023, February 11, 2024, and May 11, 2024, and will expire on May 11, 2027.

A maximum of 10% of the issued and outstanding shares are reserved under the Company's stock option plan. The options are subject to a four-month resale restriction.

The Company previously announced that it would be participating in the upcoming MicroCap Rodeo investor conference in New York City on May 16 and 17. The organizer has informed all participants that it has postponed the event to a later date due to challenges that it is experiencing with the hotel venue.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device that enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT's TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT's wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

Contact Information:

FLYHT Aerospace Solutions Ltd.

FNK IR LLC

Satichi Consulting Inc.

Alana Forbes

Matt Chesler, CFA

Daniel Kim

Chief Financial Officer

Investor Relations

Corporate Development

403.291.7437

646.809.2183

416.728.5630

[email protected]

[email protected]

[email protected]

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.

SOURCE: FLYHT Aerospace Solutions Ltd.

Topic:
Company Update
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