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Strategic Acquisition Bolsters Competitive Position and Creates Cross-Selling Opportunity for FLYHT Software
CALGARY, Alberta, Sept. 20, 2021 (GLOBE NEWSWIRE) -- FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced it has acquired the Water Vapor Sensing System (“WVSS-II”) product line from SpectraSensors Inc (“SpectraSensors”).
The WVSS-II is a sensor installed on aircraft and provides water vapour measurements in near real-time throughout an aircraft’s flight. These observations directly benefit weather forecasting and improve weather support to aviation.
The acquisition includes manufacturing assets, inventory, aviation-specific intellectual property, and a license to SpectraSensors’ Tunable Diode Laser Absorption Spectroscopy (“TDLAS”) technology for use in the weather and aviation markets.
There are broad use cases for WVSS-II data. For airlines, forecasters rely on WVSS-II data to determine the location and timing of fog, cloud formation, altitude of cloud ceilings, and precipitation types; this information is critical to determine safe conditions for aircraft travel. Beyond airlines, this data enables industry organizations to provide more accurate weather and climate forecasts leading to increased societal and economic benefits.
A recent NOAA study showed that these aircraft-based observations are critical for rapidly updating numerical weather prediction models and reducing numerical weather prediction forecast error up to 15-20%. This improvement has the potential to save airlines money by avoiding air traffic delays, which have raised annual airline operating costs by over $8 billion in the U.S. alone. Weather accounts for 70% of all air traffic delays within the U.S. National Airspace, and almost two-thirds of these delays are potentially avoidable.
“The addition of the WVSS-II sensor to FLYHT’s airborne weather observation capabilities enhances our already strong commitment to the collection and dissemination of global weather for the meteorology community,” said Captain Mary McMillan, FLYHT Board Member. “As a former airline pilot, I believe our growing suite of formidable weather tools, which monitor the changing climate and help improve weather forecasts, provide significant and growing benefit to the industry and individuals. Our aviation customers directly benefit through optimized flight plans which save fuel and ultimately reduce the global carbon footprint.”
The WVSS-II product will enhance FLYHT’s weather business by adding additional hardware, integration and recurring revenue sources to its existing Tropospheric Airborne Meteorological Data Reporting (TAMDAR™) and Aircraft Meteorological Data Relay (AMDAR) programs.
John Schnake, General Manager at SpectraSensors noted, “We are excited to find a good partner in FLYHT where the WVSS product line will continue to provide value to the aviation and weather community. By divesting this product line, SpectraSensors will focus on growing our TDLAS technology in our core Oil & Gas and Chemical industries.”
The WVSS-II will be fully integrated with FLYHT’s AFIRS and EDGE products to provide real-time aircraft-based observations into FLYHT’s software products.
“WVSS-II data is integral to FLYHT's Actionable Intelligence software product suite rollout,” said Ryan Pepper, FLYHT Product Owner, Flight Dispatch. “Accurate in situ weather data is key to FLYHT’s real-time optimal flight level and routing product development roadmap. Airlines installing WVSS-II, along with the AFIRS Edge product, will have access to unprecedented amounts of data to drive flight crew decision-making and pre-planning functions. This provides not only an enhanced level of safety but also significant fuel cost savings. We will integrate our JetBridge™ technology with WVSS-II data, and are looking for creative ways to use this accurate information to provide increased capabilities for our customers. This data, along with data collected by the AFIRS family, is ripe for use in FLYHT’s machine learning applications being developed in conjunction with our customers.”
The WVSS-II product line was purchased by FLYHT from SpectraSensors for $500,000 USD.
About FLYHT Aerospace Solutions Ltd.
FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, delivering industry leading solutions to improve aviation safety, efficiency and profitability. This unique capability is driven by FLYHT’s patented aircraft certified hardware products including AFIRS™, a satcom aircraft interface device which enables real-time streaming of flight information, cockpit voice and black box data streaming and TAMDAR™, which aggregates and streams airborne weather data in real-time. FLYHT is headquartered in Calgary, Canada with an office in Littleton, Colorado, and is an AS9100 Quality registered company. For more information, view our latest presentation here, or visit www.flyht.com.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated/projected benefits of the acquisition. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are founded on the basis of expectations, assumptions and hypotheses made by the Company, including, but not limited to projected revenues. Such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, and supply chain delays. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
FLYHT Aerospace Solutions Ltd.
FNK IR LLC
Matt Chesler, CFA
Chief Financial Officer
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