Calgary, Alberta - March 22, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) announced the closing of the transaction to acquire CrossConsense GmbH & Co. KG (“CrossConsense”), following all required regulatory approvals and the fulfillment of other customary closing conditions. This acquisition is expected to accelerate FLYHT’s strategic roadmap to build out a maintenance capability, and fulfill the Company’s goal to increase its presence in the European and Middle East markets.
Under the terms of the agreement (see press releases dated January 26, 2022 and March 1, 2022), FLYHT acquired all of the outstanding securities of CrossConsense through its wholly owned German subsidiary formed as part of this transaction.
“The CrossConsense acquisition fulfills two of our objectives – having an aviation maintenance software capability as well as a strong presence in Europe,” said Bill Tempany, CEO of FLYHT. “Integrating our complementary offerings introduces new opportunities for growth and synergies across products, staff, customers and geographies. We have already identified several customers who will benefit from this coordinated effort and are engaging with them. We have the added benefit of having a very strong team of people under our wing who will continue to provide their loyal customers with the superior services and products they have for the last 20 years. This includes Udo Stapf, who will remain an advisor to the combined team for the next 18 months.”
Axel Christ, Managing Director of CrossConsense, shared, “I am very excited that we have become a part of the FLYHT family. We share the vision of making aviation data and resulting insights available to our customers. This relationship means that we can now bridge the gap between MRO and flight ops data, which is a real multiplier when it comes to possible functionalities. FLYHT and CrossConsense both cater to the aviation community but have historically covered different topics and geographies. Our combined set of customers will benefit from the bigger portfolio we now bring to the table.”
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, AFIRS Edge, a state-of-the-art 5G WQAR and satellite data communications device, and TAMDAR™ and the FLYHT-WVSS-II™, which deliver airborne weather and humidity 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.
About CrossConsense
Founded in 2002, Frankfurt Germany-based CrossConsense offers its customers in the commercial aviation industry, highly skilled services, designed to enhance their productivity and uptime performance, based on sound knowledge in the areas of maintenance, engineering and logistical support. CrossConsense maintains a staff of 24 dedicated, experienced, and motivated team workers. For more information, visit https://www.crossconsense.com. |