FLYHT Aerospace Solutions Ltd V.FLY

Management team changes

[CF105]

Calgary, Alberta – November 8, 2021 – FLYHT Aerospace Solutions Ltd.  FLYHT today announced changes to the management team to address opportunities identified to strengthen its SaaS presence in the global aviation sector.

The Board of Directors promoted Kent Jacobs, the first employee of FLYHT, to President. Over his 20-plus years with the Company, Kent has served in many roles and is a global expert on aviation systems and solutions, including leading FLYHT’s transition to SaaS from avionics sales.

The Company has also promoted Gurjot Bhullar to Vice President of Operations. Gurjot has been with the Company for more than 10 years and has worked in various departments over that time.

Mr. Jacobs commented, “My journey with FLYHT began some 20 years ago with little more than ideas, energy, and the desire to improve the industry I love. This new chapter allows me to leverage my experience in aviation and my relationships throughout the industry, to continue the drive for FLYHT to become a dominant SaaS-based solutions provider in the industry. I am excited and eager for this opportunity to help move FLYHT towards our Actionable Intelligence goals.”

Bill Tempany, FLYHT’s Interim CEO, added, “This new structure will allow me to focus on our M&A objectives and with Kent and the team’s support, make sure our achievements are well communicated to our investors. FLYHT is in a strong position as the pandemic looks for an ending and we are all very excited about what we can now achieve together.”

Mr. Derek Graham, VP Business Development, has resigned to pursue opportunities in the industry with one of FLYHT’s partners. The Board of Directors thanks Derek for his contributions over the last decade and wishes him best in his future endeavors.

In tandem with these promotions, incentive stock options for an aggregate 100,000 common shares were granted to Mr. Jacobs and Mr. Bhullar, subject to TSXV approval. The options are exercisable at a price of $0.77 per share, will vest immediately and are exercisable until November 5, 2022. 

The Company also amended its investor relations agreement (originally announced on August 5, 2020) with FNK IR, LLC (“FNK”). Under the terms of the amendment, FNK will receive US$6,000 per month from FLYHT on a month-to-month basis and has been granted a further 30,000 options, subject to TSXV approval. These options will: (i) be at an exercise price per share equal to the Company’s market price of the shares on the date of issuance and subject to the pricing rules of the TSX Venture Exchange in relation to options; and (ii) vest at 7,500 per quarter over the calendar year and are exercisable until November 5, 2024.  These options are subject to the terms of the Company’s stock option plan and a four-month hold period.