Calgary, Alberta – July 13, 2017 – FLYHT Aerospace Solutions Ltd. (“FLYHT” or the “Company”) (TSX-V: FLY) (OTCQX: FLYLF) is pleased to announce that the TSX Venture Exchange has approved a consolidation of its common shares (the “Consolidation”) on a 10 to 1 basis.
The Consolidation was previously approved by the Company’s shareholders at the Annual and Special Meeting held on May 10, 2017.
The Consolidation results in one (1) new post-consolidated common share being issued for ten (10) old pre-consolidated common shares.
The Consolidation will take effect on July 17, 2017 with the Common Shares trading on a post-Consolidation basis beginning at the open of markets on July 17, 2017. At the date of this press release, there are a total of 209,636,273 Common Shares issued and outstanding. Assuming no other change in the issued capital of the Company, it is expected upon completion of this Consolidation, FLYHT will have approximately 20,963,617 (after taking into account certain fractional rounding) Common Shares issued and outstanding. FLYHT’s issuing name will not change as a result of the Consolidation.
The Company is pursuing the Consolidation due to the improvement in the underlying financial performance of the Company and the management of FLYHT believes that the Consolidation will have positive effects for Company stock trading and financial reporting. FLYHT was profitable in 2016 and has produced four successive positive quarters. FLYHT is also producing positive cash flow through normal operations. A more thorough discussion of the rationale for the Consolidation can be found on the Company website at https://flyht.com/investor-letters/.
A full description of the Consolidation is contained in the Company’s Management Information Circular and Proxy Statement dated April 4, 2017, which has been filed with SEDAR at www.sedar.com.