FLYHT Receives Government Loan and Subsidy Funds
CALGARY, Alberta, May 12, 2020 (GLOBE NEWSWIRE) --
FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF)
(the “Company” or “FLYHT”) today reported that it has received
funds under two programs, each designed to support Canadian and American
small businesses in keeping their workforces employed during the COVID-19
crisis.
Canadian Emergency Wage Subsidy (“CEWS”) program funds totaling $167,589 were received for Period 1, covering March 15 to April 11, 2020. This program automatically qualifies participating companies for one subsequent period, so FLYHT expects to receive a similar subsidy for Period 2, covering April 12 to May 9, 2020. FLYHT will also apply for future funding under this program, if eligibility criteria for subsequent periods are met. This subsidy does not have to be repaid.
FLYHT Inc., the Company’s wholly owned United States subsidiary, has received a loan from the United States’ Small Business Administration (“SBA”) under the Payroll Protection Program (“PPP”) of the CARES Act. This one-time loan under the PPP is valued at US$585,235. The loan has been issued with an annual interest rate of 1% over a two-year term and with an interest rate of 1%. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
About FLYHT Aerospace
Solutions Ltd.
FLYHT improves aviation safety, efficiency
and profitability by providing airlines, leasing companies, owners,
operators and original equipment manufacturers with real-time insights into
how their aircraft are performing. The Company’s products include
AFIRS™ (Automated Flight Information Reporting System), a satellite
communications (Satcom) aircraft interface device (AID) which enables
real-time streaming of flight information, aircraft tracking and health
monitoring, fuel management, and black box data streaming, as well as
TAMDAR™ (Tropospheric Airborne Meteorological Data Reporting), 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, visit www.flyht.com
Contact Information: | |
FLYHT Aerospace
Solutions Ltd. Alana Forbes Chief Financial Officer 403-291-7437 aforbes@flyht.com | Investor Relations: Adelaide Capital Markets Inc. Deborah Honig 647-203-8793 deborah@adcap.ca |
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