FLYHT Receives Government Loan and Subsidy Funds
May 12 2020 - 7:04AM
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 ForbesChief
Financial Officer 403-291-7437aforbes@flyht.com |
Investor Relations:Adelaide Capital
Markets Inc.Deborah Honig647-203-8793deborah@adcap.ca |
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