The Corporation also intends to complete a concurrent non-brokered private placement of up to an additional 9,090,909 Units on the same terms as the Brokered Offering, for additional gross proceeds of up to approximately $2 million (together with the Brokered Offering, the “Offerings”).

Pursuant to the Agreement, the Corporation has also granted the Agent an over-allotment option entitling the Agent to increase the Brokered Offering by up to an additional $300,000, which may be exercised by the Agent at any time until 24 hours prior to the closing of the Brokered Offering.

In consideration for its services, the Agent (or any eligible finders who may also assist in connection with a private placement of the Units) shall receive a fee equal to 7% of the gross proceeds raised by the Agent (or any eligible finders) in connection with the Offerings as well as agent warrants (“Agent Warrants“) in an amount equal to 7% of the aggregate number of Units sold by the Agent (or any eligible finders) pursuant to the Offerings.  Each Agent Warrant shall be exercisable for a period of two (2) years from the date of issuance into one Common Share at a price equal to the issue price of the Offerings.

The proceeds will be used to fund business development objectives and for working capital purposes. 

All of the securities issued pursuant to the Offerings are subject to a four (4) month hold period. Completion of the Offerings is subject to the final approval of the TSX Venture Exchange.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from  AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

Contact Information 

FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.  The securities have not been and will not be registered under the U.S. Securities Act, or any state securities laws and may not be offered or sold within the United States or to “U.S. persons” (as such term is defined in Regulation S promulgated under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

These solutions are currently marketed under the FLYHT brand in conjunction with L-3’s industry-leading line of Flight Data Recorders (“FDRs”), commonly referred to as “black boxes” on aircraft.

“We are delighted that our effort in teaming with the world leader in data recording is bearing fruit,” remarked Bill Tempany, President and CEO of FLYHT. “We’re proud that the industry has recognized L-3 and FLYHT for our technologies and cutting-edge solutions for seamless information delivery – from air vehicle to end user. As a team, we will offer end users and original equipment manufacturers one-stop shopping for their data recording and information delivery requirements.”

“L-3 is extremely pleased to offer to its extensive worldwide airline and OEM customer base a solution for this emerging requirement with a strong partner like FLYHT,” said Mike Smith, President of L-3 Aviation Recorders. “In conjunction with an on-board L-3 flight recorder, FLYHT has already demonstrated FDR data and aircraft position streaming on in-service aircraft. Additional functionality such as ACARS and data loading for EFB and other systems using Iridium communications services makes this a very practical solution for all customers.”

About FLYHT Aerospace Solutions Ltd.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from  AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

About L-3 Aviation Recorders

A subsidiary of New York City based L-3 Communications; L-3 Aviation Recorders is the leading supplier of transportation industry solid-state voice and data recorders, specializing in accident-survivable recording devices for the aerospace and maritime industries.

L-3 AR is part of the L-3 Aviation Products (AP) Sector. L-3 AP manufactures a diverse line of safety-enhancing products and avionics equipment that sets the standard for next-generation requirements, including configurable voice and data recorders, collision avoidance systems, navigation products, display systems and processors. Our aviation products are found on tens of thousands of military and commercial aircraft worldwide. L-3 AP is made up of six divisions including ACSS, Aviation Recorders, Avionics Systems, Display Systems, Electrodynamics, Inc. and Electronic System Services. To learn more about L-3, please visit the company’s website at www.L-3com.com.

Contact Information

FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

L-3 Aviation Recorders
William Brankin
Director, Business Development
941-377-5521
William.Brankin@L-3com.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

The parties (FLYHT Aerospace Solutions Ltd. (formerly AeroMechanical Services Ltd.), Star Navigation Systems Group Ltd., Star Navigation Systems Inc., Peter Verbeek, and Viraf Kapadia) have agreed to a dismissal of their existing litigation in Ontario on a without costs basis, with no admissions of liability.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

Contact Information

FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

“We have received positive feedback about the name change from investors and stakeholders,” commented Bill Tempany, President and CEO of FLYHT. “We think FLY is a great trading symbol because it stands out and also represents the new name, our business and the market we’re in. This change marks another milestone in the Company’s evolution.”

FLYHT has received the necessary approvals from the Government of Canada and the Alberta Government.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from  AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

Contact Information

FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

The stock options are exercisable at an exercise price of $0.25 per share. They also feature immediate vesting and expire on December 31, 2015. A maximum of 10% of the issued and outstanding shares are reserved under the Company’s stock option plan.  The options, and any common shares issued upon exercise of the stock options are subject to a four-month resale restriction.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from  AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

Contact Information

FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

“The Company has been operating under the FLYHT brand name for the past five years, so the name is already established in the industry,” remarked President and CEO Bill Tempany. “We believe that the name change throughout the whole Company will have a positive outcome on our business because there will be consistency among all stakeholder groups in operations, marketing and investor relations.”

AeroMechanical Services Ltd. was formed in 1998 and began trading as “AMA” on the TSX Venture Exchange in 2003. Since that time, the Company’s business has grown and evolved. Originally, the Company sold parts, maintenance and certification services for aircraft. When the Company recognized aircraft operators needed to be better connected with their aircraft, it shifted its focus to providing real-time data and satellite communications.

In 2007, the FLYHT brand name was introduced to as a way to differentiate products and services in the marketplace and create a new image for the Company. The Company has undergone efforts to increase marketing under the name with a launch of a new website in the first quarter of 2011 and a new logo in the third quarter of 2011.

“The origin of the FLYHT name comes from the old English spelling of the word flight and was chosen as a fitting and unique title for a company in the aerospace industry,” added Mr. Tempany.  

After the name change, the Company’s organizational structure and operating standards will remain the same. Over the next couple days, the updated name will appear on the TSX Venture Exchange and other trading websites. All efforts have been made to ensure a smooth transition through the change for people searching both the old and new Company name.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, FLYHT’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The Company has been publicly traded on the TSX Venture Exchange since 2003 and recently changed its trading symbol from AMA to FLY. Shareholders approved a Company name change from  AeroMechanical Services Ltd. to FLYHT Aerospace Solutions Ltd. in May 2012.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

Contact Information 

FLYHT Aerospace Solutions Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

AMA’s 2012 First Quarter Report contains the President and CEO’s Message, Management Discussion and Analysis and Financial Statements.  The Report has been posted to the Company’s website and can be accessed at http://www.flyht.com/investors/financial-reports-results-centre/. The MD&A and Financial Statements have also been sent to SEDAR and will be accessible at www.sedar.com. 

Due to time commitments for the Annual General Meeting there will be no conference call associated with the Q1 results, though management is always available to accept questions by telephone and e-mail.  Questions can be forwarded to investors@flyht.com or you can reach the office at 1-866-250-9956.

About AeroMechanical Services

AeroMechanical Services Ltd., under the brand name FLYHT^TM, provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, AMA’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real time. The company has been publicly traded on the TSX Venture Exchange since 2003 under the trading symbol AMA.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of AeroMechanical Services Ltd.

Contact Information

 AeroMechanical Services Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Follow this link to read the full blog post.

The SMS Dashboard is an enhancement to the flight following system the Company installed in 2011, as announced April 7, 2011. The SMS Dashboard will expand the current tracking and real-time alerts for the NCAA to monitor all Nigerian registered aircraft equipped with satellite based tracking solutions and data collection hardware. The information will also feed into AMA’s UpTime system, where it can be reviewed as needed.

“AeroMechanical Services has been a valuable partner,” stated Dr. Harold Demuren, Director General of the NCAA. “The Company continues to support our initiatives to improve aviation safety inNigeria. The unique SMS Dashboard will significantly aid in our goal for increased real-time aircraft monitoring and build on the systems previously established.”

The SMS Dashboard works to further leverage the data collected from aircraft. Not only does the SMS Dashboard report aircraft exceedance and operation alerts to the airlines, it allows the NCAA, as the regulatory body in the country, to use the data to identify and manage risks. With the data at its fingertips, the NCAA can improve aviation safety by monitoring the compliance of all airlines in the country.

“We are happy to expand our services for the NCAA,” stated Derek Taylor, Sales Director at AMA. “The extension of the flight following centre into an SMS Dashboard allows multiple users to benefit from the data coming off aircraft.”

AMA will provide equipment, services and training to the NCAA over a five-year contract. The SMS Dashboard installation will commence immediately. When AMA completes installation, the gross revenue to AMA will be approximately $406,525 USD.

This disclosure as it relates to this agreement is subject to the following disclaimer:

Fulfillment of the contract terms may be affected if there are any changes to government statutes, regulations or rules of the applicable governing bodies. The contract terms and values disclosed herein are based on the original information available to AMA upon execution of the contract and are subject to change. For the actual revenue earned, please see AMA’s financial statements including its revenue recognition policy disclosed within the notes to the Consolidated Annual Financial Statements.

About AeroMechanical Services

AeroMechanical Services Ltd., under the brand name FLYHT^TM, provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The Company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real-time. If an aircraft encounters an emergency, AMA’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real-time. The company has been publicly traded on the TSX Venture Exchange since 2003 under the trading symbol AMA. 

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of AeroMechanical Services Ltd.

Contact Information 

AeroMechanical Services Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Bill Tempany, President and Chief Executive Officer, and Tom French, VP Finance and Chief Financial Officer will answer questions about the results on the call.  A video presentation on the results is now available at http://flyht.com/investors/videos/2011-q4yearend-video/. The video will serve as the presentation and the conference call will be a question and answer period only.

AMA’s 2011 Annual Report To Shareholders contains the CEO’s Message, Management Discussion and Analysis and Financial Statements.  The Report has been posted to the Company’s website and can be accessed at http://www.flyht.com/investors/financial-reports-results-centre/. The MD&A and Financial Statements have also been sent to SEDAR and will be accessible at www.sedar.com. 

To access the conference call by phone within Canada and the U.S. the toll-free number is 1-800-319-4610.  Outside Canadaand the U.S., dial 1-604-638-5340.  (Callers should dial in five to 10 minutes prior to the scheduled start time).

Management will accept questions by telephone and e-mail.  Questions can be forwarded in advance or during the conference call to investors@flyht.com and may be posed live by dialing one of the above numbers and pressing *1 on a touch-tone phone. 

About AeroMechanical Services

AeroMechanical Services Ltd., under the brand name FLYHT^TM, provides proprietary technological products and services designed to reduce costs and improve efficiencies in the airline industry. The company has patented and commercialized three products and associated services currently marketed to airlines, manufacturers and maintenance organizations around the world. Its premier technology, AFIRS™ UpTime™, allows airlines to monitor and manage aircraft operations anywhere, anytime, in real time. If an aircraft encounters an emergency, AMA’s triggered data streaming mode, FLYHTStream™, automatically streams vital data, normally secured in the black box, to designated sites on the ground in real time. The company has been publicly traded on the TSX Venture Exchange since 2003 under the trading symbol AMA.

AFIRS, UpTime, FLYHT, FLYHTStream and aeroQ are trademarks of AeroMechanical Services Ltd.

Contact Information

AeroMechanical Services Ltd.
Thomas R. French, CGA
VP Finance and CFO
403-291-7427
tfrench@flyht.com

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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.