AeroMechanical Services signs AFIRS 228 Contract
21 Jun 2011
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Calgary, Alberta — June 21, 2011 — AeroMechanical Services Ltd. (TSX-V: AMA) (the “Company” or “AMA”) has signed a contract for its next generation product, the Automated Flight Information Reporting System (“AFIRSTM”) 228.
The contract is for installation and integration on two Bombardier CRJ-900 Series aircraft, with an option for two more in the future, owned by a North American company that operates in remote regions of the continent. The customer will use AFIRS 228 functionality for flight following and satellite communications to enable operations personnel to pinpoint aircraft location and communicate with pilots anywhere the aircraft flies.
The customer also intends to utilize AMA’s real-time engine exceedance reporting and trending that immediately notifies maintenance crews of performance irregularities. The reports from the AFIRS system offer many benefits for maintenance and operations.
“We are very pleased to sign up the first Bombardier aircraft to use the 228 technology,” said Bill Tempany, Chairman and CEO of AMA.
“The customer is integrating the AFIRS 228 with other systems, including its safety management system, required by regulatory agencies. Clients rely on their aircraft and their aim is to use the AFIRS system to make operations more efficient, reduce costs, avoid diversions and minimize downtime.”
The five-year agreement for AFIRS equipment and recurring service is valued at approximately US$334,000, excluding optional services. The certification process is currently underway for the CRJ series and installations are scheduled to begin in the third quarter of 2011.
This disclosure as it relates to this agreement is subject to the following disclaimer:
When a contract is initially signed, the intended number of aircraft, pricing and potential installation schedules is agreed to by the parties. The actual installation schedules as well as the number and types of aircraft are often revised throughout the term of the agreement as the airline realigns its fleet of aircraft with its business requirements. Delays in installations can and do occur which can affect the total value of the contracts such that the revenues noted above may not be fully achieved. Fulfilment of the contract terms may also 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 Audited Annual Financial Statements.
About AeroMechanical Services
AeroMechanical Services Ltd., under the brand name FLYHTTM, 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 emergency 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.
AeroMechanical Services Ltd.
Thomas R. French, CGA
VP Finance and CFO
Barnes Communications Inc.
416-367-5000 ext. 225
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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.