FLYHT Aerospace Solutions Ltd. is pleased to announce the closing of its previously announced court-approved plan of arrangement under the Canada Business Corporations Act wherein FLYHT has been acquired by Firan Technology Group Corporation, a global corporation providing solutions for aerospace and defense electronic products and sub-systems.

"We are thrilled to complete this transaction with FTG, which marks an exciting new chapter for FLYHT.” said Mary McMillan, Interim CEO and Executive Chairman of FLYHT. “By joining forces with one of the world’s leading suppliers of aerospace and defense electronic products, we are well-positioned to accelerate our growth initiatives and better serve our customers. This union will benefit airlines and national weather agencies worldwide by ensuring that they have the right solutions to meet the communications and environmental challenges they are facing today."

Brad Bourne, President and CEO, FTG Corporation stated “We are thrilled to have successfully completed the acquisition of FLYHT and we are confident that FLYHT will be an important part of FTG’s future. As we had previously discussed, FLYHT increases our presence in the commercial aerospace aftermarket, and FLYHT’s SATCOM product increases our presence on Airbus aircraft, via a licensing arrangement and both of these are strategic priorities for FTG. Going forward we see a path to ramping up sales of FLYHT’s product lines and insourcing manufacturing of their product to other FTG sites. We have lots to do, but with the teams at FLYHT and FTG I know we can achieve our goals and create value for our shareholders.”

Under the Arrangement, FLYHT shareholders were able to elect to receive, for each common share of FLYHT held (i) CAD$0.1103 in cash and 0.0333 FTG Shares, (ii) CAD$0.3379 in cash or (iii) 0.0495 FTG Shares, in each case subject to pro-ration. The Consideration is subject to maximum aggregate cash consideration of CAD$4.3 million and 1,300,000 FTG Shares. Shareholders who did not make an election were deemed to have elected to receive a combination of cash and FTG Shares for their Common Shares.

As a result of the elections made by FLYHT shareholders, all holders of Common Shares who made an election will receive the following pro-ration:

FLYHT shareholders who elected to receive the All-Cash Consideration will receive approximately CAD$0.3379 in cash and nil FTG Shares per Common Share;

FLYHT shareholders who elected to receive the All-Share Consideration will receive approximately CAD$0.0588 in cash and 0.0409 FTG Shares per Common Share.

The Common Shares are expected to be delisted from the TSX Venture Exchange on or about the close of trading on December 30, 2024 and FLYHT intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.

FLYHT shareholders are encouraged to review: (i) FLYHT’s press releases dated October 21, 2024, November 25, 2024, December 16, 2024, and December 18, 2024; and (ii) FLYHT’s information circular and the related meeting materials, all of which are all available on SEDAR+ under FLYHT’s profile at www.sedarplus.ca. FLYHT shareholders who have questions regarding the Arrangement or require assistance should consult their financial, legal, tax or other professional advisor.