FLYHT Shareholders Overwhelmingly Approve Acquisition by Firan Technology Group

FLYHT Aerospace Solutions Ltd. ("FLYHT") (TSXV:FLY) (OTCQX:FLYLF) shareholders have overwhelmingly approved the acquisition of the company by Firan Technology Group Corporation (TSX:FTG) (OTCQX:FTGFF) ("FTG") in a special meeting held on December 16, 2024. The acquisition, valued at approximately CAD$13.2 million, was approved by 97.867% of the votes cast, with 16,513,039 votes in favor and only 359,982 votes against the arrangement.

The acquisition, which was first announced on October 21, 2024, is expected to close on or about December 20, 2024, subject to receipt of a final order from the Court of King's Bench of Alberta and satisfaction or waiver of other closing conditions. The transaction is a cash and share transaction, with FLYHT shareholders entitled to elect to receive either cash or FTG shares, subject to pro-ration, at a 41% premium.

FLYHT's board of directors recommended the acquisition, stating that it is in the best interests of the company and its shareholders. The acquisition will allow FLYHT shareholders to participate in significant potential future upside with a profitable scaled entity and position FLYHT to accelerate the commercialization of its AFIRS Edge product line.

The strategic alignment between FLYHT and FTG played a significant role in securing shareholder support for the acquisition. FLYHT's AFIRS Edge product line, which includes the industry's first 5G compatible wireless QAR (WQAR) and aircraft interface device (AID), complements FTG's existing portfolio and enables FTG to accelerate its growth initiatives and better serve its customers. Additionally, FLYHT's Satcom product, which is a factory option on all Airbus aircraft, aligns with FTG's corporate development objectives, increasing its exposure in the commercial aerospace market.

The acquisition by FTG provides FLYHT with access to new markets and resources for growth. FTG's extensive global presence and expertise in aerospace and defense electronics will enable FLYHT to leverage FTG's established customer base and distribution channels, expanding its reach into new markets and sectors. Furthermore, FTG's financial strength and operational excellence can support FLYHT's growth initiatives, enabling it to better serve its customers and accelerate product innovation.



The combination of FLYHT's innovative AFIRS Edge product line and FTG's operational excellence and financial strength will accelerate FLYHT's growth initiatives. The acquisition, valued at approximately CAD$13.2 million, offers significant potential for FLYHT's growth and positions the company to better serve its customers and achieve its strategic objectives.

In conclusion, FLYHT shareholders have overwhelmingly approved the acquisition by FTG, which will provide the company with access to new markets and resources for growth. The strategic alignment between the two companies, along with FTG's financial strength and operational excellence, will enable FLYHT to accelerate its growth initiatives and better serve its customers. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.