FLYHT Applies for Debenture and Warrant Amendments

CALGARY, ALBERTA -- (Marketwired) -- 12/08/15 -- FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY)(OTCQX: FLYLF) (the "Company" or "FLYHT") wishes to announce that it has made application to the TSX Venture Exchange (the "Exchange") to:

  (i)   extend the expiry date on the conversion feature of the Company's
        debentures (the "Debentures") that were originally issued on
        December 23, 2010 by one year (consistent with the maturity date of
        such Debentures) and amend the conversion price on the Debentures to
        $0.25 per. The outstanding Debentures that are the subject of the
        extension application consist of an aggregate of $3,094,000
        Debentures. The Debentures are set to mature on December 23, 2016
        and the application being submitted to the Exchange is to: (i)
        extend the ability to convert the Debentures into common shares of
        the Corporation ("Common Shares") until December 23, 2016 (currently
        such conversion feature expires on December 23, 2015); and (ii)
        amend the conversion price at which such Debentures are convertible
        into Common Shares to $0.25 per Common Share (currently the
        conversion price is $0.40 per Common Share). The Debentures continue
        to bear interest at a rate of 8% per annum; and

  (ii)  amend the exercise price of the share purchase warrants (the
        "Debenture Warrants") that were originally issued on December 23,
        2010 in connection with the Company's private placement of
        Debentures to $0.20 per Debenture Warrant. The Debenture Warrants
        that are the subject of the amendment application consist of an
        aggregate of 3,948,750 Debenture Warrants. The foregoing Debenture
        Warrants are set to expire on December 23, 2015 and the application
        being submitted to the Exchange is to amend the exercise price to
        $0.20 per Debenture Warrant (currently the exercise price is $0.75
        per Debenture Warrant).

For further information on the original issuance of the Debentures and the Debenture Warrants - please see the Company's press releases dated December 23, 2010 and December 22, 2014.

Completion of the Debenture and Debenture Warrant amendments is subject to: (i) the approval of the debenture holders in accordance with the trust indenture (in the case of the Debenture amendments); and (ii) 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 Dragon is FLYHT's latest product, a revolutionary light weight portable satellite communications device that blends existing FLYHT technology with that of the iPad.

AFIRS, UpTime, the Dragon, FLYHTStream and AeroQ are trademarks of FLYHT Aerospace Solutions Ltd.

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.

Contacts:
FLYHT Aerospace Solutions Ltd.
Nola Heale, CPA (CA)
Chief Financial Officer
403-291-7425
[email protected]

Investor Relations
The Howard Group Inc.
Dave Burwell
Vice President
(888) or (403) 221-0915
[email protected]

Bristol Institutional Relations
Glen Akselrod
President
(905) 326-1888
[email protected]

Kin Communications Inc.
Caleb Jeffries
(866) or (604) 684-6730
[email protected]

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Source: FLYHT Aerospace Solutions Ltd.

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