From FLYHT Aerospace Solutions Ltd.
CALGARY, Alberta, June 30, 2020 (GLOBE NEWSWIRE) — FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) has received a statement of claim from Thomas R. Schmutz (former Chief Executive Officer of FLYHT) in the amount of $525,000 CAD in relation to the termination of his employment with the Company (previously announced June 8, 2020). More details will be announced by the Company in due course including further actions from FLYHT in relation to these matters.
The matters raised in the lawsuit are considered by the Company to be unfounded and unproven allegations that will be vigorously defended. Although no assurances can be given with respect to the outcome of such proceedings, the Company believes it has valid defenses to this claim and accordingly has not recorded any related liability at this time.