AVTECH communicates a business update
The Board in AVTECH Sweden AB (publ) communicates the following businessuppdate:
THE BOARD OF AVTECH SWEDEN AB (PUBL) HAS AFTER ONE YEAR OF COOPERATION WITH TWO CUSTOMERS DECIDED TO INCREASE THE PACE OF THE DEVELOPMENT WORK OF THE AVENTUS FAMILY.
Avtech`s ambition to become an IT company where development and implimitation of effeciency and saftey features for Airlines, Airports and Air traffic Management continues. The cooperation of development of Met Office and Avtech have resulted in a unique weather forecast that can be delivered directly to the aircraft´s Flight Management System during flight. The accuracy of the forecast is based on a 10KM weathergrid compared to the standard 140KM resulotion. The significantly improved granularity enables Aventus to deliver forecasts with minimal deviations from factual weather. The accuracy of estimated arrival time will improve from minutes to seconds. The improved geographical accuracy of turbulence and jet streams will provide great benefits regarding fuel efficiency and comfort onboard by the opportunity to avoid turbulence and take advantage of the wind situation.
The market for our products is increasing with the availability of more well-equiped aircraft. On top of fuel saving, the turbulence warning system SIGMA and Aventus OPTIMA products enhance the effect of the base product Aventus. Two of our major customers have during the autumn started the testing of these new products.
So far, the tests have delivered better than expected result.
The recently launched proFLIGHT-app, a visual presentation of the Aventus product family`s ability to give each pilot an improved decision support tool during flight is currently under practical testing of around 100 pilots from more than 10 different airlines.
Over the past year, several of our customers have confirmed that our products deliver over and above what has been promised.
Two of our existing customers have expressed their interest in actively participating in further development of the Aventus product family.
They are asking for, among other things, a Windows-based PROFLIGHT app. There is also an interest adapting the proFLIGHT products to other airline decision-makers than pilots.
Some airlines have requested a system for otimizing the entire flight path, from take-off to landing. In cooperation with one of our customers we recently initiated the development of a function to select the most economical cruising flight level based on forecasted winds like jet streams. In this context we are also in the process of developing improved possibilities to optimise the full flight in what is called Aventus OPTIMA.
The result from the development o Aventus SIGMA and the pilot app ProFLIGHT means that a large parts of the necessary development work has alreade been achieved. Needed adaption to customers is part of the deployment process and is an intregated part of the joint efforts with our customers.
The board has during 2018, followed the development work in detail and consider that Avtech now has a significantly improved and competitive product family, ready for environmentally friendly, safe and convenient flying.
For more information, please contact
Bo Redeborn, Styrelseordförande +46 (0) 8 544 104 80
Christer Fehrling, CEO +46 (0) 8 544 104 80
This information is information that Avtech Sweden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 16:45 CEST on October 15, 2018.
About AVTECH Sweden AB (publ)
AVTECH develops products and services for digital Air Traffic Management (ATM). Its customers include the global aviation industry; e.g. airlines, airports, aviation authorities, technology companies and airline manufacturers. By using AVTECH’s products and services, each individual flight as well as the entire airline operation can be optimized in terms of cost, noise and emission, efficiency, punctuality and safety. The head office is in Stockholm. AVTECH Sweden AB is listed on NASDAQ OMX First North and has appointed Redeye AB, tel: +46 8 545 013 30, as Certified Adviser.