Flyte Aviation Executes Letter of Intent to Sell Cardiology Assets

• Proposed Sale to include VIVO and LockeT Cardiac Electrophysiology product lines
• Divestiture would Complete the Company's Planned Transition to Pure-Play Tech-Enabled Private Aviation
• The Proposed Sale would result in a Significant Reduction of Operating Expenses
• Use of Sale Proceeds Would Include Funding Jet Fleet Expansion, Growth Initiatives, Higher Aircraft Utilization Targets

FORT MILL, S.C., Nov. 4, 2026 /PRNewswire/ -- Flyte Aviation, Inc. (NYSE American: VJET) ("Flyte" or the "Company"), a technology-enabled private aviation company, today announced that it has executed a non-binding Letter of Intent (LOI) to sell its legacy subsidiary Catheter Precision's VIVO, LockeT and associated life sciences assets. The parties to the LOI target closing by year-end 2026.

The LOI contemplates cash consideration payable at closing, subject to customary adjustments, escrow and indemnification provisions. The LOI also contemplates potential contingent consideration payable to the Company if specified future monetization events or value thresholds are achieved within six years following closing. There can be no assurance that any contingent consideration will be earned or paid.

The proposed sale is expected to significantly reduce Flyte Aviation's operating expenses, strengthen its balance sheet, and fund its various growth and expansion initiatives.

Completion of Flyte's Transition to a Pure-Play Aviation Company

The sale would complete the Company's planned transition to a technology-enabled private aviation business following its October 5, 2026, name change from Catheter Precision, Inc. to Flyte Aviation, Inc. and change of its NYSE American stock symbol to VJET.

"Our aviation business is delivering strong revenue growth, and we see sufficient demand to support further expansion," said David Jenkins, Chief Executive Officer of Flyte Aviation. "The proposed transaction would enable us, for the first time, to focus exclusively on growing our aviation business."

Flyte last month reported record preliminary, unaudited third quarter 2026 revenue of approximately $2.1 million, representing 110% quarter-over-quarter growth, as its aviation business continues to gain momentum and build in scale. Management believes this growth, combined with increasing customer adoption of its direct-to-consumer booking platform and an expanding network of strategic partnerships, provides a strong foundation for continued growth in 2027.

Following completion of the proposed divestiture, the Company will focus on:

• Fleet Expansion: Increasing aircraft availability in markets with demonstrated customer demand.
• Revenue Growth: Driving additional bookings, repeat business, and revenue-producing flight hours.
• Aircraft Utilization: Improving fleet and operating efficiency.
• Strategic Partnerships: Increasing brand recognition and growing our customer base.
• Technology Development: Advancing digital booking, customer acquisition capabilities, and personalized service.

The LOI is non-binding, and completion of the transaction remains subject to, among other things, satisfactory due diligence, negotiation and execution of a definitive agreement, board and any required stockholder or other approvals, receipt of third-party consents, and satisfaction of other closing conditions. There can be no assurance that the LOI will lead to a definitive agreement or that the transaction will be completed on the anticipated timeline or at all.

About Flyte Aviation

Flyte Aviation, Inc. (NYSE American: VJET) is a technology-enabled private aviation company focused on modernizing how consumers access private air travel. Through its Flyte brand, the Company operates a growing fleet of Cirrus Vision Jets and is building a scalable aviation platform designed to connect customers, aircraft, operators, and aviation services.

Flyte's simple value proposition: privacy, comfort, reliability, and convenience – at a highly competitive price.

Through its direct-to-consumer booking platform, standardized pricing on select routes, strategic partnerships, and FAA-certified Part 135 operating subsidiary, Ponderosa Air, LLC, Flyte is focused on delivering what it believes is a faster, safer and more convenient private aviation experience while expanding its technology, customer network, and geographic footprint.

For more information, visit www.flyflyte.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements regarding the proposed sale of the Company's legacy medical device assets, negotiation and execution of a definitive agreement, completion of the proposed transaction, the anticipated timing of closing, the expected cash consideration and any potential contingent consideration, estimated reductions in operating expenses and the related loss of gross profit, anticipated financial flexibility, use of capital, transition to a pure-play aviation company, fleet expansion, customer demand, technology development, aircraft utilization and future revenue growth, are forward-looking statements.

Words such as "believe," "expect," "anticipate," "intend," "plan," "seek," "may," "will," "potential," "could," "should," "continue" and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

Such risks and uncertainties include, among others, the risk that the non-binding LOI terminates or expires before a definitive agreement is executed; the outcome of due diligence; the ability to negotiate and execute a definitive agreement and complete the proposed transaction; required board, stockholder and third-party approvals and consents and other closing conditions; transaction and transition costs; purchase price adjustments and escrow and indemnification obligations; retained liabilities; the risk that no contingent consideration is ever earned or paid; the Company's ability to realize the estimated expense reductions and the impact of the loss of revenue and gross profit from the life sciences business; adjustments to the Company's preliminary third quarter 2026 results; capital and aircraft availability; customer demand; and other risks described in the Company's filings with the Securities and Exchange Commission.

Readers are encouraged to review the Company's filings with the Securities and Exchange Commission, including its Forms 10-K and 10-Q, for additional risks and uncertainties that could affect the Company's business and future results.

The Company undertakes no obligation to update any forward-looking statements except as required by applicable law.

SOURCE Flyte Aviation, Inc.