Flyte Aviation signs letter of intent to divest cardiology assets
Flyte Aviation has entered into a non-binding agreement to sell its VIVO and LockeT medical product lines. The divestiture marks the final step in the company's shift toward becoming a pure-play private aviation firm.
Flyte Aviation, Inc. (NYSE American: VJET) announced a non-binding letter of intent to sell the legacy assets of its Catheter Precision subsidiary, including the VIVO and LockeT cardiac electrophysiology product lines. The parties are aiming to finalize the transaction by the end of 2026.
The proposed sale completes a transition that began in October 2026 when the company changed its name from Catheter Precision, Inc. to Flyte Aviation, Inc. CEO David Jenkins stated that the divestiture will allow the company to focus exclusively on its aviation operations, which have recently seen significant growth.
Management intends to allocate proceeds from the sale toward fleet expansion, increased aircraft utilization, and further development of its digital booking platform. In the third quarter of 2026, Flyte Aviation reported unaudited revenue of approximately $2.1 million, representing a 110% increase compared to the previous quarter.
The agreement is subject to customary closing conditions, including due diligence, the negotiation of definitive contracts, and regulatory approvals. There is no assurance that the deal will reach a final stage or occur within the specified timeframe.