Firan Technology Group Corporation (“FTG”) Announces Over $15M in New Program Wins
TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX:FTG), a leading provider of electronic products and avionic sub-systems for the aerospace and defense markets, announced today new contracts valued at over $15M CAD awarded this quarter by a Tier 1 Avionics OEM in the US. FTG has been contracted for the design, development and long-term production of three separate Cursor Control Devices (CCDs) for air transport, business jet and rotary wing aircraft. CCDs are an integral Human-Machine-Interface (HMI) in modern avionics and are utilized by pilots for precision cursor navigation and inputs on the aircrafts primary flight displays.
Under the terms of the contract awards, FTG will design, develop, certify, produce and support the products from its FTG Aerospace Toronto facility. The development cycle is expected to run through 2019 with production ramp up commencing in Q4 of that year.
Peter Dimopoulos, Vice President Business Development, FTG Corporation, commented, “These contracts are complete life-cycle programs from design through to post production support. The awards are reflective of our expertise and market leadership in advanced Cursor Control Products. We appreciate the trust and confidence earned from our customer and look forward to the success of these programs.”
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aviation, defense, and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California and a joint venture in Tianjin, China.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, Fort Worth, Texas and Tianjin, China.
The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol FTG.
This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’s industry, generally. The preceding list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance and actual events and results could differ materially from those expressed or implied by forward-looking statements made by the Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.
For further information, please contact:
Bradley C. Bourne, President and CEO
Firan Technology Group Corporation
Tel: (416) 299-4000, ext. 314
Melinda Diebel, Vice President and CFO
Firan Technology Group Corporation
Additional information can be found at the Corporation’s website www.ftgcorp.com