Firan Technology Group (FTG) Circuits Division Closes a Three-Year $10 Million Contract
Toronto, February 2, 2009 - Firan Technology Group Corporation announced today that its Circuits Division in Toronto, Canada has renewed a Long Term Contract with one if its key aerospace customers, for the supply of complex, high reliability printed circuit boards. The agreement incorporates almost 400 part numbers and is estimated to be worth more than $10 million over 3 years.
“This new contract emphasizes a growing trend in our industry trend where more long term contract commitments are being awarded to suppliers who have the ability to deliver quality product, on time”, stated Brad Bourne, President and CEO, FTG Corporation. “Our large clients continue to reduce their supply base and grow their relationships with those suppliers that perform. FTG is benefiting from this strategy”.
FTG has had a relationship with this customer for over 15 years supplying a wide variety of printed circuit boards as well as supporting a number of divisions and assembly contractors across a wide range of products and technologies.
“Over the past few years, FTG has invested significant capital in our production technology and our people in order to build one of North America’s leading suppliers of printed circuit boards to the Aerospace market and we are excited about this contract extension. We look forward to building on this strong relationship towards further mutual success for both companies”, added Brad Bourne.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to the North American marketplace. 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 and Chatsworth, California.
FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of avionics products as well as airframe manufacturers located in Toronto, Ontario.
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
Tel: (416) 299-4000 x314
Firan Technology Group Corporation
Joseph R. Ricci,
Vice President and CFO
Tel:(416) 299-4000 x309
Firan Technology Group Corporation email@example.com
Additional information can be found at the Corporation’s website www.ftgcorp.com