FTG Announces Renewal Of 3 Year HMI Award Enterprise Sourcing Agreement With Rockwell Collins
• Contract estimated at over CDN $7 million.
Toronto, October 21, 2009 - Firan Technology Group Corporation (TSX:FTG) (“FTG” or the “Company”) today announced the renewal of a 3 year Human Machine Interface (HMI) Enterprise Sourcing Agreement with Rockwell Collins. The agreement incorporates a variety of avionic products for major airframe platforms for both Commercial and Government Systems platforms.
The three year HMI contract is estimated at over CDN $7 million, representing a 10% increase over the previous contract. FTG retained existing programs and was awarded additional new programs. The products to be supplied consist of Avionic Cockpit Controls, Illuminated Panels, Bezels, and Keyboards.
FTG will manufacture the product at its FTG Aerospace Division located in Toronto, Canada. Firan Technology Group has been as strategic Printed Circuit Board supplier to Rockwell Collins for over 30 years. Our relationship expanded in 2002 when the Company’s Aerospace Division became a qualified supplier. Since 2002, FTG Aerospace has maintained a Preferred Supplier Status and became a key supplier for the HMI product line.
“FTG appreciates the trust Rockwell Collins has in our ability to deliver quality product, and adapt to the ever changing technologies and economic conditions”, stated Ian Maknyik, Director of Business Development. “We look forward to sharing future success with Rockwell Collins”.
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 x 314
Firan Technology Group Corporation
Joseph R. Ricci,
Vice President and CFO
Tel: (416) 299-4000 x 309
Firan Technology Group Corporation
Tel: (416) 962-3300 x 225
Spinnaker Capital Markets Inc.
Additional information can be found at the Corporation’s website www.ftgcorp.com