FTG Receives Ontario Government Support For Investment In Advanced Manufacturing
Toronto, Ontario, June 29, 2010 - Firan Technology Group Corporation (TSX : FTG) announces today that it has entered into an agreement with the Province of Ontario for financial support for investments in advanced technology products and processes in its FTG Circuits – Toronto business.
Under the agreement, FTG will receive up to $5.1M in loans from the Province. FTG is committing to invest a total of $17M in R&D and capital over a 5 year period and to retain and create jobs in Ontario. The funds are specifically for use in the FTG Circuits – Toronto business.
FTG intends to invest the funds in the following aspects of the business:
• Product development – FTG will invest to increase its offering in
advanced material, buried passive, high density interconnect, high
speed, high reliability and thermal management printed circuit board
• Process development – FTG will improve manufacturing processes in
all aspects of printed circuit board production including inner
layers, outer layers, scaling, plating and soldermask
• Waste reduction – FTG is committed to reducing water consumption and
power consumption across its business and will invest in
technologies and systems to achieve this
• Systems development – FTG will invest in the necessary systems to
support advanced manufacturing in high mix, low volume applications.
“FTG’s focus on the aerospace market demands innovative, high technology solutions and the support of the Ontario Government will allow us to continue to invest for the benefit of our customers, our employees, our shareholders and the Ontario economy”, stated Mr. Brad Bourne, President and CEO, FTG Corporation. He added, “We greatly appreciate the support of the Ontario Government, particularly in these challenging times where we face a strong Canadian dollar, and a changing economy”.
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
Additional information can be found at the Corporation’s website www.ftgcorp.com