FTG Reaches Agreement With Represented Employees For A New 3 Year Contract
Toronto, July 27, 2011 – Firan Technology Group Corporation (TSX:FTG) is pleased to announce a new contract with its represented employees at its Circuits – Toronto facility has been negotiated and ratified.
The contract is for three years, and expires in July 2014. The contract recognizes the recent strong performance at that site after the contributions and sacrifices made by all employees over the last few years as the economy deteriorated and FTG’s business slowed.
“I believe the contract is well balanced with good wage increases for the employees that are the direct result of a commitment from everyone to improve productivity through innovative new provisions such as a weekend shift that enables the company to continue forward with its focus on operational excellence”, stated Brad Bourne, President and CEO, FTG Corporation.
The company also reported that the employees of FTG Aerospace – Toronto have voted to be represented by the C.A.W. Canada (National Automobile, Aerospace, Transportation and General Workers Union of Canada).
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 and Chatsworth, California.
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 and is opening a facility in Tianjin, China in 2011.
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