FTG Announces it has established a Joint Venture with Tianjin Printronics Circuit Corp (TPC)
Toronto, July 8, 2013 - FTG has established a joint venture with TPC to supply printed circuit boards to Aerospace and other high technology customers. The joint venture is the result of a multi-year process of building a strong relationship between the two companies and confirming good alignment of the objectives and capabilities of both companies.
The joint venture will build on the strong customer base FTG has in the Aerospace market as well as FTG’s knowledge and expertise of Aerospace technical and quality requirements and this will be combined with TPC’s established manufacturing facilities in Tianjin, China. TPC has revenues of more than $70M with two facilities in Tianjin, China and a third facility under construction. To prepare for the Joint Venture, TPC has already attained the important AS9100C certification for their Plant #2 in the Tianjin Airport Economic Area.
Under the terms of the Joint Venture, FTG owns 60% and TPC owns 40%, with the same 60/40 representation on the Board of Directors. The company is incorporated under the name FTG Printronics Circuit Ltd. in Tianjin, China.
“We believe this joint venture will offer FTG’s customers great value by combining FTG’s technical strengths with TPC’s low cost, efficient manufacturing facilities”, stated Brad Bourne, President and CEO of FTG. “FTG has been committed to building a global solution for its printed circuit board customers and this joint venture is a major milestone in achieving this objective”, he added.
About Tianjin Printronics Circuit Corp.
Tianjin Printronics Circuit Corp. produces and develops printed circuit boards. The Corporation offers its products to customers in Europe, America, and Australia. The Corporation’s shares are traded on the Shenzen Stock Exchange under the code 002134.
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 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
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