FTG Announces New Three Year Long Term Agreement With Leading Global Original Equipment Manufacturer
Toronto, May 14, 2014 - Firan Technology Group Corporation (TSX: FTG) announced today that it has been awarded a new three year Long Term Agreement (LTA) from one of the leading global Original Equipment Manufacturers supporting the Aerospace Market. The agreement incorporates a variety of high technology Printed Circuits boards for use on key fixed wing platforms including the Boeing 787, Airbus A350, A400M, and the Bombardier C-Series.
The new LTA is estimated at over $10 Million USD. This represents a significant revenue increase over the previous agreement. FTG was successful in maintaining historical programs while capturing new scope across key programs. The products to be supplied support both commercial Air Transport and Military aircraft.
FTG will manufacture the product at its FTG Circuits Division located in Toronto, Canada as well as in China.
“FTG appreciates the trust our customer 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.”
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
Firan Technology Group Corporation
Tel: (416) 299-4000 x314
Joseph R. Ricci, Vice President and CFO
Firan Technology Group Corporation
Tel:(416) 299-4000 x309
Additional information can be found at the Corporation’s website www.ftgcorp.com