FTG Signed LOI with Luoyang Institute of Electro-Optical Equipment (LIEOE) - C919 Heads Up Display
Toronto, March 19, 2014 – For the second time, Firan Technology Group Corporation (TSX: FTG), a leader in aerospace cockpit control devices, has been selected by an AVIC subsidiary to supply cockpit control panel assemblies (CPA). FTG announced today, that it has signed a Letter of Intent (LOI) with LIEOE, based in Luoyang, China, for the supply of Heads Up Display (HUD) CPA’s for the C919 aircraft program.
Under the terms of the LOI, FTG will design, develop, manufacture and supply the HUD CPA. The design, development and initial manufacturing will be completed at FTG Aerospace - Toronto. Volume manufacturing will be performed at FTG’s facility in Tianjin, China. The LOI anticipates a minimum Purchase Order quantity of 1,440 production ship sets and related spares. FTG expects to complete the design and delivery of ground test and qualification equipment in 2014.
Initial funding has been received from LIEOE and the program is now officially underway. Further discussions and negotiations are in progress with a view to concluding a Master Agreement between LIEOE and FTG. This Master Agreement will include In Service Support (ISS) for the delivered products.
“With more than a dozen cockpit control panel assemblies now on the C919, this marks the continuation of our strategic step for FTG in the rapidly emerging commercial airplane market in China,” said Brad Bourne, President and CEO, FTG Corporation. “We look forward to supporting and providing LIEOE with the most trusted and proven HUD CPA solution for the COMAC C919.”
“FTG’s value proposition is clear with proven performance on a variety of air transport platforms. This represents a tremendous and challenging opportunity for FTG to increase our offering on a dynamic program in an emerging market,” said Peter Dimopoulos, Vice President, Business Development, FTG Corporation.
LIEOE is a high technology Chinese subsidiary of AVIC Avionics Corporation and has a great technical foundation and rich development experience in Heads Up Display Systems, core task systems and optical-electro detect systems. LIEOE is the supplier of choice for HUD systems to the Chinese aviation industry.
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 x 314
Joseph R. Ricci, Vice President and CFO
Firan Technology Group Corporation
Tel: (416) 299-4000 x 309
Additional information can be found at the Corporation’s website www.ftgcorp.com