FTG Announces New Five-Year Long Term Agreement with Esterline's Korry Electronics Company
Toronto, May 3, 2016 - Firan Technology Group Corporation (TSX:FTG) announced today that it has been awarded a new five-year Long Term Agreement with Korry Electronics Company (Korry) for the supply of cockpit control panels for the Bombardier C-Series Aircraft. The agreement is the result of many years of cooperation to develop and qualify the cockpit control panels for this newly developed aircraft.
This represents a new revenue stream for FTG as this aircraft enters into production following its certification by Transport Canada earlier this year. It is also the first Long Term Agreement signed between FTG and Korry.
“FTG appreciates the trust Korry has in our ability to deliver quality product, on time and be a key supplier for this exciting new program,” stated Peter Dimopoulos, Vice President, Business Development. “We look forward to sharing future success with Korry on this and future programs.”
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, Fort Worth, Texas 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 x314
Firan Technology Group Corporation firstname.lastname@example.org
Joseph R. Ricci, Vice President and CFO
Tel:(416) 299-4000 x309
Firan Technology Group Corporation email@example.com
Additional information can be found at the Corporation’s website www.ftgcorp.com