FTG Signed $4M USD Amendment With SAVIC for CPA on COMAC C919 Aircraft
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG”) ANNOUNCES THE SIGNING OF AN AMENDMENT, VALUED AT OVER $4 MILLION USD, OF ITS LONG-TERM CONTRACT WITH SHANGHAI AVIONICS COMPANY LTD. (SAVIC) FOR VARIOUS DISPLAY SUITE CONTROL PANEL ASSEMBLIES (CPA) USED ON THE COMAC C919 AIRCRAFT
Toronto, Ontario (March 26, 2018) – Firan Technology Group Corporation (TSX: FTG), through its FTG Aerospace Toronto division, announced today that they have signed an amendment, valued at over $4 million USD to their long-term agreement with SAVIC for the design, development, certification support and long-term production for the Entry into Service (EIS) configuration of various Display Suite Control Panel Assemblies, deployed on the new COMAC C919 Aircraft.
Under the terms of the amendment, FTG will update hardware and software designs, complete certification, and supply approximately 20 shipsets to support testing, integration and further flight tests planned in the near future. In addition, FTG concluded the program Customer Services agreement – that will be administered and supported from its Aerospace division in Tianjin, China. First deliveries under the contract amendment will begin in the third quarter 2018 and will continue through the first quarter of 2019. The entire development cycle will coincide with hardware deliveries and run through the first quarter of 2019.
Terms of the baseline agreement remain unchanged; as SAVIC will procure an estimated 1440 shipsets, plus spares and support from FTG with a total value of over $55 million USD. Production of these shipsets will commence in Toronto and transition to its division in China.
“The overall program is gearing up well as we plan and support various near term milestones in the EIS CPA development”, stated Peter Dimopoulos, VP Business Development at FTG. “We are very pleased with the official signing and commencement of the program and look forward to collaborating with the SAVIC team with an eye toward achieving fully certified, high reliability products to support the C919 program.”
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
Firan Technology Group Corporation
Tel: (416) 299-4000 x 314
Melinda Diebel, Vice President and CFO
Firan Technology Group Corporation
Tel: (416) 299-4000 x 264