TORONTO, ONTARIO -- (Marketwired) -- 07/18/16 -- Firan Technology Group Corporation (TSX: FTG) announced today that it has been awarded a new contract to supply over 600 cockpit panels and panel assemblies, representing equipment for 6 simulators for a new military tanker aircraft program in the United States. The contract includes the design of over 100 distinct part numbers including both cockpit panels and assemblies. The contract is expected to run through 2017.
The contract was bid and won from FTG's recently acquired business in Fort Worth, Texas. All design work will be completed by the engineering team in Fort Worth. The production is planned for FTG Aerospace - Chatsworth.
"We are excited to see such a significant contract award so soon after our acquisition of our Fort Worth business. It fits perfectly with our plans to retain the engineering team in Fort Worth but move production to our existing Aerospace facility in Chatsworth, California, driving up their capacity utilization rate," stated Brad Bourne, President and CEO, FTG Corporation. He added, "This is the largest simulator program ever undertaken by the Fort Worth operation and reflects very positively on the capabilities of the team there."
"This contract is the culmination of years of effort to develop a strong relationship with this customer and to build the trust necessary for them to feel confident to award such a large program to us," commented Scott Hodge, Director, Business Development, FTG Corporation. "We look forward to continuing to grow our relationship and offer the full capabilities of FTG in the future," added Kent Thomas, Director, Simulator Products.
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, Hudson, New Hampshire 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.
Firan Technology Group Corporation
Bradley C. Bourne
President and CEO
(416) 299-4000 x 314
Firan Technology Group Corporation
Joseph R. Ricci
Vice President and CFO
(416) 299-4000 x 309