FTG Corp. Signed LOI with Luoyang Institute of Electro-Optical Equipment (LIEOE), Division of AVIC Avionics System Corp. for ...
March 19 2014 - 5:05PM
Marketwired
FTG Corporation Signed LOI with Luoyang Institute of
Electro-Optical Equipment (LIEOE), Division of AVIC Avionics System
Corporation for C919 Heads Up Display Control Panel Assemblies
TORONTO, ONTARIO--(Marketwired - Mar 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.
FORWARD-LOOKING STATEMENTS
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.
Additional
information can be found at the Corporation's website
www.ftgcorp.com
Firan Technology Group CorporationBradley C. BournePresident and
CEO(416) 299-4000 x 314bradbourne@ftgcorp.comFiran Technology Group
CorporationJoseph R. RicciVice President and CFO(416) 299-4000 x
309joericci@ftgcorp.comwww.ftgcorp.com
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