Firan Technology Group (FTG) Announces New Three Year Long Term Agreement With Leading Global Original Equipment Manufacturer
May 14 2014 - 5:04PM
Marketwired
Firan Technology Group (FTG) Announces New Three Year Long Term
Agreement With Leading Global Original Equipment Manufacturer
TORONTO, ONTARIO--(Marketwired - May 14, 2014) - Firan
Technology Group Corporation (TSX:FTG) announced today that it has
been awarded a new three year Long Term Agreement (LTA) from one of
the leading global Original Equipment Manufacturers supporting the
Aerospace Market. The agreement incorporates a variety of high
technology Printed Circuits boards for use on key fixed wing
platforms including the Boeing 787, Airbus A350, A400M, and the
Bombardier C-Series.
The new LTA is estimated at over $10 Million USD. This
represents a significant revenue increase over the previous
agreement. FTG was successful in maintaining historical programs
while capturing new scope across key programs. The products to be
supplied support both commercial Air Transport and Military
aircraft.
FTG will manufacture the product at its FTG Circuits Division
located in Toronto, Canada as well as in China.
"FTG appreciates the trust our customer has in our ability to
deliver quality product, and adapt to the ever changing
technologies and economic conditions," stated Ian Maknyik, Director
of Business Development. "We look forward to sharing future
success."
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 x314bradbourne@ftgcorp.comFiran Technology Group
CorporationJoseph R. RicciVice President and CFO(416) 299-4000
x309joericci@ftgcorp.comwww.ftgcorp.com
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