TORONTO, ONTARIO--(Marketwired - Jan. 30, 2015) - Firan Technology Group Corporation ("FTG") (TSX:FTG), a leader in aerospace and defense electronics, announced today that they have signed a supply contract with SAVIC for the design, development, certification support and long-term production of various Control Panel Assemblies for the Display System on the new COMAC C919 aircraft. This contract replaces the Letter-of-Intent between FTG and SAVIC first announced in 2012.
Under the terms of the contract, FTG will design, develop, manufacture and supply the Display Suite control panel assemblies. The design, development and initial manufacturing will be completed at FTG Aerospace – Toronto. SAVIC and FTG have agreed to share the cost of the design and development of the control panel products. The control panel assemblies incorporate advanced electronics and software that are integral to the overall Display Suite to be provided by SAVIC for the C919 aircraft. Volume manufacturing will be performed at FTG's facility in Tianjin, China. The contract covers a minimum of 1,440 production ship sets consisting of 9 control panel assemblies per set.
The COMAC C919 program is gearing up as various design reviews are completed, ground test hardware is delivered and the first aircraft is being assembled, all leading to the first flight of the aircraft.
"This represents a tremendous opportunity for FTG to increase our value proposition in an important emerging market. FTG made a commitment to the China market in 2010 by establishing FTG Aerospace – Tianjin and we are pleased to see such significant results so soon," said Brad Bourne, President and CEO of FTG.
"We are very excited to be a part of this strategic aircraft program with SAVIC," said Peter Dimopoulos, Vice President of Business Development at FTG. "Our focus on high quality, high reliability and best value offering, along with our commitment to China, were key factors in SAVIC's vendor selection process."
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:
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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. |
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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.