Firan Technology Group Corporation ("FTG") Awarded $17M CAD Contract to Supply Cockpit Interface Assemblies for COMAC's C919 Single Aisle Aircraft

TORONTO, June 05, 2024 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) today announced the award of a contract valued at approximately $17 million CAD to supply cutting-edge cockpit interface assemblies for the display suite on COMAC's C919 aircraft. The period of performance for this contract extends from the second half of 2024 through to the third quarter of 2026. The contract to FTG comes from Shanghai Avionics Company Ltd (SAVIC).

Production will take place at FTG’s manufacturing facilities in Toronto, Canada, and Tianjin, China. Production will start in Toronto and transition to Tianjin during the contract period.

Peter Dimopoulos, Vice President of Business Development at FTG, expressed his enthusiasm for this award, stating, “Securing this contract is a significant milestone for FTG. We are proud to have successfully completed the rigorous development and certification process of our products, to contribute to the success of COMAC's C919 single aisle aircraft, and to growing our Tianjin operations.”

FTG's extensive expertise and innovation in high reliability cockpit control products and sub-systems have made it a trusted partner in the aerospace and defense markets. This contract further solidifies FTG’s position as a leader in delivering advanced, reliable avionic solutions that meet the evolving needs of the global aerospace 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, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill, Massachusetts and a joint venture in Tianjin, China.

FTG Aerospace manufactures and repairs 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.

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Additional information can be found at the Corporation’s website www.ftgcorp.com