Firan Technology Group Corporation (“FTG”) is Awarded $3.7 Million (CAD) After-Market Contract by Defense Logistics Agency (DLA) for Electronic Assemblies to Support Airborne Radar Systems

September 14, 2021 5:10 PM EDT

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TORONTO, Sept. 14, 2021 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) has been awarded a $3.7M CAD after-market contract from the United States Defense Logistics Agency (DLA) to provide electronic assemblies to retrofit airborne radar systems on various US Armed Forces aircraft. The work will be performed at the FTG facilities in Chatsworth, California.

“We are pleased to receive this significant award. We are committed to the DLA’s mission to support and extend the service life of military aircraft,” said Brad Bourne, FTG’s President and CEO. “We are excited about the direction of our after-market initiative providing the DLA various products including these high quality, high reliability complex electronic assemblies.”

The award is a long-term after-market contract that enables multiple product draws, and ensures a minimum annual quantity to FTG. Initial production releases have been issued to FTG Aerospace - Chatsworth and the work is now underway.

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 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.

For further information please contact:

Bradley C. Bourne, President and CEOTel: (416) 299-4000 x 314Firan Technology Group Corporationbradbourne@ftgcorp.com

James Crichton, Vice President and CFOTel: (416) 299-4000 x 264Firan Technology Group Corporationjamiecrichton@ftgcorp.com

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

 

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Source: Firan Technology Group Corporation


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