Firan Technology Group Corporation (“FTG”) Is Awarded Multiple Simulator Products Purchase Orders Totaling $7.5 Million (CAD)

TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX:FTG) has been awarded a total of $7.5M in new purchase orders from its two largest simulator customers. FTG will supply multiple complete sets of cockpit assemblies for military and commercial simulators for different aircraft including refueling fixed wing aircraft, helicopters and business jets. Most of the orders are for repeat assemblies that have previously been developed and delivered by FTG. This work will be performed by FTG’s Aerospace segment facilities in Toronto, Ontario, Chatsworth, California and Tianjin, China over the next 9-12 months.

“We are pleased to receive these orders from our key simulator products customers as this is an important business segment to FTG,” said Brad Bourne, FTG’s President and CEO. He added, “These contracts represent a significant accomplishment for the Company and is part of our efforts to recover back to pre-pandemic levels of activity.”

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 CEO

Tel: (416) 299-4000 x 314

Firan Technology Group Corporation

 

James Crichton, Vice President and CFO

Tel: (416) 299-4000 x 264

Firan Technology Group Corporation

 

Additional information can be found at the Corporation’s website