Firan Technology Group Corporation

Firan Technology Group Corporation

November 19, 2008 16:05 ET

Firan Technology Group Corporation (FTG) Signs Investment Agreement with Tianjin Airport Industry Park (TAIP)

TORONTO, ONTARIO--(Marketwire - Nov. 19, 2008) - Firan Technology Group Corporation ("FTG")(TSX:FTG) of Toronto, Canada today announced that it has signed an Investment Agreement with Tianjin Airport Industry Park (The "TAIP") to establish a manufacturing facility within the park, located in Tianjin, China.

The signed Investment Agreement enables FTG, with the support of TAIP, to establish a Wholly Owned Foreign Enterprise ("WOFE"), operating as FTG Aerospace - Tianjin. The WOFE will leverage the skills and technology from the Toronto based FTG Aerospace Division. The new subsidiary will focus on manufacturing illuminated cockpit control products and systems, in line with FTG Aerospace, serving both global and the Chinese domestic market.

"This agreement to launch a facility in China helps us achieve our goal of expanding our global presence", said Brad Bourne, President and CEO of FTG. "According to well published documents and our own studies, the Aerospace industry in China is set for incredible growth. There is tremendous upside to this deal as FTG has already engaged several existing and new potential customers in China".

"FTG is the 6th Aerospace Company to establish an operation within TAIP along with Airbus, Goodrich, Thales, Zodiac and Indra", said Mr. Wang Fu Qiang, Senior VP of Tianjin Airport Industrial Park Administration Commission. "The type of products FTG produces is completely complimentary to what we are attempting to achieve within TAIP; to build a world class Aerospace industrial base in Tianjin".

FTG expects to complete the implementation of the investment agreement in early 2009 and have set the plant to be active, producing high quality cockpit devices by the fall.


FTG is an aerospace and defense electronics product and subsystem supplier to the North American marketplace. 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 and Chatsworth, California.

FTG Aerospace manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of avionics products as well as airframe manufacturers located in Toronto, Ontario.

The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.


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

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