TORONTO, ONTARIO--(Marketwire - Feb. 25, 2013) - Firan Technology Group Corporation (TSX:FTG) announced today that it has been awarded a new multi-year Human Machine Interface (HMI) Enterprise Sourcing Agreement from Rockwell Collins. The agreement incorporates a variety of avionic products for major airframe platforms across Business Regional, Air Transport and Government Systems market applications.
The new HMI contract is estimated at more than $33 Million USD. This represents a significant revenue increase over the previous contract. FTG was successful in maintaining historical programs and capturing new scope across a number of programs. The products to be supplied consist of Military Ground Guidance Sub-Assemblies, Avionic Cockpit Controls, Illuminated Panels, Bezels, and Keyboards.
FTG will manufacturer the majority of the product at its FTG Aerospace Division located in Toronto, Canada. Additional activity will take place at FTG Aerospace Tianjin, located in Tianjin China. Firan Technology Group has been a strategic supplier to Rockwell Collins for over 30 years.
"FTG appreciates the trust Rockwell Collins has in our ability to deliver quality product, and adapt to the ever changing technologies and economic conditions," stated Ian Maknyik, Director of Business Development. "We look forward to sharing future success with Rockwell Collins."
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 and Chatsworth, California.
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.
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.