TORONTO, ONTARIO--(Marketwired - March 28, 2017) - Firan Technology Group Corporation (TSX:FTG) announced today that is has signed an amendment to a five year Long Term Agreement (LTA) from one of the leading global Original Equipment Manufacturers supporting the aerospace market. The amendment covers the transition of product from the PhotoEtch acquisition to existing FTG Aerospace facilities. The agreement acknowledges that FTG has retained 100% of the business. The product to be supplied will support major platforms for both Commercial and Government programs.
The products will be manufactured utilizing existing capacity within FTG's Aerospace facilities located in Canada, USA, and China.
Consistent with this announcement, the retention rate across PhotoEtch customers and part numbers has been above expectations.
"When we entered into the acquisition of PhotoEtch, our goal was to retain as much of the revenue stream as possible but move it into existing FTG sites," stated Brad Bourne, President and CEO, FTG Corporation. He added, "By doing this, we could give the customers a more secure source of supply and at the same time drive up FTG utilization rates. Securing 100% of the largest customer's activity is certainly a key step forward in these objectives."
"FTG appreciates the trust our customer has in our ability to support the transition and we look forward to continuing to grow our relationship and offer the full capabilities of FTG in the future," noted Ian Maknyik, Director of Business Development, FTG Corporation.
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, Hudson, New Hampshire and a joint venture in Tianjin, China.
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, Fort Worth, Texas 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.