Firan Technology Group Corporation
TSX : FTG

Firan Technology Group Corporation

September 03, 2015 17:05 ET

Firan Technology Group (FTG) Cockpit Control Panels Receive Airworthiness Tags From Civil Aviation Adminstration of China (CAAC)

TORONTO, ONTARIO--(Marketwired - Sept. 3, 2015) - Firan Technology Group Corporation (TSX:FTG) is pleased to announce that the cockpit control panel assemblies being developed for Shanghai Avionics Corporation (SAVIC) as part of the Display System for the Chinese C919 aircraft, have received airworthiness tags from the CAAC. These airworthiness tags indicate that the Control Panel Assemblies have passed Conformity Inspection in accordance with CAAC regulations. The Product is expected to be integrated into Aircraft 101 and will be part of the C919 first flight.

For FTG this is an important milestone as it represents the company's first airworthiness approval from China, reflecting our growing international presence on key development programs. It also reflects positively on the overall accomplishments on the C919 program as it progresses through design, development, first flight and certification towards production in the coming years.

The equipment being provided by FTG includes nine control panel assemblies. Each assembly incorporates the human-machine interface element, microprocessor-based interface electronics and software to connect the assemblies into the aircraft data bus. When delivered to SAVIC, the assemblies will be integrated into a complete Display System for the aircraft.

"FTG made a commitment to the China market in 2010 by establishing FTG Aerospace -- Tianjin and we are pleased to see one of our early successes in that market progress to such an exciting milestone so quickly. We are committed to working closely with SAVIC and other partners in China to see this program through a successful first flight and certification on a timely basis," said Brad Bourne, President and CEO of FTG.

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 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 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.

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

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