MTI Global Inc.

MTI Global Inc.

April 02, 2007 18:05 ET

MTI Adds to Existing Scope of Work for 787 Insulation System

MTI de Baja receives Boeing Manufacturing Approval

MISSISSAUGA, ONTARIO--(CCNMatthews - April 2, 2007) - MTI Global Inc. (TSX:MTI) announced today several program and commercial updates to the 787 Dreamliner contract with Spirit AeroSystems, Inc. of Wichita, Kansas. MTI-PolyFab has been awarded supplemental contracts to supply additional material and systems to the existing 787 thermal and acoustic interior insulation system work package previously awarded in 2006.

The new work includes supplying an additional layer for the insulation system for the all-new Boeing 787 Dreamliner aircraft.

MTI has also been awarded additional thermal blankets to be used in the primary acoustic system not initially included in the original bid package.

"The incremental work packages demonstrate Spirit AeroSystems confidence in MTI-PolyFab," said Bill Neill, President and Chief Executive Officer. "We are delighted to be part of such an existing program and we look forward to future milestones."

Since the 787's launch in April 2004, 39 customers have booked 491 orders, making it one of the fastest-selling commercial airplanes in aviation history. The first flight of the 787 is scheduled in 2007.

The first deliveries of the MTI-PolyFab thermal insulation system to Spirit AeroSystems have taken place with program ramp up anticipated later this year.

"MTI-PolyFab continues to exceed all of the program requirements," said Marc Simard, Executive Vice President of MTI Global Inc. Aerospace division. "For Spirit to consider and award MTI with additional responsibilities is true testament of the positive working relationship that has developed between Spirit and MTI-PolyFab."

MTI de Baja receives Boeing Manufacturing Approval

As a secondary update, MTI-Global Inc. announced today that its Mexican manufacturing operation MTI de Baja has been added to the Qualified Processors List (QPL) for the fabrication and rework of thermal acoustic blankets for Boeing aircraft programs.

Similar to the previously announced Canadian approval, Boeing Commercial Airplanes (BCA) mandates that all programs must have qualified vendors who can demonstrate the capability to manufacture thermal acoustic insulation blankets to the Boeing Process Specification BAC 5355 for Methods 1 through 5. MTI de Baja has successfully met all the requirements and has passed a manufacturing and engineering systems audit.

About the Company

MTI Global Inc. designs, develops and manufactures custom-engineered products using silicone and other cellular materials. The Company serves a variety of specialty markets focused on three main product categories: Silicone, Aerospace and Fabricated Products. MTI's manufacturing divisions develop and produce silicone foam using patented technology. The Company designs and fabricates energy management systems from a variety of flexible, cellular materials. MTI also produces and distributes specialty silicone elastomer products. MTI's primary markets are aerospace and mass transit. Secondary markets include sporting goods, automotive, industrial, institutional, electronics, and the medical market through a 51% interest in Sterne SARL of Cavaillon, France. MTI's head office and Canadian manufacturing operations are located in Mississauga, Ontario, with international manufacturing operations located in Richmond and Buchanan, Virginia; Bremen, Germany; and a joint venture in Baja, Mexico. The Company also has sales operations in England and Sweden, and an engineering support centre in Brazil.

The foregoing press release contains forward-looking statements and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Factors that could cause results or events to differ from current expectations include the impact of price and product competition, general industry and market conditions and growth rates and reliance on key customers. For additional information with respect to these and other factors, see the reports filed by MTI Global Inc. with the Ontario Securities Commission. MTI Global Inc. disclaims any intention or obligation to update or revise any forward-looking statements.

Contact Information

  • MTI Global Inc.
    John Boots
    Chief Financial Officer
    (905) 564-9700
    (905) 564-8886 (FAX)
    Fleishman-Hillard Canada
    Anne Lachance/David Scott
    Investor Relations
    (416) 214-0701