MTI Global Inc.
TSX : MTI

MTI Global Inc.

May 07, 2008 08:30 ET

MTI Global Inc. Awarded Two New Very Light Jet Contracts

MISSISSAUGA, ONTARIO--(Marketwire - May 7, 2008) - MTI Global Inc. (TSX:MTI) announced today that its aerospace division MTI-PolyFab, has been awarded two new contracts in the growing Very Light Jet (VLJ) market.

Diamond Aircraft Industries Inc.

The first contract is for the supply of a thermal and acoustic insulation system for the Diamond D-JET from Diamond Aircraft Industries Inc.

"MTI-PolyFab has been supporting the development of the D-JET aircraft with prototype thermal and acoustic systems, as well as Environmental Control Systems (ECS) design solutions since 2006," said Bill Neill, President and Chief Executive Officer. "Strong relationships have been established with Diamond and further opportunities to support additional products and services are being explored. This contract is in addition to an ECS Service contract, which began in March 2007."

Diamond Aircraft, a leading manufacturer of modern composite piston-engine aircraft, and the only company to offer type-specific flight training devices for its aircraft, is also developing the D-JET, a five-seat Personal Jet planned for introduction 2Q 2009. "We are proud to support the Canadian Aerospace Industry with this local supplier, expanding our participation in the growing Global VLJ market," said Marc Simard, Executive Vice President, MTI-PolyFab.

Embraer

MTI-PolyFab has also been selected by Embraer to supply thermal and acoustic insulation for a sub system of the new Phenom 100/Phenom 300 aircraft. These two new models have recorded sales of 750 units and are scheduled to enter into service in the second half of 2008 and the second half of F2009 respectively.

"These contracts demonstrate MTI-PolyFab's leadership role in the VLJ market by securing not only a second, but also a third long-term VLJ program for MTI-PolyFab," said Rob Breininger, MTI PolyFab Program Manager.

Production is expected to ramp-up in 1Q 2009 for both programs, with estimated total revenue expected to exceed $3.8 million over the life of the contracts.

About MTI Global Inc.

MTI Global Inc. (TSX:MTI) 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 MTI 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, Virginia; Milton, Florida; Bremen, Germany; and a contract manufacturer venture in Ensenada, Mexico. The Company also has sales operations in England and Sweden, and an engineering support centre in Brazil. The Company's website is www.mtiglobalinc.com.

The foregoing press release contains forward-looking statements and is subject to important risks and uncertainties. Although MTI Global believes that the expectations reflected in any forward-looking statements are reasonable, the results or events predicted in these statements may differ materially from actual results or events. Forward looking statements are based on estimates and assumptions derived from past experience, historical trends, current conditions and expected future developments. Many factors could cause results or events to differ from current expectations, including 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 applicable securities regulatory authorities at www.sedar.com. MTI Global Inc. disclaims any intention or obligation to update or revise any forward-looking statements.

Contact Information

  • MTI Global Inc.
    Bill Neill
    President and Chief Executive Officer
    (905) 564-9700
    Website: www.mtiglobalinc.com
    or
    Fleishman-Hillard Canada
    Anne Lachance
    Investor Relations
    (416) 214-0701