Firan Technology Group Corporation (“FTG”) Awarded $ 3.7 Million (CAD) Aftermarket Contract By Defense Logistics Agency (DLA) For Electronic Assemblies To Support Airborne Radar Systems
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TORONTO, Sep 14, 2021 (GLOBE NEWSWIRE) – Firan Technology Group Corporation (TSX: FTG) has been awarded a CA $ 3.7M aftermarket contract from the United States Defense Logistics Agency (DLA) to supply electronic assemblies to modernize radar planes on various aircraft of the United States Armed Forces. The work will be performed at FTG’s facilities in Chatsworth, California.
“We are delighted to receive this important award. We are committed to the DLA’s mission of sustaining and extending the life of military aircraft, ”said Brad Bourne, President and CEO of FTG. “We are excited about the direction of our aftermarket initiative providing DLA with a variety of products, including these high quality and high reliability complex electronic assemblies. “
The award is a long-term after-sales contract that allows for multiple product runs and guarantees a minimum annual quantity to FTG. The first production versions have been delivered to FTG Aerospace – Chatsworth and work is now in progress.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is a supplier of aerospace and defense electronic products and subsystems to customers around the world. FTG has two operational units:
FTG Circuits is a manufacturer of high technology and high reliability printed circuit boards. Our clients are leaders in the aviation, defense and high technology industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia and a joint venture in Tianjin, China.
FTG Aerospace manufactures and repairs illuminated cockpit panels, keypads and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace operates in Toronto, Ontario, Chatsworth, California and Tianjin, China.
The Company’s shares trade on the Toronto Stock Exchange under the symbol FTG.
This press release contains certain forward-looking statements. These forward-looking statements relate to, but are not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information generally contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future results. Such statements are based on the current expectations of the management of the Company and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the industry of the Company in general. The preceding list is not exhaustive of all possible factors. These 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 Company. Readers are urged to carefully consider these and other factors when making decisions about the Company and not to place undue reliance on forward-looking statements. Except as required by law, FTG disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
FWhere Fyourther ImFormatIto pIchse comtavst:
Bradley C. Bourne, President and CEO Tel: (416) 299-4000 x 314Fira TechnoIogy Group VSorporatIto[email protected]
James Crichton, Vice President and CFOTel: (416) 299-4000 x 264Fira TechnoIogy Group VSorporatIto[email protected]
Additional information is available on the Company’s website www.ftgcorp.com
Source: Firan Technology Group Corporation