Firan Technology Group Corporation (TSX:FTG) celebrates the first Chinese-built passenger jetliner completing its first flight on May 5, 2017 from Shanghai Pudong International Airport. The COMAC C919 is a narrow-body twin engine airliner being developed by Chinese aerospace manufacturer COMAC, to meet growing Chinese domestic air transportation demand, as well as for export sale globally. As of today, COMAC has received 570 orders from over 20 customers.
FTG was selected as a supplier for the C919 aircraft in 2013 and signed a long term Supply Contract with AVIC’s subsidiary – Shanghai Avionics Corp. (SAVIC) for Control Panel Assemblies in 2015. Under the Supply Contract, FTG will design, develop, manufacture and supply the Display Suite Control Panel Assemblies in FTG’s facilities in Toronto, Canada and Tianjin, China. The Supply Contract covers a minimum of 1,440 production ship sets consisting of 9 control panel assemblies per set.
“The COMAC C919 first flight is the biggest and most visible milestone in its development. We are very proud to be a part of it and I am sure the team at SAVIC and everyone involved in the program are equally proud as it is significant not only for China, but also the entire global aerospace industry.” stated Brad Bourne, President and CEO, FTG Corporation. He added, “We realize there is still much work to do and we remain committed to making this program a success as we do with all activities at FTG with our focus on Operational Excellence.”
Shanghai Avionics Corporation (SAVIC) is a wholly-owned subsidiary of AVIC, incorporated and existing under the laws of People’s Republic of China. Aviation Industry Corporation of China (AVIC) is a Chinese state-owned aerospace and defense company.
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.