Contract for Military Tanker Aircraft Simulator

Firan Technology Group Corporation (TSX:FTG) announced today that it has been awarded a new contract to supply over 600 cockpit panels and panel assemblies, representing equipment for 6 simulators for a new military tanker aircraft program in the United States. The contract includes the design of over 100 distinct part numbers including both cockpit panels and assemblies. The contract is expected to run through 2017.

The contract was bid and won from FTG's recently acquired business in Fort Worth, Texas. All design work will be completed by the engineering team in Fort Worth. The production is planned for FTG Aerospace - Chatsworth.

"We are excited to see such a significant contract award so soon after our acquisition of our Fort Worth business. It fits perfectly with our plans to retain the engineering team in Fort Worth but move production to our existing Aerospace facility in Chatsworth, California, driving up their capacity utilization rate," stated Brad Bourne, President and CEO, FTG Corporation. He added, "This is the largest simulator program ever undertaken by the Fort Worth operation and reflects very positively on the capabilities of the team there."

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"This contract is the culmination of years of effort to develop a strong relationship with this customer and to build the trust necessary for them to feel confident to award such a large program to us," commented Scott Hodge, Director, Business Development, FTG Corporation. "We look forward to continuing to grow our relationship and offer the full capabilities of FTG in the future," added Kent Thomas, Director, Simulator Products.

Source: Firan Technology Group Corporation
Date: Jul 18, 2016