TORONTO, Oct. 17, 2017 (GLOBE NEWSWIRE) -- FTG Aerospace Toronto, a business division of Firan Technology Group Corporation (TSX:FTG) today announced it received a multi-million dollar contract award from CAE USA located in Tampa, FL for the development and delivery of simulated C-130 cockpit control devices.  FTG will provide its latest iteration of high fidelity simulated equipment to support CAE’s various full motion flight simulators.

Engineering, customer support and production for the contract will be performed in Toronto, Canada with first deliveries executed in early FY 2018 and will continue through to Q2 2018.

“This contract award underscores FTG’s position as a leading provider of cockpit control devices both for flight and simulated equipment used for training centers worldwide,” said Peter Dimopoulos, VP Business Development of FTG Corporation. “We are committed to delivering the highest fidelity flight deck equipment to ensure our partners have the ability to establish realistic training environments that accurately simulate flight controls in the aircraft.”

The C-130 is the world’s longest-running production aircraft with more than 2,500 aircraft delivered to more than 60 countries.  The program has been incredibly important to FTG.  In addition to the simulated equipment, FTG Aerospace supports the C-130 through OEM production of cockpit control panels and PWB’s supporting various systems via our FTG Circuits Toronto location.
                                                                                   
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, 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.

FORWARD-LOOKING STATEMENTS

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.

For further information please contact:

Bradley C. Bourne, President and CEO
Firan Technology Group Corporation
Tel:  (416) 299-4000 x 314
bradbourne@ftgcorp.com

Melinda Diebel, Vice President and CFO
Firan Technology Group Corporation
Tel:  (416) 299-4000 x 264
melindadiebel@ftgcorp.com

Additional information can be found at the Corporation’s website   www.ftgcorp.com