2022-08-23 | TSX:FTG | Press release

TORONTO, Aug. 23, 2022 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX:FTG) has received a total of $7.5 million in new purchase orders from its two largest simulator customers. FTG will supply several complete sets of cockpit assemblies for military and commercial simulators for various aircraft, including refueling fixed-wing aircraft, helicopters and business jets. Most orders are for repeat assemblies that have already been developed and delivered by FTG. This work will be performed by FTG’s Aerospace Segment facilities in Toronto, Ontario, Chatsworth, California and Tianjin, China over the next 9-12 months.

“We are delighted to receive these orders from our major simulation product customers, as this is an important business segment for FTG,” said Brad Bourne, President and CEO of FTG. He added: “These contracts represent a significant achievement for the company and are part of our efforts to return to pre-pandemic business levels.”

ABOUT FIRAN TECHNOLOGY GROUP CORPORATION

FTG is a supplier of aerospace and defense electronic products and subsystems to customers worldwide. FTG has two business 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 sectors. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia and a joint venture in Tianjin, China.

FTG Aerospace manufactures and services illuminated cockpit panels, keypads and sub-assemblies for aerospace and defense OEMs. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California and Tianjin, China.

The Company’s shares are traded on the Toronto Stock Exchange under the symbol FTG.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. These forward-looking statements relate to, but are not limited to, FTG’s operations, expected financial performance, business prospects and strategies. Forward-looking information generally contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future results. These statements are based on the current expectations of the Company’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Company’s industry generally. 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 the forward-looking statements made by the Company. Readers are cautioned to carefully consider these and other factors when making decisions about the Company and not to place undue reliance on any 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.

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Bradley C. Bourne, President and CEO

Tel: (416) 299-4000 ext. 314

Ifra JechnohIohgy Group VSorporayouIon

[email protected]

James Crichton, Vice President and Chief Financial Officer

Tel: (416) 299-4000 ext. 264

Ifra JechnohIohgy Group VSorporayouIon

[email protected]

Additional information can be found on the company’s website. www.ftgcorp.com

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Luisa D. Fuller