Firan Technology Group (“FTG”) announces the completion of its transition of Photoetch's largest customer to existing FTG sites

Firan Technology Group Corporation announced today that is has signed an amendment to a five year Long Term Agreement (LTA) from one of the leading global Original Equipment Manufacturers supporting the aerospace market. The amendment covers the transition of product from the PhotoEtch acquisition to existing FTG Aerospace facilities. The agreement acknowledges that FTG has retained 100% of the business. The product to be supplied will support major platforms for both Commercial and Government programs.

The products will be manufactured utilizing existing capacity within FTG's Aerospace facilities located in Canada, USA, and China.

Consistent with this announcement, the retention rate across PhotoEtch customers and part numbers has been above expectations.

“When we entered into the acquisition of PhotoEtch, our goal was to retain as much of the revenue stream as possible but move it into existing FTG sites”, stated Brad Bourne, President and CEO, FTG Corporation. He added, “By doing this, we could give the customers a more secure source of supply and at the same time drive up FTG utilization rates. Securing 100% of the largest customer's activity is certainly a key step forward in these objectives.”

“FTG appreciates the trust our customer has in our ability to support the transition and we look forward to continuing to grow our relationship and offer the full capabilities of FTG in the future”, noted Ian Maknyik, Director of Business Development, FTG Corporation.