TORONTO, Feb.  11, 2025  (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (OTCQX: FTGFF) (“FTG”) today announced the establishment of a new aerospace operation in Hyderabad, India, set to start production by the end of 2025. This new plant will support FTG’s strategic growth and expand its presence in the Indian market. The facility will focus on cockpit products ranging from backlit panels to higher level assemblies.

FTG, headquartered in Canada, has been expanding its global presence through a number of strategic initiatives, and is today announcing its plans for an Aerospace design and manufacturing facility in Hyderabad, India. India was selected by FTG due to its growing prominence in the global aerospace and defence market, and its “Make in India” policies which encourage investment in the country.

FTG will support customers around the world as well as in India from this new site. After evaluating numerous locations, the selected site is located at the Hyderabad Airport, in a Special Economic Zone (SEZ) which facilitates tariff free trade between India and the rest of the world. The facility construction is underway and is being built to suit FTG’s requirements. As part of the agreement, FTG has an option to expand the facility by over 200%.

Brad Bourne, President and CEO, FTG Corporation, commented, “this new manufacturing facility is a significant milestone for FTG, reinforcing our commitment to India’s ‘Make in India’ initiative. India is a growth market for FTG, and this expansion will enhance our ability to deliver high-quality, innovative solutions to the aviation and defence sectors. The Hyderabad facility will mark FTG's fourth country for Aerospace manufacturing, after Canada, the US and China. We will continue to focus on commercial aerospace and defence avionics, with a special emphasis on Human Machine Interface (HMI) devices.”

FTG invites attendees to the Aero India 2025 Exhibition, to visit our booth at Hall J, for more details on this exciting new venture.

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, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill, Massachusetts and a joint venture in Tianjin, China.

FTG Aerospace designs, certifies, manufactures and provides in-service support for illuminated cockpit products and electronic assemblies for original equipment manufacturers and operators of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Calgary, Alberta, Chatsworth, California, Tianjin, China and Hyderabad, India.

The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol FTG, and on the OTCQX Exchange under the symbol FTGFF.

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 x314
[email protected]

Jamie Crichton, Vice President and CFO                                                
Firan Technology Group Corporation
Tel: (416) 299-4000 x264
[email protected]

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