Here's some more good news.
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MAGNIFOAM TO SUPPLY NEW BOMBARDIER
AEROSPACE CRJ 700 PROGRAM
Barrie, Ontario (March 9, 1999) - Magnifoam Technology International Inc.
(MTII) today announced that PolyFab, the company's design, engineering and
fabricating division, has been awarded the contract to supply Bombardier
Aerospace with thermal-acoustic insulation for the new Canadair Regional
Jet® Series 700 (CRJ Series 700) aircraft. Initial shipments will begin in
May 1999.
"Based on firm orders and options for this new aircraft, the contract is
expected to generate in excess of $17 million in net new business beginning
in fiscal 2000," said Tom Ambeau, President & CEO, MTII. "Together with
contracts to supply Bombardier's CRJ Series 100 & 200, Challenger® 604,
Global Express® and Q400 Series® aircraft programs, PolyFab's order book,
including options is now approaching $60 million. This is expected to
increase as further aircraft orders are awarded," added Mr. Ambeau.
Bombardier introduced the CRJ Series 700 in January 1997 as a response to
the growing trend towards larger regional aircraft. This new plane is a
stretched 70-seat version of the 50-seat CRJ Series 100 and 200. Bombardier
has reported that as of February 19, 1999, it had 532 firm orders and 240
options for CRJs, including 96 firm orders and 138 options for the new CRJ
Series 700. Customers for the Series 700 include American Eagle, COMAIR,
Lufthansa Cityline and Horizon airlines.
"We are pleased to be working with Bombardier on an ongoing basis.
Together, we are working to improve passenger comfort and safety through
efficient management of heat, noise and vibration in the aircraft," added
Mr. Ambeau. PolyFab applies noise and vibration technology, including
Magnifoam's silicone elastomers, to develop insulation systems in compliance
with aerospace regulatory standards.
About Bombardier Aerospace
Bombardier Aerospace, a unit of Bombardier Inc., is the world's third
largest civil aircraft manufacturer with operations in three countries.
Leading the 20 to 70 passenger regional carrier market, Bombardier Aerospace
offers complete families of turboprop and regional jet aircraft. It has the
industry's widest range of business jets, offering both full and fractional
ownership, and also produces firefighting/maritime mission aircraft. It
provides technical services, aircraft maintenance and pilot training to
business, regional airline and military customers.
About Magnifoam Technology International Inc.
Magnifoam Technology International Inc. is an integrated material science
company with proprietary technology. Through its wholly owned subsidiaries,
QSi, MTI, and PolyFab, the company is engaged in the research, development
and production of low density silicone foam using patented chemical
formulations, the production of specialty silicone resins, and the design
and fabrication of energy management systems using a variety of flexible,
cellular materials. MTII products are sold to the aerospace, mass transit,
automotive, sporting goods, industrial, electronics, medical, marine,
construction and institutional markets.
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