Skip to content

Firan Know-how Group Company (“FTG”) Proclaims the

TORONTO, Nov. 17, 2022 (GLOBE NEWSWIRE) — Firan Know-how Group Company (TSX:FTG), introduced it has entered into an settlement to amass IMI, Inc. (“IMI”) primarily based in Haverhill, Massachusetts, north of Boston . IMI is a producer of specialty RF circuit boards targeted on the aerospace and protection markets. The closing of the acquisition is topic to approval by the Committee on International Funding in america (CFIUS) and different customary closing circumstances. The businesses will shortly apply for CFIUS approval. The closing of the transaction is predicted to happen within the first quarter of fiscal 2023.

FTG will purchase 100% of the frequent shares of IMI for money consideration of roughly $2M CAD, topic to typical closing changes. The goal firm has had reported annual gross sales of roughly $4-5M CAD in its unaudited monetary statements over the previous few years.

“FTG had recognized a want to extend its product providing of RF Circuit Boards for aerospace and protection purposes. This acquisition, if accomplished, will complement FTG’s present amenities, add new prospects and supply a broader product providing to our present buyer base”, acknowledged Brad Bourne, President and CEO, FTG Company. He added, “Peter Bigelow has accomplished a superb job constructing IMI’s RF functionality by investments in individuals, processes and know-how and FTG plans to develop IMI from its present location.”

Peter Bigelow commented, “I’m happy with the sale of IMI to FTG, as I consider FTG will proceed to construct the enterprise going ahead to the advantage of IMI’s prospects, staff and different stakeholders. Whereas the possession of the corporate is altering, I’ve agreed to stay with IMI as President for a time frame after the closing of the sale to FTG.”

ABOUT FIRAN TECHNOLOGY GROUP CORPORATION

FTG is an aerospace and protection electronics product and subsystem provider to prospects across the globe. FTG has two working items:

FTG Circuits is a producer of excessive know-how, excessive reliability printed circuit boards. Our prospects are leaders within the aviation, protection, and excessive know-how industries. FTG Circuits has operations in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia and a three way partnership in Tianjin, China.

FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and sub-assemblies for authentic gear producers of aerospace and protection gear. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California and Tianjin, China.

The Company’s shares are traded on the Toronto Inventory Alternate below the image FTG.

FORWARD-LOOKING STATEMENTS

This information launch incorporates sure forward-looking statements. These forward-looking statements are associated to, however not restricted to, FTG’s operations, anticipated monetary efficiency, enterprise prospects and methods, the anticipated closing of the acquisition, the CFIUS utility and approval, the supply of funds for the acquisition value and the advantages of the acquisition for FTG. Ahead-looking data sometimes incorporates phrases corresponding to “anticipate”, “consider”, “count on”, “plan” or comparable phrases suggesting future outcomes. Such statements are primarily based on the present expectations of administration of the Company and inherently contain quite a few dangers and uncertainties, identified and unknown, together with financial elements and the Company’s business, usually. The previous checklist is just not exhaustive of all doable elements. Such forward-looking statements usually are not ensures of future efficiency and precise occasions and outcomes might differ materially from these expressed or implied by forward-looking statements made by the Company. The reader is cautioned to think about these and different elements rigorously when making selections with respect to the Company and never place undue reliance on forward-looking statements. Aside from as could also be required by legislation, FTG disclaims any intention or obligation to replace or revise any such forward-looking statements, whether or not on account of new data, future occasions or in any other case.

For Forryouher YonoFbothrmayouYoon pheheysuree conoyouacyou:

Bradley C. Bourne, President and CEO
Telephone: (416) 299-4000, ext. 314
Firnonetheless youechnbothhebothgand Group C.orporayouYoon
bradbbothorrnoand@ftgcorp.com

Jamie Crichton, Vice President and CFO
Telephone: (416) 299-4000, ext. 264
Firnonetheless youechnbothhebothgand Group C.orporation
jamiecrichton@ftgcorp.com

Extra data may be discovered on the Company’s web site www.ftgcbothrlaptopbothm

.

Leave a Reply

Your email address will not be published. Required fields are marked *