TORONTO, April  28, 2023  (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) today announced it has acquired 100% of Minnesota based Holaday Circuits and 100% of Massachusetts based IMI Inc.

Further to the previous announcements made by FTG regarding these acquisitions, FTG has now attained the approval from the Committee on Foreign Investment in the United States (CFIUS) and all closing conditions have been met and both acquisitions are now closed.

The IMI acquisition bolsters FTG presence in RF circuit boards for the Aerospace and Defense market. The RF market is growing, and IMI’s specialized capabilities will enable FTG to better address this market segment and support our customers’ needs.

The Holaday Circuits acquisition gives FTG a large, US based facility that can address the market for high technology circuit boards, particularly for defense applications which will again enable us to better support our customers.

Combined, the acquisitions had sales of about $45 million pre pandemic. The combined purchase prices are approximately $27M and the Holaday agreement also has an earn out of up to approximately $6M depending on financial performance over the next 18 months. The acquisitions will be funded primarily from existing cash and bank facilities will be used for remaining balance.

“FTG had identified a desire to add US manufacturing capacity for RF and high technology product for aerospace and defense applications. These acquisitions accomplish this and will complement FTG’s existing capabilities and locations,” stated Brad Bourne President and CEO, FTG Corporation. He added, “Having met the teams at IMI and Holaday Circuits, I am truly thrilled by their skills, dedication and commitment to excellence and I welcome them all to FTG.”

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 manufactures illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, and Tianjin, China.

The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.

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