Firan Technology Group Corporation (“FTG”) announces the signing of a definitive agreement to acquire U.S.-based circuit board company IMI, Inc., The Canadian Business Journal

TORONTO, Nov. 17, 2022 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX:FTG) has entered into an agreement to acquire IMI, Inc. (“IMI”), based in Harbor Hill, Massachusetts, north of Boston announced that it did. IMI is a manufacturer of his RF circuit boards specializing in the aerospace and defense market. Completion of the acquisition is subject to approval by the Commission on Foreign Investment in the United States (CFIUS) and other customary closing conditions. Both companies will soon apply for CFIUS approval. Closing of the transaction is expected in the first quarter of fiscal 2023.

FTG will acquire 100% of IMI’s common stock for a cash consideration of approximately CAD $2 million. This is subject to normal closing adjustments. The subject company reported annual sales of approximately $4 million to $5 million in its unaudited financial statements for the past few years.

“FTG has recognized a desire to expand its RF circuit board product offering for aerospace and defense applications. “Peter Bigelow has done an excellent job building IMI’s RF capabilities through investments in people, processes and technology, and FTG will continue to expand IMI’s capabilities from its current location.” We plan to grow the

“We are pleased with the sale of IMI to FTG as we believe FTG will continue to build the business for the benefit of IMI’s customers, employees and other stakeholders,” said Peter Bigelow. While the company changes ownership, I have agreed to remain at IMI as President for a period of time after the sale to FTG is completed.”

About FIRAN TECHNOLOGY GROUP CORPORATION

FTG is a supplier of aerospace and defense electronics products and subsystems to customers worldwide. FTG has two operating units:

FTG Circuits is a manufacturer of highly skilled and reliable printed circuit boards. Our customers are leaders in the aviation, defense and high tech industries. FTG Circuits operates joint ventures in Toronto, Ontario; Chatsworth, California; Fredericksburg, Virginia; and Tianjin, China.

FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and subassemblies for aerospace and defense OEMs. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California, and Tianjin, China.

The company’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 relate to FTG’s business, expected financial performance, business prospects and strategy, expected completion of the acquisition, CFIUS filings and approvals, acquisition price funding sources and earnings. but not limited to: Regarding the acquisition of FTG. Forward-looking information generally includes words such as “expect,” “believe,” “expect,” “plan,” or similar words that imply future results. Such statements are based on our management’s current expectations and inherently involve a number of known and unknown risks and uncertainties, including economic factors and our industry generally. The above list is not exhaustive of all possible factors. Such forward-looking statements are not guarantees of future performance, and actual events or results may differ materially from those expressed or implied by our forward-looking statements. I have. Readers are cautioned to consider these and other factors carefully in making decisions regarding us and not to rely undue on forward-looking statements. Except as required by law, FTG disclaims any intention or obligation to update or revise such forward-looking statements, whether as a result of new information, future events or otherwise.

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Bradley C. Bourne, President and CEO
Phone: (416) 299-4000, ext. 314
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bradboyourne@feetgJointrp.Com

Jamie Crichton, Vice President and CFO
Phone: (416) 299-4000, ext. 264
Phirof T.yenology group C.Orporasession
[email protected]

Additional information can be found on the Corporation’s website www.feetgcorcomputerometers

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