TORONTO, July 15, 2019 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) today announced it has acquired 100% of the outstanding shares of Virginia-based circuit board manufacturer Colonial Circuits, Inc.
Further to the announcement made by FTG on March 29, 2019, FTG has attained the approval from the Committee on Foreign Investment in the United States (CFIUS) and all closing conditions have been met and the acquisition has now closed.
FTG is acquiring the outstanding shares of Colonial for a purchase price of approximately $4M CAD, subject to typical closing adjustments. Colonial has had reported annual sales of $7-9M CAD in its unaudited financial statements over the past few years. The purchase price was paid in cash on closing using funds from FTG’s existing credit facilities.
“FTG had identified a desire to add US manufacturing capacity for standard technology product for aerospace and defense applications. This acquisition accomplishes this and will complement FTG’s existing facilities, adding capacity and new customers,” stated Brad Bourne, President and CEO, FTG Corporation. He added, “Having met the team at Colonial, 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, 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, Fort Worth, Texas 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
bradbourne@ftgcorp.com
Melinda Diebel, Vice President and CFO
Firan Technology Group Corporation
Tel:(416) 299-4000 x264
melindadiebel@ftgcorp.com
Additional information can be found at the Corporation’s website www.ftgcorp.com