Firan Technology Group Corporation (FTG) Completes the Acquisition of Colonial Circuits, Inc. (Colonial)
July 15 2019 - 4:10PM
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 CorporationTel: (416) 299-4000
x314bradbourne@ftgcorp.com
Melinda Diebel, Vice President and
CFO
Firan Technology Group CorporationTel:(416) 299-4000
x264melindadiebel@ftgcorp.com
Additional information can be found at the
Corporation’s website www.ftgcorp.com
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