TORONTO, Nov. 17, 2022 (GLOBE NEWSWIRE) — Firan Technology Group Corporation (TSX:FTG) announced that it has entered into an agreement to acquire IMI, Inc. (“IMI”), based in Haverhill, Massachusetts, North of Boston, has completed . IMI is a manufacturer of specialty RF printed circuit boards with a focus on the aerospace and defense markets. Completion of the acquisition is subject to approval by the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions. The companies will soon apply for CFIUS accreditation. The transaction is expected to close in the first quarter of fiscal 2023.
FTG will acquire 100% of the common stock of IMI for cash consideration of approximately $2 million, subject to typical closing adjustments. The target company has reported annual revenues of approximately $4-5 million in its unaudited financial statements for the past several years.
“FTG recognized a desire to expand its RF PCB product offering for aerospace and defense applications. This acquisition, when completed, will complement FTG’s existing facilities, attract new customers and provide a broader product offering to our existing customer base,” said Brad Bourne, President and CEO of FTG Corporation. He added, “Peter Bigelow has done an excellent job building IMI’s RF capabilities through investments in people, process and technology, and FTG plans to grow IMI from its current location.”
Peter Bigelow commented: “I am delighted with the sale of IMI to FTG as I believe FTG will continue to grow the business to the benefit of IMI’s customers, employees and other stakeholders. While the ownership of the company is changing, I have agreed to remain at IMI as President for a period of time following the completion of the sale to FTG.”
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is a supplier of aerospace and defense electronics products and subsystems to customers around the world. FTG has two operating units:
FTG Circuits is a manufacturer of high-tech, high-reliability printed circuit boards. Our customers are leaders in the aerospace, defense and high technology industries. FTG Circuits has offices in Toronto, Ontario, Chatsworth, California, Fredericksburg, Virginia and a joint venture in Tianjin, China.
FTG Aerospace manufactures and repairs illuminated cockpit fairings, keypads and subassemblies for aerospace and defense OEMs. FTG Aerospace has offices 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 press release contains certain forward-looking statements. These forward-looking statements relate to, among other things, FTG’s operations, expected financial performance, business prospects and strategies, anticipated completion of the acquisition, the CFIUS filing and approval, the source of funding for the acquisition price, and the benefits of the acquisition to FTG. Forward-looking information typically contains words such as “anticipate,” “believe,” “expect,” “plan,” or similar words, which are indicative of future results. Such statements are based on the current expectations of the Company’s management and involve numerous known and unknown risks and uncertainties, including economic factors and the Company’s industry generally. The foregoing 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 the Company’s forward-looking statements. The reader is cautioned to consider these and other factors carefully when making decisions regarding the Company and not to place undue reliance on any forward-looking statements. Except as 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 fandrighttshe InfOrightmatIon please contact:
Bradley C. Bourne, President and CEO
Tel: (416) 299-4000, ext. 314
Firighta TechnOlOGy group CorporightatIon
Jamie Crichton, Vice President and CFO
Tel: (416) 299-4000, ext. 264
Firighta TechnOlOGy group Corporightation
Visit the company’s website for more information www.feetGcOrightpcOm