CORRECTION: Firan Technology Group (FTG) Announces Full Year and Fourth Quarter 2012 Financial Results-The Financial Tables Were Not Included in the Original Distribution

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2013) - A correction is issued with respect to the release sent on January 31, 2013 at 5:15 PM ET. The financial tables were not included in the original distribution. The corrected release follows:

Firan Technology Group Corporation (TSX:FTG) today announced financial results for the full year and fourth quarter 2012.

• Grew sales by 3.6% over full year 2011
• Grew Aerospace segment sales by 27% over full year 2011
• Improved Operating Earnings⁽¹⁾ by over $1M over full year 2011
• Invested $1.1M in start-up losses for new Aerospace facilities in Tianjin, China and Chatsworth, California compared to less than $0.2M in 2011
• Invested $1M in capital assets for two new Aerospace facilities in Tianjin, China and Chatsworth, California
• Generated revenues over $900,000 from the two new Aerospace facilities in 2012
• R&D spending remained above 5% of sales

"FTG continued to improve key aspects of the business in 2012 while making key strategic investments in new facilities for our Aerospace business for the future", stated Brad Bourne, President and Chief Executive Officer. He added, "The addition of facilities in China and the US, the two largest aerospace markets, are already resulting in new revenue streams for FTG."

Full Year 2012 Results: (Full year ended November 30, 2012 compared with full year ended November 30, 2011)

			Full Year 2012		Full Year 2011
Sales			$	55,646,000	$	53,730,000
	Operating Earnings(1):			4,554,000		3,511,000
		- Net R&D Investment		2,533,000		2,567,000
		- Aerospace Tianjin and Chatsworth Start-up Losses		1,062,000		176,000
		- Taxes		31,000		(706,000	)
Net Earnings			$	928,000	$	1,474,000
Earnings per share
	- basic		$	0.05	$	0.08
	- diluted		$	0.05	$	0.08

Fourth Quarter Results: (three months ended November 30, 2012 compared with three months ended November 30, 2011)

			Q4 2012		Q4 2011
Sales			$	13,719,000	$	13,981,000
	Operating Earnings (1):			1,135,000		638,000
		- Net R&D Investment		589,000		358,000
		- Aerospace Tianjin and Chatsworth Start-up Losses		419,000		73,000
		- Taxes		23,000		(708,000	)
Net Earnings			$	104,000	$	915,000
Earnings per share
	- basic		$	0.01	$	0.05
	- diluted		$	0.01	$	0.05

(1)

Operating Earnings is not a measure recognized under International Financial Reporting Standards ("IFRS"). Management believes that this measure is important to many of the Corporation's shareholders, creditors and other stakeholders. The Corporation's method of calculating Operating Earnings may differ from other corporations and accordingly may not be comparable to measures used by other corporations.

Business Highlights

FTG accomplished many goals throughout 2012 that continue to improve the Corporation and position it for the future, including:

• Continued year-over-year sales growth.
• Achieved earnings of $1,990,000 in the year before start-up costs at the two new Aerospace facilities.
• Strengthened management team with key new additions across all functional areas.
• Expanded sales outside of North America.
• Signed Letter of Intent for first significant program in China on the C919 single aisle aircraft being developed.
• Shipped first products from both FTG Aerospace Tianjin and FTG Aerospace Chatsworth.
• Completed implementation of a new Enterprise Resource Planning (ERP) system in the existing Aerospace facility in Toronto and the new facility in Chatsworth, CA.
• Began implementation of a new ERP system in the new Aerospace facility in Tianjin, China.
• Transitioned to IFRS accounting standard as required for all Canadian companies.
• Received final increment of Ontario Government AMIS loan bringing total loan to $5.1M in support of investments in FTG Circuits-Toronto facility.
• Invested $2.9M in capital assets across FTG in the year including $1M for the two new facilities.
• Installed third Laser Direct Imaging (LDI) system in FTG Circuits-Toronto.
• Successfully completed AS9100 audits for all FTG's operational sites.
• Completed 3-year MIL-P-55110 and MIL-P-50884 validation audit at FTG Circuits-Chatsworth.

For FTG, overall sales increased by $1.9M (3.6%), from $53.7M in FY2011 to $55.6M in FY2012. FTG Aerospace drove the growth in the year. For the fourth quarter, sales were $13.7M, a decrease of $0.3M or 1.9% versus the same period last year, due to fewer production days in Q4 2012.

The Circuits Segment sales were down $1.4M or 3.4% in FY2012 versus FY2011. The lower sales are the result of lower demand from US based customers.

For the Aerospace segment, sales in FY2012 were up $3.3M or 27% compared to FY2011. Sales from the two new sites totaled $0.9M in 2012. Sales from FTG Aerospace Toronto were up $2.4M or 20% in FY2012. The growth was primarily due to increased demand from existing customers.

Gross margins were up in FY 2012 by $0.3M. Increased gross margins of $0.7M at the three established plants, due to improved operating metrics, were partially offset by start-up production costs of $0.4M at the two new Aerospace facilities.

Net earnings at FTG in FY2012 were $0.9M compared to net earnings of $1.5M in FY2011. SG&A costs were flat, foreign exchange losses increased $0.2M in FY 2012 and FY2011 included a deferred tax recovery of $0.7M. On a pre-tax basis, excluding the start-up costs for the two new facilities, net earnings in FY2012 were up $1.0M compared to FY2011.

The Circuits segment net earnings before corporate and interest costs increased to $3.4M in FY2012 compared to $2.3M in FY2011, on lower sales. The improvement is due to improved manufacturing efficiencies, reduced scrap and stable SG&A costs.

The Aerospace net earnings before corporate and interest costs dropped to $0.4M in FY2012 versus $1.1M in FY2011. The net earnings this year were reduced by the $1.1M start-up expenses for the two new facilities. Also in FY2012 were costs related to implementing a new ERP system in all Aerospace sites. Costs related to development for the C919 cockpit assemblies of $0.5M were treated as deferred development and not expensed in FY2012.

As at November 30, 2012, the Corporation's primary source of liquidity included accounts receivable of $10.5M and inventory of $7.9M. Inventories are flat in FY2012 on increased sales. Net working capital at November 30, 2012 was $ 10.9M.

The Corporation will host a live conference call on Friday, February 1, 2013 at 8:30 am (EDT) to discuss the results of FY2012.

Anyone wishing to participate in the call should dial 416-340-2216 or 1-866-226-1792 and identify that you are calling to participate in the FTG conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until February 14, 2013 and will be available on the FTG website at www.ftgcorp.com. The number to call for a rebroadcast is 905-694-9451 or 1-800-408-3053, pass code 9979071.

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 and Chatsworth, California.

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.

Additional information can be found at the Corporation's website www.ftgcorp.com.

FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Balance Sheets
		November 30,		November 30,		December 1,
(in thousands of dollars)		2012		2011		2010
ASSETS
Current assets
Cash		$	1,446	$	1,944	$	927
Accounts receivable			10,276		9,592		9,332
Taxes receivable			250		378		448
Inventories			7,927		7,973		8,726
Prepaid expenses			432		316		641
			20,331		20,203		20,074
Non-current assets
Plant and equipment, net			5,608		4,474		4,024
Goodwill			1,039		1,039		1,039
Deferred income taxes			1,375		1,375		667
Intangible assets			244		293		336
Total assets		$	28,597	$	27,384	$	26,140
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank indebtedness		$	994	$	-	$	731
Accounts payable and accrued liabilities			7,184		8,123		7,420
Provisions			309		485		544
Customer deposits, net of deferred development			843		714		-
Unearned revenue			-		-		152
Current portion of long-term bank debt			44		1,425		3,031
			9,374		10,747		11,878
Non-current liabilities
Long-term bank debt			361		-		-
Subordinated loan			3,613		2,444		1,746
Government assistance			1,234		1,065		914
Total liabilities			14,582		14,256		14,538
Shareholders' equity
Deficit		$	(9,104)	$	(10,032)	$	(11,506)
Accumulated other comprehensive (loss) income			(85)		12		-
			(9,189)		(10,020)		(11,506)
Share capital
	Common shares		12,681		12,681		12,681
	Preferred shares		2,218		2,218		2,218
Contributed surplus			8,305		8,249		8,209
Total shareholders' equity			14,015		13,128		11,602
Total liabilities and shareholders' equity		$	28,597	$	27,384	$	26,140

FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Statements of Earnings
		Years ended
(in thousands of dollars,		November 30,		November 30,
except per share amounts)		2012		2011
Sales		$	55,646	$	53,730
Cost of sales
	Cost of sales		41,413		39,620
	Depreciation of plant and equipment		1,605		1,830
Total cost of sales			43,018		41,450
Gross margin			12,628		12,280
Expenses
	Selling, general and administrative		8,259		8,253
	Research and development costs		2,823		2,915
	Recovery of research and development costs		(290)		(348)
	Depreciation/amortization of office equipment and intangible assets		140		113
	Interest expense on short-term debt		75		168
	Interest expense on long-term debt		273		229
	Severance		54		43
	Foreign exchange loss		335		139
Total expenses			11,669		11,512
Earnings before income taxes			959		768
Income tax expense			31		2
Deferred tax recovery			-		(708)
Net earnings		$	928	$	1,474
Earnings per share
	Basic	$	0.05	$	0.08
	Diluted	$	0.05	$	0.08

FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Statements of Comprehensive Income
	Years ended
	November 30,		November 30,
(in thousands of dollars)	2012		2011
Net earnings	$	928	$	1,474
Other comprehensive (loss) income
Foreign currency translation adjustments		(97)		12
		(97)		12
Total comprehensive income	$	831	$	1,486

FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Statements of Changes in Shareholders' Equity
Years ended November 30, 2012 and November 30, 2011
												Accumulated
												Other			Total
	Common			Preferred					Contributed			Comprehensive			Shareholders'
(in thousands of dollars)	Shares			Shares			Deficit		Surplus			Income (Loss)			Equity
Balance, December 1, 2010	$	12,681		$	2,218		$	(11,506)	$	8,209		$	-		$	11,602
Net earnings		-			-			1,474		-			-			1,474
Stock-based compensation		-			-			-		40			-			40
Foreign currency translation adjustments		-			-			-		-			12			12
Balance, November 30, 2011		12,681			2,218			(10,032)		8,249			12			13,128
Net earnings		-			-			928		-			-			928
Stock-based compensation		-			-			-		56			-			56
Foreign currency translation adjustments		-			-			-		-			(97)			(97)
Balance, November 30, 2012	$	12,681		$	2,218		$	(9,104)	$	8,305		$	(85)		$	14,015

FIRAN TECHNOLOGY GROUP CORPORATION
Consolidated Statements of Cash Flows
		Years ended
		November 30,		November 30,
(in thousands of dollars)		2012		2011
Net inflow (outflow) of cash related to the following:
Operating activities
Net earnings		$	928	$	1,474
Items not affecting cash:
	Stock-based compensation		56		40
	Loss from disposal of plant and equipment		12		25
	Effect of exchange rates on U.S. dollar Canadian debt		(15)		(47)
	Depreciation of plant and equipment		1,696		1,895
	Amortization of intangible assets		49		48
	Amortization of deferred financing costs		50		28
	AMIS interest accretion		251		150
	Amortization of government assistance		(403)		(261)
	Recovery of deferred income taxes		-		(708)
Changes in non-cash operating working capital			(1,629)		1,974
			995		4,618
Investing activities
	Additions to plant and equipment		(2,889)		(2,433)
	Proceeds from disposal of plant and equipment		23		56
	Additions to deferred financing costs/intangible assets		(108)		(5)
			(2,974)		(2,382)
Financing activities
	Increase (decrease) in bank indebtedness		994		(759)
	Proceeds from subordinated loan and government assistance		1,490		960
	Proceeds from long-term bank debt		497		-
	Repayments of long-term bank debt		(1,423)		(1,532)
			1,558		(1,331)
Effects of foreign exchange rate changes on cash flow			(77)		112
Net cash flow			(498)		1,017
Cash, beginning of year			1,944		927
Cash, end of year		$	1,446	$	1,944
Disclosure of cash payments
	Payment for interest	$	95	$	247
	Payments for income taxes	$	31	$	2