TORONTO, April 20, 2022 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (“FTG” or the “Corporation”) today announced the acceptance by the Toronto Stock Exchange (the “TSX”) of FTG’s Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”). Pursuant to the NCIB, FTG is authorized to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 1,224,560 Common Shares, being approximately 5% of its Common Shares outstanding as of April 12, 2022. As of April 12, 2022, 24,491,201 Common Shares of the Corporation were issued and outstanding. Purchases may commence through the TSX on April 22, 2022 and will conclude on the earlier of the date on which purchases under the bid have been completed and April 21, 2023.
Purchases of Common Shares under the NCIB will be made in accordance with TSX by-laws, rules and policies through the facilities of the TSX or through alternative trading systems in Canada permitted by the TSX. All Common Shares purchased by FTG will be cancelled. The price paid for any repurchased Common Shares will be the market price of such Common Shares at the time of acquisition. The average daily trading volume of the Common Shares of the Corporation from the start of trading on October 1, 2021 through March 31, 2022 was 26,186 Common Shares and, accordingly, daily purchases will be limited to 6,546 Common Shares other than block purchase exemptions.
To FTG’s knowledge, none of the directors, officers or other insiders of FTG or any associate of any such persons, or any associate or affiliate of FTG currently intends to sell Common Shares to FTG during the course of the NCIB.
FTG believes that the proposed purchases are in the best interests of FTG and are a desirable use of corporate funds.
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 and repairs 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”, “will”, “may” 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.
Forfurtherinformation please contact:
Bradley C. Bourne, President and CEO
Tel: (416) 299-4000 x 314
Firan Technology Group Corporation
bradbourne@ftgcorp.com
Jamie Crichton, Vice President and CFO
Tel: (416) 299-4000 x 264
Firan Technology Group Corporation
jamiecrichton@ftgcorp.com
Additional information can be found at the Corporation’s website www.ftgcorp.com
