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 1,195,550 Common Shares, being
approximately 5% of its Common Shares outstanding as of May 26,
2023. As of May 26, 2023, 23,911,002 Common Shares of the
Corporation were issued and outstanding. Purchases may commence
through the TSX on June 5, 2023, and will conclude on the earlier
of the date on which purchases under the bid have been completed
and June 4, 2024.
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 and/or through alternative Canadian
trading systems. 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 November 1, 2022, through
April 30, 2023, was 22,946 Common Shares and, accordingly, daily
purchases will be limited to 5,736 Common Shares other than block
purchase exemptions.
Under its previous normal course issuer bid
approved by the TSX on April 20, 2022, the number of Common Shares
that could by repurchased for cancellation was 1,224,560 Common
Shares. FTG completed the purchase for cancellation through the
facilities of the TSX, and/or through alternative trading systems,
of 580,200 Common Shares at a weighted average price of $1.99 per
Common Share. FTG’s previous normal course issuer bid expired on
April 21, 2023.
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, Minnetonka,
Minnesota, Haverhill, Massachusetts 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.
For
further
information
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
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