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”) is headquartered in Haverhill, Massachusetts, just north of Boston. IMI is a specialty radio frequency circuit board manufacturer focused on the aerospace and defense market. Completion of the acquisition is subject to approval by the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions. These companies will soon apply for CFIUS approval. The transaction is expected to close in the first quarter of fiscal 2023.
FTG will acquire 100% of IMI’s common stock for a cash consideration of approximately C$2 million, subject to typical closing adjustments. The target company has reported annual sales of approximately C$4-5 million in unaudited financial statements for the past several years.
“FTG has identified a desire to increase its RF circuit board offerings for aerospace and defense applications. This acquisition, if completed, will complement FTG’s existing facilities, add new customers and provide a broader product offering to our existing customer base ,” said Brad Bourne, President and Chief Executive Officer of FTG Corporation. He added: “Peter Bigelow has done an excellent job building out IMI’s RF capabilities through investments in people, processes and technology, and FTG plans to grow IMI from its current position.”
Peter Bigelow commented: “I am delighted to be selling IMI to FTG as I am confident that 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 agree to continue as President of IMI for a period following the completion of the sale of FTG.”
About Feiran Technology Group Corporation
FTG is a supplier of aerospace and defense electronics and subsystems to customers worldwide. FTG has two operating units:
FTG Circuits is a manufacturer of high technology, high reliability printed circuit boards. Our customers are leaders in the aerospace, defense and high-tech industries. FTG Circuits has offices in Toronto, Ontario; Chatsworth, CA; Fredericksburg, VA; and a joint venture in Tianjin, China.
FTG Aerospace manufactures and repairs illuminated cockpit panels, keypads and subassemblies for OEMs of aerospace and defense equipment. FTG Aerospace operates in Toronto, Ontario; Chatsworth, California; and Tianjin, China.
The company’s shares trade on the Toronto Stock Exchange under the symbol FTG.
This press release contains certain forward-looking statements. These forward-looking statements relate to, but are not limited to, FTG’s operations, expected financial performance, business prospects and strategy, the expected completion of the acquisition, CFIUS filing and approval, the financing of the purchase price and the proceeds of the acquisition by FTG. Forward-looking information often contains words such as “expects,” “believes,” “expects,” “plans” or similar words that imply future results. Such statements are based on the current expectations of the company’s management and inherently involve a number of known and unknown risks and uncertainties, including economic factors and the company’s industry. 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 may differ materially from those expressed or implied by the company’s forward-looking statements. Readers are cautioned to carefully consider these and other factors when making decisions about the company and not to place undue reliance on forward-looking statements. FTG disclaims any intention or duty to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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Bradley C. Bourne, President and Chief Executive Officer
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Jamie Crichton, Vice President and Chief Financial Officer
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