Firan Technology Group Corporation
TSX : FTG

Firan Technology Group Corporation

November 28, 2014 17:05 ET

Firan Technology Group Corporation (FTG) Announces Mr. Brad Bourne Has Acquired by Private Purchase Beneficial Ownership of 1,775,000 Voting Convertible Series 1 Preferred Shares

TORONTO, ONTARIO--(Marketwired - Nov. 28, 2014) - Firan Technology Group Corporation (TSX:FTG) today announced that Mr. Brad Bourne, President and CEO of FTG (the "Offeror"), has acquired by private purchase beneficial ownership of 1,775,000 voting convertible Series 1 preferred shares (the "Preferred Shares") of FTG for aggregate consideration of $1,065,000. The Offeror also holds 414,600 common shares ("Common Shares") of FTG, 425,000 options ("Options") to acquire Common Shares and 60,000 performance share units ("PSUs") of FTG.

The Preferred Shares represent 100% of the class of outstanding voting convertible Series 1 Preferred Shares of the Issuer. Assuming conversion of the Preferred Shares, Options and the PSUs held by the Offeror, the Offeror would hold 2,674,600 Common Shares, representing approximately 13.3% of the then issued and outstanding Common Shares.

The securities were acquired for investment purposes. While the Offeror does not intend to acquire further securities of FTG at this time, he may in the future convert the Preferred Shares or acquire or dispose of other securities of FTG, through the market, privately or otherwise, as circumstances or market conditions warrant.

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 and a joint venture in Tianjin, China.
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.

Contact Information