Firan Technology Group Corporation (FTG) Renews U.S. $8,00,000 Credit Facilities
Toronto, March 19, 2009 – Firan Technology Group Corporation (“FTG”) announced today that it has renewed its banking agreement with Comerica Bank (“Comerica”). The U.S. $8,000,000 committed, multi-year credit facility is a combination of a three-year U.S. $6,000,000 revolver and a one-year U.S. $2,000,000 capital expenditure facility. With this renewal, Comerica has extended U.S. $17,000,000 of credit facilities for FTG.
“We are extremely pleased with the renewal of our banking facilities with Comerica. Comerica’s support, enthusiasm, eagerness, flexibility and desire to fund FTG’s capital requirements in the current market environment are extremely encouraging. This agreement will support FTG’s long-term organic growth and expansion objectives,” stated Mr. Joe Ricci, Vice President and Chief Financial Officer of FTG.
“Comerica’s ongoing commitment and renewal of these banking facilities are an important milestone for FTG and will continue to help enable us to move forward with our internal and external growth plans”, added Mr. Brad Bourne, President and Chief Executive Officer of FTG. “We look forward to growing our already successful existing relationship with Comerica over the next few years.”
Comerica offers a full range of financial and investment services to companies such as FTG.
ABOUT FIRAN TECHNOLOGY GROUP CORPORATION
FTG is an aerospace and defense electronics product and subsystem supplier to the North American marketplace. 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 avionics products as well as airframe manufacturers located in Toronto, Ontario.
The Corporation's shares are traded on the Toronto Stock Exchange under the symbol FTG.
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.
For further information please contact:
Bradley C. Bourne,
President and CEO
Tel: (416) 299-4000 x 314
Firan Technology Group Corporation
Joseph R. Ricci,
Vice President and CFO
Tel: (416) 299-4000 x 309
Firan Technology Group Corporation
Additional information can be found at the Corporation’s website www.ftgcorp.com