Firan Technology Group Corporation ("FTG") Announces New and Amended Credit Facilities
Toronto, December 1, 2015 – Firan Technology Group Corporation (TSX:FTG) announced today that it has renewed and amended its banking agreement with HSBC Bank Canada (“HSBC”). The new committed four-year credit facility is a combination of:
• U.S. $16,000,000 4-year committed Operating Facility, Revolving and Non-Revolving facilities.
• U.S. $37,000,000 Foreign Exchange and Precious Metals Forward Contracts Lines.
• U.S. $10,000,000 Interest Swap Line.
“We are extremely pleased about our new banking facilities with HSBC and their ability to support FTG’s operations in Canada, the US and China. The entire HSBC team has continued to demonstrate an eagerness, flexibility and desire to continue to partner with a high tech firm of our size. This agreement will support the Corporation in achieving its long term international growth and expansion objectives”, stated Mr. Joe Ricci, Vice President and Chief Financial Officer of FTG.
“These banking facilities are extremely important to FTG as they will help us to move forward with our internal and external international growth plans”, added Mr. Brad Bourne, President and Chief Executive Officer.
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.
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 x314
Firan Technology Group Corporation email@example.com
Joseph R. Ricci, Vice President and CFO
Tel:(416) 299-4000 x309
Firan Technology Group Corporation firstname.lastname@example.org
Additional information can be found at the Corporation’s website www.ftgcorp.com