FTG ANNOUNCES FIRST QUARTER 2020 FINANCIAL RESULTS
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG” OR “THE CORPORATION”) ANNOUNCES FIRST QUARTER 2020 FINANCIAL RESULTS
TORONTO, ONTARIO – (April 8, 2020) – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the first quarter 2020.
• Ended Q1 2020 with over $51M in total backlog. Of this, over $30M is due in Q2 2020
• Generated $3.5M in cash in Q1 and ended the quarter with $5.2M in net cash on the balance sheet
• Included in the Q1 2020 net loss was a non-cash expense to reduce the intangible asset from an acquisition in 2016 due to increased market uncertainty going forward
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