FTG ANNOUNCES THIRD QUARTER 2020 FINANCIAL RESULTS
For Immediate Release: October 7, 2020
FIRAN TECHNOLOGY GROUP CORPORATION (“FTG”) ANNOUNCES THIRD QUARTER 2020
TORONTO, ONTARIO – (October 7, 2020) – Firan Technology Group Corporation (TSX: FTG) today announced financial results for the third quarter 2020.
• Ended Q3 2020 with over $47M in total backlog, of which $26M is due in Q4 2020
• Generated $3.2M in cash in Q3 and ended the quarter with $8.8M in net cash on the balance sheet
• Achieved a gross margin percentage of 27.6%
• Received $0.8M in Canadian Emergency Wage Subsidy in the quarter
• Entered into a new 2 year, $20M USD committed credit facility on terms similar to the previous agreement with our current lender
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