FTG ANNOUNCES THIRD QUARTER 2020 FINANCIAL RESULTS

For Immediate Release: October 07, 2020

FIRAN TECHNOLOGY GROUP CORPORATION (“FTG”) ANNOUNCES THIRD QUARTER 2020
FINANCIAL RESULTS

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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