Firan Technology Group Announces U.S. $14,500,000 Credit Facilities
Firan Technology Group Announces U.S. $14,500,000 Credit Facilities
Firan Technology Group Corporation (“FTG”) announced today that it has entered into a new banking agreement with Comerica Bank (“Comerica”). The U.S. $14,500,000 committed, multi-year credit facility is a combination of a 3-year Revolver, CAPEX and 5-year Fixed Term Debt facility.
“We are extremely pleased about our new banking facilities with Comerica. The entire Comerica team has demonstrated an eagerness and flexibility and desire to partner with a high tech firm of our size. This agreement will support the Company in achieving its long term organic growth and expansion objectives”, stated Mr. Joe Ricci, Vice President and Chief Financial Officer of FTG.
“We are excited about entering into this relationship with FTG”, stated Mr. Jayson Ishakis, Assistant Vice President of Comerica Bank”s Canadian operation (NYSE: CMA).
“These banking facilities are an important milestone for FTG and will help enable us to move forward with our internal and/or external growth plans”, added Mr. Brad Bourne, President and Chief Executive Officer.
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.
The Company’s shares are traded on the Toronto Stock Exchange under the symbol FTG.
This news release contains certain forward-looking statements. Such statements are based on the current expectations of management of the Company and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Company”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 Company. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Company and not place undue reliance on forward-looking statements.
For further information please contact:
Bradley C. Bourne,
President and CEO
Tel: (416) 299-4000 x314
Firan Technology Group Corporation
bradbourne@firantechnology.com
Joseph R. Ricci,
Vice President and CFO
Tel:(416) 299-4000 x309
Firan Technology Group Corporation
joericci@firantechnology.com
Additional information can be found at the Company”s web site www.firantechnology.com
