Mr. Bradley Bourne reports

FIRAN TECHNOLOGY GROUP CORPORATION (FTG) COMPLETES THE ACQUISITIONS OF HOLADAY CIRCUITS AND IMI INC.

Firan Technology Group Corp. has acquired 100 per cent of Minnesota-based Holaday Circuits and 100 per cent of Massachusetts-based IMI Inc.

Further to the previous announcements made by Firan Technology regarding these acquisitions, Firan Technology has now attained the approval from the Committee on Foreign Investment in the United States (CFIUS) and all closing conditions have been met and both acquisitions are now closed.

The IMI acquisition bolsters Firan Technology presence in RF circuit boards for the aerospace and defence market. The RF market is growing, and IMI's specialized capabilities will enable Firan Technology to better address this market segment and support the company's customers' needs.

The Holaday Circuits acquisition gives Firan Technology a large, United States-based facility that can address the market for high-technology circuit boards, particularly for defence applications which will again enable the company to better support its customers.

Combined, the acquisitions had sales of about $45-million prepandemic. The combined purchase prices are approximately $27-million and the Holaday agreement also has an earnout of up to approximately $6-million depending on financial performance over the next 18 months. The acquisitions will be financed primarily from existing cash and bank facilities will be used for remaining balance.

"FTG had identified a desire to add U.S. manufacturing capacity for RF and high-technology product for aerospace and defence applications. These acquisitions accomplish this and will complement FTG's existing capabilities and locations," stated Brad Bourne, president and chief executive officer, Firan. He added, "Having met the teams at IMI and Holaday Circuits, I am truly thrilled by their skills, dedication and commitment to excellence and I welcome them all to FTG."

About Firan Technology Group Corp.

Firan is an aerospace and defence electronics product and subsystem supplier to customers around the globe. Firan has two operating units:

• FTG Circuits is a manufacturer of high-technology, high-reliability printed circuit boards. FTG Circuits' customers are leaders in the aviation, defence and high-technology industries. FTG Circuits has operations in Toronto, Ont., Chatsworth, Calif., and Fredericksburg, Va., and a joint venture in Tianjin, China.
• FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and subassemblies for original equipment manufacturers of aerospace and defence equipment. FTG Aerospace has operations in Toronto, Ont., Chatsworth, Calif., and Tianjin, China.

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