Firan Technology Group Corporation Announces Results of AGM

TORONTO, April 12, 2024 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (“FTG” or the “Corporation”) today announced the results of its annual general meeting of shareholders (“AGM”), held in Toronto, Ontario on April 12, 2024. The Corporation reports that five of the director nominees listed in its management information circular dated February 22, 2024, were elected as directors of FTG.

The detailed results of the vote for the election of directors of FTG are set out below.

As David F. Masotti did not receive a majority of the votes cast for his election, he was not elected as a director of the Corporation. However, as an incumbent director, in accordance with the Canada Business Corporations Act, Mr. Masotti is expected to continue in office until the earlier of (i) 90 days after today, and (ii) the day on which his successor is appointed.

“I would like to thank Dave for his commitment and dedication to FTG and for the insight he provided to the Board over his 20+ years as director of FTG,” said Bradley C. Bourne, President and CEO of FTG.

There were 37 shareholders represented in person or by proxy at the AGM holding 17,214,100 Common Shares representing 72.10% of the Corporation’s issued and outstanding Common Shares.

In addition, at the AGM, the shareholders re-appointed MNP LLP, Chartered Professional Accountants, as the Corporation’s auditor and authorized the directors to fix the auditor’s remuneration. For more information on these matters, please refer to FTG’s management information circular dated February 22, 2024, available on SEDAR+ at www.sedarplus.com.

ABOUT FIRAN TECHNOLOGY GROUP CORPORATION

FTG is an aerospace and defense electronics product and subsystem supplier to customers around the globe. 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, Chatsworth, California, Fredericksburg, Virginia, Minnetonka, Minnesota, Haverhill, Massachusetts and a joint venture in Tianjin, China.

FTG Aerospace manufactures and repairs illuminated cockpit panels, keyboards and sub-assemblies for original equipment manufacturers of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Chatsworth, California and Tianjin, China.

The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol FTG.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, FTG’s operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains words such as “anticipate”, “believe”, “expect”, “plan” or similar words suggesting future outcomes. Such statements are based on the current expectations of management of the Corporation and inherently involve numerous risks and uncertainties, known and unknown, including economic factors and the Corporation’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 Corporation. The reader is cautioned to consider these and other factors carefully when making decisions with respect to the Corporation and not place undue reliance on forward-looking statements. Other than as may be required by law, FTG disclaims any intention or obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise.

For further information please contact:

Additional information can be found at the Corporation’s website www.ftgcorp.com