TORONTO, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (“FTG” or the “Corporation”) today announced the acceptance by the Toronto Stock Exchange (the “TSX”) of FTG’s Notice of Intention to make a Normal Course Issuer Bid (“NCIB”), renewing the NCIB that expired in June 2024. Pursuant to the NCIB, FTG is authorized to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 1,193,740 common shares of the Corporation (“Common Shares”), being approximately 5% of its Common Shares outstanding as of August 14, 2024. As of August 14, 2024, 23,874,802 Common Shares of the Corporation were issued and outstanding. Purchases may commence through the TSX on August 26, 2024 and will conclude on the earlier of the date on which purchases under the bid have been completed and August 25, 2025.

Purchases of Common Shares under the NCIB will be made in accordance with TSX by-laws, rules and policies through the facilities of the TSX and/or through alternative Canadian trading systems. All Common Shares purchased by FTG will be cancelled. The price paid for any repurchased Common Shares will be the market price of such Common Shares at the time of acquisition. The average daily trading volume of the Common Shares of the Corporation from the start of trading on February 1, 2024 through July 31, 2024 was 22,855 Common Shares and, accordingly, daily purchases will be limited to 5,713 Common Shares other than block purchase exemptions.

Under its previous normal course issuer bid approved by the TSX on June 1, 2023, the number of Common Shares that could by repurchased for cancellation was 1,195,550 Common Shares. FTG completed the purchase for cancellation through the facilities of the TSX, and/or through alternative trading systems, of 36,200 Common Shares at a weighted average price of $3.34 per Common Share. FTG’s previous normal course issuer bid expired on June 4, 2024.

To FTG’s knowledge, none of the directors, officers or other insiders of FTG or any associate of any such persons, or any associate or affiliate of FTG currently intends to sell Common Shares to FTG during the course of the NCIB.

FTG believes that the proposed purchases are in the best interests of FTG and are a desirable use of corporate funds.

ABOUT FIRAN TECHNOLOGY GROUP CORPORATION

FTG is an aerospace and defence 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, defence, 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.