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Firan Technology Group Corporation announces Brad Bourne, president and CEO, has acquired by private purchase beneficial ownership of 1,775,000 voting convertible Series 1 preferred shares of FTG for aggregate consideration of $1,065,000. The Offeror also holds 414,600 common shares of FTG, 425,000 options to acquire Common Shares and 60,000 performance share units of FTG.
The Preferred Shares represent 100% of the class of outstanding voting convertible Series 1 Preferred Shares of the Issuer. Assuming conversion of the Preferred Shares, Options and the PSUs held by the Offeror, the Offeror would hold 2,674,600 Common Shares, representing approximately 13.3% of the then issued and outstanding Common Shares.
The securities were acquired for investment purposes. While the Offeror does not intend to acquire further securities of FTG at this time, he may in the future convert the Preferred Shares or acquire or dispose of other securities of FTG, through the market, privately or otherwise, as circumstances or market conditions warrant.
Firan Technology Group is a leading North American manufacturer of high-technology PCBs and precision illuminated display systems. FTG has manufactured complex mil-spec and specialty printed circuit boards for the Telecom, Medical, Avionics, Military, and Advanced Test markets for over three decades. Their commitment to innovation and one-on-one partnering assures a level of service and quality that customers demand, while quick-turn prototype and production runs guarantee on-time delivery. With facilities in Canada, and representation in the U.S. and Europe, FTG provides a broad range of integrated design and manufacturing services in a one-stop-shop offering.