TORONTO, May 20, 2022 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (“FTG” or the “Company”) today announced the acceptance of Mr. Kumail Gangjee’s resignation.

After review, and unsuccessful attempts to meet the shareholders who withheld votes for Mr. Gangjee’s reappointment to the FTG Board of Directors this year, the Board reluctantly accepted Mr. Gangjee’s resignation in accordance with our Company policy which states that a director who fails to receive votes in favour of his or her election representing a majority of shares voted and withheld for election of the director will tender his or her resignation for consideration by the Corporate Governance Committee.

Mr. Gangjee conducted himself professionally, ethically and with the foremost concerns of all the stakeholders of the Company during his tenure. His actions were consistent with the Board’s values and requirements and were well suited to meeting the challenges of building a smaller Company like ours. We wish him well. The Board endeavours to seek the right individuals with the proper diversity and breadth to help guide the Company going forward.

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 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”, “will”, “may” 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:

Bradley C. Bourne, President and CEO
Tel: (416) 299-4000 x 314
Firan Technology Group Corporation
[email protected]

Jamie Crichton, Vice President and CFO
Tel: (416) 299-4000 x 264
Firan Technology Group Corporation
[email protected]

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