Trump's tariffs in his first term did little to alter the economy, but this time could be different
After Iranian arrest tied to U.S. military murders, town advances sanctuary policiesTORONTO, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX: FTG) (OTCQX: FTGFF) (“FTG” or the “Corporation”) is pleased to announce the completion of the previously announced plan of arrangement (the “Transaction”) under the Canada Business Corporations Act pursuant to which FTG has acquired all of the issued and outstanding common shares (“FLYHT Shares”) of FLYHT Aerospace Solutions Ltd. (“FLYHT”). FLYHT is now a wholly-owned subsidiary of FTG. The Transaction was approved at a special meeting held by holders of FLYHT Shares (“FLYHT Shareholders”) on December 16, 2024 by approximately 97.9% of the votes cast by FLYHT Shareholders. Final approval for the Transaction was obtained from the Court of King’s Bench of Alberta on December 18, 2024. Under the terms of the Transaction, FLYHT Shareholders were able to elect to receive, in exchange for each FLYHT Share held, (i) CAD$0.1103 in cash and 0.0333 of a common share of FTG (each whole such share, an “FTG Share”), (ii) CAD$0.3379 in cash (the “All-Cash Consideration”) or (iii) 0.0495 FTG Shares (the “All-Share Consideration”), subject to pro-ration (collectively, the “Consideration”). The Consideration is subject to a total maximum cash consideration of CAD$4.3 million and a total maximum share consideration of 1.3 million FTG Shares. As a result of the elections made by FLYHT Shareholders, all FLYHT Shareholders who made an election will receive the following pro-ration: FLYHT Shareholders who elected to receive the All-Cash Consideration will receive approximately CAD$0.3379 in cash and nil FTG Shares per FLYHT Share; FLYHT Shareholders who elected to receive the All-Share Consideration will receive approximately CAD$0.0588 in cash and 0.0409 FTG Shares per FLYHT Share. As a result of Transaction, the FLYHT Shares will be delisted from the TSX Venture Exchange and FTG will apply to the relevant securities commissions for FLYHT to cease to be a reporting issuer under Canadian securities laws. Brad Bourne, President and CEO, FTG stated, “We are thrilled to have successfully completed the acquisition of FLYHT and we are confident that FLYHT will be an important part of FTG’s future. As we had previously announced, FLYHT increases our presence in the commercial aerospace aftermarket, and FLYHT’s SATCOM product increases our presence on Airbus aircraft, via a licensing arrangement and both of these are strategic priorities for FTG. Going forward we see a path to ramping up sales of FLYHT’s product lines and insourcing manufacturing of their product to other FTG sites. We have lots to do, but with the teams at FLYHT and FTG I know we can achieve our goals and create value for our shareholders.” Immediately prior to the effective date of the Transaction, FTG and its subsidiaries did not own any FLYHT Shares. Under the terms of the arrangement, FTG acquired 38,997,650 FLYHT Shares, being all of the issued and outstanding FLYHT Shares. The aggregate consideration to be paid for the FLYHT Shares is approximately CAD$4.3 million and 1.3 million FTG Shares. The closing trading price of an FTG Share on the Toronto Stock Exchange on December 19, 2024, the date immediately prior to the effective date of the Transaction, was CAD$7.28. An early warning report will be filed on SEDAR+ at www.sedarplus.com under FLYHT’s profile. In order to obtain a copy of the early warning report, please contact Jamie Crichton, FTG’s Vice President and CFO at: (416) 299-4000, ext. 264. 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 designs, certifies, manufactures and provides in-service support for illuminated cockpit products and electronic assemblies for original equipment manufacturers and operators of aerospace and defense equipment. FTG Aerospace has operations in Toronto, Ontario, Calgary, Alberta, Chatsworth, California and Tianjin, China. The Corporation’s shares are traded on the Toronto Stock Exchange under the symbol FTG, and on the OTCQX Exchange under the symbol FTGFF. FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking statements. These forward-looking statements are related to, but not limited to, expectations regarding the potential benefits and synergies of the Transaction for FTG, delisting of the FLYHT Shares from the TSX Venture Exchange and FTG’s intention to cause FLYHT to cease to be a reporting issuer. 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. Additional information can be found at the Corporation’s website www . ft g c o r p.c o mTaoiseach Simon Harris has said he is taking a “project truth” approach to calling out Sinn Fein’s spending pledges as fears over future economic threats took centre stage in the Irish General Election campaign. Election results on the other side of the Atlantic Ocean have set the background for the final stretch of campaigning for Irish parties ahead of polling day on Friday. Donald Trump’s presidential election victory in the US has brought heightened concern that his administration’s proposals around corporation tax and tariffs would significantly impact Ireland’s economic model. Mr Harris, leader of Fine Gael , has argued Ireland and other EU countries need to prepare for the possibility of trade shocks as he criticised the scale of Sinn Fein’s spending pledges as well as their saving plans. He said: “I think that is irresponsible, I think it is dangerous and I think it is reckless.” He accused Sinn Fein leader Mary Lou McDonald of not being able to say what her party was prepared to do in the event of an economic crash, adding that Fine Gael would borrow and stop putting money towards a rainy-day fund. Asked if the party was engaging in “project fear” to dissuade voters against Sinn Fein, Mr Harris said: “I call it ‘project truth’. It’s telling people what’s being discussed right across European capitals.” Ms McDonald told an RTE interview on Wednesday morning that a Sinn Fein government would also be prepared to start borrowing in the event of an economic downturn. Both Mr Harris and Fianna Fail leader Micheal Martin , who were partners in the last coalition government in Ireland, have made clear they will not countenance Sinn Fein as a potential partner in the next administration in Dublin. One day after the only three-way debate featuring the leaders of the main parties, Mr Martin accused Sinn Fein of being “dishonest” about how they will fund their manifesto plans. Speaking in Dublin on Wednesday, he said he is anxious to get clarity on the issue. “I think Sinn Fein have been very dishonest, frankly, in terms of the funds, because if you go through their figures, and this is a matter of fact, not opinion, they’re predicting a surplus of a billion in 2026, a billion in 2027. “Even in 2025, they’re talking about a mini budget, which would mean reducing the surplus that we’re anticipating in 2025. “There’s a legislative obligation now on any new government to put 0.8% of GDP to one side, and into the funds. There’s no way you can do that with a surplus of a billion in 2026 or 2027, and we would argue they would not have enough funds next year either to put into the funds.” He added: “It means they have no room to manoeuvre if things go wrong, if there’s headwinds come externally, or there are shocks internationally, Sinn Fein is not allowing any headroom at all in terms of room to respond or to move it.” Ms McDonald accused the other two parties of conspiring to keep Sinn Fein out of government and prevent change in Ireland. She said the two men were now “indistinguishable” from each other as she claimed they were suffering “acute amnesia” in regard to their records in government. On a visit to Naas fire station in Co Kildare, she said: “To listen to them, you’d imagine they had just arrived on the scene and that they were going to come up with all of these solutions. “They have had ample chances, ample opportunity, to make things better, and they have failed, and in between the two of them I make the case that now we ask for our chance, with our plans, with our team, to demonstrate how change can happen, how your community, your family, yourself, can be supported when the government is actually on your side.” Mr Martin’s and Mr Harris’ coalition partner Roderic O’Gorman, the leader of the Greens , issued a warning to the public over a future government without his party. On Wednesday, he said it is looking likely that Fianna Fail and Fine Gael will be returned to government – but cautioned they may not want the Greens to continue “fighting hard” on policies. He told reporters: “My sense is certainly the mood music from Fianna Fail and Fine Gael is that they’d like an easier life in the next government – and my concern is they use these small populist parties and right-wing independents.” Mr O’Gorman argued that the Greens could continue to provide stability to government at a time when economic shocks may be around the corner. As the Green leader suggested that relying on independents would be unstable, Mr Martin has also argued that “too much fragmentation would lead to incoherence in government”. Reflecting on Tuesday night’s debate, the Fianna Fail leader said the race remained “too close to call” while Mr Harris said it is “all to play for”. The leaders of Ireland’s three main political parties clashed on housing, healthcare and financial management in the last televised debate before Friday’s General Election. The tetchy debate, which was marked by several interruptions, saw the parties set out their stalls in a broadcast that commentators said did little to move the dial before polling day. The latest opinion poll on Monday put the parties in a tight grouping, with Fianna Fail slightly ahead of Sinn Fein, and Fine Gael in a close third after a significant slide in a campaign marked with several hiccups for Mr Harris’s party. After the 2020 general election delivered an inconclusive result, Fine Gael and Fianna Fail, two parties forged from opposing sides of Ireland’s Civil War of the 1920s, agreed to set aside almost a century of animosity and share power – with the Greens as a junior partner. From 2016 to 2020, Fianna Fail had supported Fine Gael in power through a confidence-and-supply arrangement from the Opposition benches in the Dail parliament. Sinn Fein won the popular vote in 2020 but a failure to run enough candidates meant it did not secure sufficient seats in the Dail to give it a realistic chance of forming a government.
