IMI To Be Acquired By Firan Technology Group Corporation (FTG)

November 17, 2022, 7:00 pm Peter Bigelow

HAVERHILL, MASSACHUSETTS – (November 17, 2022) – IMI, Inc. (“IMI”)  a manufacturer of specialty RF circuit boards focused on the aerospace and defense markets has announced it has agreed to be acquired by Firan Technology Group Corporation (TSX:FTG), a leading provider of electronic products and avionic sub-systems for the aerospace and defense markets.  The closing of the acquisition is subject to approval by the Committee on Foreign Investment in the United States (CFIUS) and other customary closing conditions.  The companies will shortly apply for CFIUS approval.  The closing of the transaction is expected to take place in the first quarter of fiscal 2023.

FTG will acquire 100% of the common shares of IMI for cash consideration of approximately $2M CAD, subject to typical closing adjustments.  The target company has had reported annual sales of approximately $4-5M CAD in its unaudited financial statements over the past few years.

“FTG had identified a desire to increase its product offering of RF Circuit Boards for aerospace and defense applications.  This acquisition, if completed, will complement FTG’s existing facilities, add new customers and provide a broader product offering to our existing customer base”, stated Brad Bourne President and CEO, FTG Corporation. He added “Peter Bigelow has done an excellent job building IMI’s RF capability through investments in people, processes and technology and FTG plans to grow IMI from its current location.”

Peter Bigelow commented, “I am pleased with the sale of IMI to FTG, as I believe FTG will continue to build the business going forward to the benefit of IMI’s customers, employees and other stakeholders.  While the ownership of the company is changing, I have agreed to remain with IMI as President for a period of time after the closing of the sale to FTG.”



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 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.



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, the expected closing of the acquisition, the CFIUS application and approval, the source of funds for the acquisition price and the benefits of the acquisition for FTG. 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:

Bradley C. Bourne, President and CEO
Tel: (416) 299-4000, ext. 314
Firan Technology Group Corporation


Jamie Crichton, Vice President and CF
Tel: (416) 299-4000, ext. 264 Firan Technology Group Corporation


Additional information can be found at the Corporation’s website

Peter Bigelow is President / CEO of IMI... Email is:

About IMI Inc.

Founded in 1971, IMI is a leading provider of commercial and military, technologically-advanced printed circuit boards with significant expertise in fabricating on all types of PTFE/Duroid, polyimide, and more traditional FR-4 based laminates as well as mixed construction applications. Based in Haverhill, Massachusetts, IMI is MIL certified, ITAR registered as well as AS9100/ ISO9001 registered and focuses on leading Aerospace, Military, Medical, RF/Microwave and Industrial electronics OEMs and contract manufacturers from its Haverhill facility. For more information, visit