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Toronto — Circuit World Corp. has entered into an agreement dated June 5, 2003 to acquire all the shares of Firan Technology Group Inc., a wholly owned subsidiary of Glendale International Corp.
This agreement establishes Circuit World as the leading supplier of high reliability printed circuits to the aerospace and defense industries in Canada.
Although Circuit World's presence will increase substantially within the aerospace and military markets as a result of this acquisition, the company's target markets also include medical, power, test and instrumentation as well as certain high technology segments within the telecom and computer industries.
On a combined basis, Circuit World Corp. and Firan Technology Group had approximately $50 million in revenue for fiscal 2002.
Under the merger agreement, Circuit World will issue 8,541,987 common shares to Glendale, representing 49 percent of the outstanding voting shares of Circuit World post-issuance, and Glendale will nominate four of seven Circuit World directors following closing.
Completion of the transaction, which is expected to close on or about July 4, 2003, is subject to, among other approvals, approval by the shareholders of Circuit World at the annual and special meeting to be held on June 30, 2003 at 10 a.m. at the Toronto Board of Trade. The acquisition is also subject to the satisfactory completion of due diligence and customary closing conditions. The directors of Circuit World unanimously recommend that the shareholders approve the transaction. A detailed Management Information Circular will be mailed to shareholders on or before June 9, 2003.
Firan Technology Group manufactures various electronic products. Through its Precision Division, Firan Technology manufactures printed circuit boards primarily for large US corporations in the electronics industry.
Circuit World Corp. is a high-technology fabricator of high-density, multi-layered printed circuit boards. Approximately 80 percent of its sales are derived from the avionics, telecommunications, medical and advanced test industries in the U.S., with the remainder in Canada. For more information, visit www.circtwrld.com.