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CORRECTION: Firan Technology Group (FTG) Announces Full Year and Fourth Quarter 2012 Financial Results-The Financial Tables Were Not Included in the Original Distribution

TORONTO, ONTARIO -- (Marketwire) -- 02/01/13 -- A correction is issued with respect to the release sent on January 31, 2013 at 5:15 PM ET. The financial tables were not included in the original distribution. The corrected release follows:

Firan Technology Group Corporation (TSX:FTG) today announced financial results for the full year and fourth quarter 2012.

--  Grew sales by 3.6% over full year 2011 
--  Grew Aerospace segment sales by 27% over full year 2011 
--  Improved Operating Earnings(1) by over $1M over full year 2011 
--  Invested $1.1M in start-up losses for new Aerospace facilities in
    Tianjin, China and Chatsworth, California compared to less than $0.2M in
    2011 
--  Invested $1M in capital assets for two new Aerospace facilities in
    Tianjin, China and Chatsworth, California 
--  Generated revenues over $900,000 from the two new Aerospace facilities
    in 2012 
--  R&D spending remained above 5% of sales 

"FTG continued to improve key aspects of the business in 2012 while making key strategic investments in new facilities for our Aerospace business for the future", stated Brad Bourne, President and Chief Executive Officer. He added, "The addition of facilities in China and the US, the two largest aerospace markets, are already resulting in new revenue streams for FTG."

Full Year 2012 Results: (Full year ended November 30, 2012 compared with full year ended November 30, 2011)

                                                     Full Year    Full Year 
                                                          2012         2011 
                                                 ---------------------------
                                                                            
Sales                                             $ 55,646,000 $ 53,730,000 
                                                 ---------------------------
                                                                            
  Operating Earnings(1):                             4,554,000    3,511,000 
    - Net R&D Investment                             2,533,000    2,567,000 
    - Aerospace Tianjin and Chatsworth Start-up                             
     Losses                                          1,062,000      176,000 
    - Taxes                                             31,000     (706,000)
                                                 ---------------------------
Net Earnings                                      $    928,000 $  1,474,000 
                                                 ---------------------------
Earnings per share                                                          
  - basic                                                 0.05         0.08 
                                                  $            $            
  - diluted                                       $       0.05 $       0.08 

Fourth Quarter Results: (three months ended November 30, 2012 compared with three months ended November 30, 2011)

                                                       Q4 2012      Q4 2011 
                                                 ---------------------------
                                                                            
Sales                                             $ 13,719,000 $ 13,981,000 
                                                                            
                                                 ---------------------------
  Operating Earnings (1):                            1,135,000      638,000 
    - Net R&D Investment                               589,000      358,000 
    - Aerospace Tianjin and Chatsworth Start-up                             
     Losses                                            419,000       73,000 
    - Taxes                                             23,000     (708,000)
                                                 ---------------------------
Net Earnings                                      $    104,000 $    915,000 
                                                 ---------------------------
Earnings per share                                                          
  - basic                                         $       0.01 $       0.05 
  - diluted                                       $       0.01 $       0.05 
                                                                            
(1)  Operating Earnings is not a measure recognized under International     
     Financial Reporting Standards ("IFRS"). Management believes that this  
     measure is important to many of the Corporation's shareholders,        
     creditors and other stakeholders. The Corporation's method of          
     calculating Operating Earnings may differ from other corporations and  
     accordingly may not be comparable to measures used by other            
     corporations.                                                          

Business Highlights

FTG accomplished many goals throughout 2012 that continue to improve the Corporation and position it for the future, including:

--  Continued year-over-year sales growth. 
--  Achieved earnings of $1,990,000 in the year before start-up costs at the
    two new Aerospace facilities. 
--  Strengthened management team with key new additions across all
    functional areas. 
--  Expanded sales outside of North America. 
--  Signed Letter of Intent for first significant program in China on the
    C919 single aisle aircraft being developed. 
--  Shipped first products from both FTG Aerospace Tianjin and FTG Aerospace
    Chatsworth. 
--  Completed implementation of a new Enterprise Resource Planning (ERP)
    system in the existing Aerospace facility in Toronto and the new
    facility in Chatsworth, CA. 
--  Began implementation of a new ERP system in the new Aerospace facility
    in Tianjin, China.  
--  Transitioned to IFRS accounting standard as required for all Canadian
    companies. 
--  Received final increment of Ontario Government AMIS loan bringing total
    loan to $5.1M in support of investments in FTG Circuits-Toronto
    facility. 
--  Invested $2.9M in capital assets across FTG in the year including $1M
    for the two new facilities. 
--  Installed third Laser Direct Imaging (LDI) system in FTG Circuits-
    Toronto. 
--  Successfully completed AS9100 audits for all FTG's operational sites. 
--  Completed 3-year MIL-P-55110 and MIL-P-50884 validation audit at FTG
    Circuits-Chatsworth. 

For FTG, overall sales increased by $1.9M (3.6%), from $53.7M in FY2011 to $55.6M in FY2012. FTG Aerospace drove the growth in the year. For the fourth quarter, sales were $13.7M, a decrease of $0.3M or 1.9% versus the same period last year, due to fewer production days in Q4 2012.

The Circuits Segment sales were down $1.4M or 3.4% in FY2012 versus FY2011. The lower sales are the result of lower demand from US based customers.

For the Aerospace segment, sales in FY2012 were up $3.3M or 27% compared to FY2011. Sales from the two new sites totaled $0.9M in 2012. Sales from FTG Aerospace Toronto were up $2.4M or 20% in FY2012. The growth was primarily due to increased demand from existing customers.

Gross margins were up in FY 2012 by $0.3M. Increased gross margins of $0.7M at the three established plants, due to improved operating metrics, were partially offset by start-up production costs of $0.4M at the two new Aerospace facilities.

Net earnings at FTG in FY2012 were $0.9M compared to net earnings of $1.5M in FY2011. SG&A costs were flat, foreign exchange losses increased $0.2M in FY 2012 and FY2011 included a deferred tax recovery of $0.7M. On a pre-tax basis, excluding the start-up costs for the two new facilities, net earnings in FY2012 were up $1.0M compared to FY2011.

The Circuits segment net earnings before corporate and interest costs increased to $3.4M in FY2012 compared to $2.3M in FY2011, on lower sales. The improvement is due to improved manufacturing efficiencies, reduced scrap and stable SG&A costs.

The Aerospace net earnings before corporate and interest costs dropped to $0.4M in FY2012 versus $1.1M in FY2011. The net earnings this year were reduced by the $1.1M start-up expenses for the two new facilities. Also in FY2012 were costs related to implementing a new ERP system in all Aerospace sites. Costs related to development for the C919 cockpit assemblies of $0.5M were treated as deferred development and not expensed in FY2012.

As at November 30, 2012, the Corporation's primary source of liquidity included accounts receivable of $10.5M and inventory of $7.9M. Inventories are flat in FY2012 on increased sales. Net working capital at November 30, 2012 was $ 10.9M.

The Corporation will host a live conference call on Friday, February 1, 2013 at 8:30 am (EDT) to discuss the results of FY2012.

Anyone wishing to participate in the call should dial 416-340-2216 or 1-866-226-1792 and identify that you are calling to participate in the FTG conference call. The Chairperson is Mr. Brad Bourne. A replay of the call will be available until February 14, 2013 and will be available on the FTG website at www.ftgcorp.com. The number to call for a rebroadcast is 905-694-9451 or 1-800-408-3053, pass code 9979071.

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 and Chatsworth, California.

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.

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" 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.ftgcorp.com.

FIRAN TECHNOLOGY GROUP CORPORATION                                          
Consolidated Balance Sheets                                                 
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                             November   November            
                                                  30,        30, December 1,
(in thousands of dollars)                        2012       2011        2010
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASSETS                                                                      
Current assets                                                              
Cash                                        $   1,446  $   1,944  $      927
Accounts receivable                            10,276      9,592       9,332
Taxes receivable                                  250        378         448
Inventories                                     7,927      7,973       8,726
Prepaid expenses                                  432        316         641
----------------------------------------------------------------------------
                                               20,331     20,203      20,074
Non-current assets                                                          
Plant and equipment, net                        5,608      4,474       4,024
Goodwill                                        1,039      1,039       1,039
Deferred income taxes                           1,375      1,375         667
Intangible assets                                 244        293         336
----------------------------------------------------------------------------
Total assets                                $  28,597  $  27,384  $   26,140
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Current liabilities                                                         
Bank indebtedness                           $     994  $       -  $      731
Accounts payable and accrued liabilities        7,184      8,123       7,420
Provisions                                        309        485         544
Customer deposits, net of deferred                                          
 development                                      843        714           -
Unearned revenue                                    -          -         152
Current portion of long-term bank debt             44      1,425       3,031
----------------------------------------------------------------------------
                                                9,374     10,747      11,878
Non-current liabilities                                                     
Long-term bank debt                               361          -           -
Subordinated loan                               3,613      2,444       1,746
Government assistance                           1,234      1,065         914
----------------------------------------------------------------------------
Total liabilities                              14,582     14,256      14,538
----------------------------------------------------------------------------
                                                                            
Shareholders' equity                                                        
Deficit                                     $ (9,104)  $(10,032)  $ (11,506)
Accumulated other comprehensive (loss)                                      
 income                                          (85)         12           -
----------------------------------------------------------------------------
                                              (9,189)   (10,020)    (11,506)
Share capital                                                               
  Common shares                                12,681     12,681      12,681
  Preferred shares                              2,218      2,218       2,218
Contributed surplus                             8,305      8,249       8,209
----------------------------------------------------------------------------
Total shareholders' equity                     14,015     13,128      11,602
----------------------------------------------------------------------------
Total liabilities and shareholders' equity  $  28,597  $  27,384  $   26,140
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Consolidated Statements of Earnings                                         
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                          Years ended       
----------------------------------------------------------------------------
(in thousands of dollars,                          November 30, November 30,
except per share amounts)                                  2012         2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Sales                                              $     55,646 $     53,730
                                                                            
Cost of sales                                                               
  Cost of sales                                          41,413       39,620
  Depreciation of plant and equipment                     1,605        1,830
----------------------------------------------------------------------------
Total cost of sales                                      43,018       41,450
----------------------------------------------------------------------------
Gross margin                                             12,628       12,280
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Selling, general and administrative                     8,259        8,253
  Research and development costs                          2,823        2,915
  Recovery of research and development costs              (290)        (348)
  Depreciation/amortization of office equipment                             
   and intangible assets                                    140          113
  Interest expense on short-term debt                        75          168
  Interest expense on long-term debt                        273          229
  Severance                                                  54           43
  Foreign exchange loss                                     335          139
----------------------------------------------------------------------------
Total expenses                                           11,669       11,512
----------------------------------------------------------------------------
                                                                            
Earnings before income taxes                                959          768
                                                                            
Income tax expense                                           31            2
Deferred tax recovery                                         -        (708)
----------------------------------------------------------------------------
                                                                            
Net earnings                                       $        928 $      1,474
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Earnings per share                                                          
  Basic                                            $       0.05 $       0.08
  Diluted                                          $       0.05 $       0.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Consolidated Statements of Comprehensive Income                             
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                        Years ended         
----------------------------------------------------------------------------
                                                 November 30,   November 30,
(in thousands of dollars)                                2012           2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Net earnings                                    $         928  $       1,474
----------------------------------------------------------------------------
                                                                            
Other comprehensive (loss) income                                           
                                                                            
Foreign currency translation adjustments                 (97)             12
----------------------------------------------------------------------------
                                                         (97)             12
----------------------------------------------------------------------------
                                                                            
Total comprehensive income                      $         831  $       1,486
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Consolidated Statements of Changes in Shareholders' Equity                  
Years ended November 30, 2012 and November 30, 2011                         
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
                                        Common      Preferred               
(in thousands of dollars)               Shares         Shares        Deficit
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Balance, December 1, 2010          $    12,681    $     2,218    $  (11,506)
Net earnings                                 -              -          1,474
Stock-based compensation                     -              -              -
Foreign currency translation                                                
 adjustments                                 -              -              -
----------------------------------------------------------------------------
Balance, November 30, 2011              12,681          2,218       (10,032)
Net earnings                                 -              -            928
Stock-based compensation                     -              -              -
Foreign currency translation                                                
 adjustments                                 -              -              -
----------------------------------------------------------------------------
Balance, November 30, 2012         $    12,681    $     2,218    $   (9,104)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Consolidated Statements of Changes in Shareholders' Equity                  
Years ended November 30, 2012 and November 30, 2011                         
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                  Accumulated               
                                                        Other          Total
                                   Contributed  Comprehensive  Shareholders'
(in thousands of dollars)              Surplus  Income (Loss)         Equity
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Balance, December 1, 2010          $     8,209    $         -    $    11,602
Net earnings                                 -              -          1,474
Stock-based compensation                    40              -             40
Foreign currency translation                                                
 adjustments                                 -             12             12
----------------------------------------------------------------------------
Balance, November 30, 2011               8,249             12         13,128
Net earnings                                 -              -            928
Stock-based compensation                    56              -             56
Foreign currency translation                                                
 adjustments                                 -           (97)           (97)
----------------------------------------------------------------------------
Balance, November 30, 2012         $     8,305    $      (85)    $    14,015
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
FIRAN TECHNOLOGY GROUP CORPORATION                                          
Consolidated Statements of Cash Flows                                       
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                        Years ended         
----------------------------------------------------------------------------
                                                 November 30,   November 30,
(in thousands of dollars)                                2012           2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net inflow (outflow) of cash related to the                                 
 following:                                                                 
                                                                            
Operating activities                                                        
Net earnings                                    $         928  $       1,474
Items not affecting cash:                                                   
  Stock-based compensation                                 56             40
  Loss from disposal of plant and equipment                12             25
  Effect of exchange rates on U.S. dollar                                   
   Canadian debt                                         (15)           (47)
  Depreciation of plant and equipment                   1,696          1,895
  Amortization of intangible assets                        49             48
  Amortization of deferred financing costs                 50             28
  AMIS interest accretion                                 251            150
  Amortization of government assistance                 (403)          (261)
  Recovery of deferred income taxes                         -          (708)
Changes in non-cash operating working capital         (1,629)          1,974
----------------------------------------------------------------------------
                                                          995          4,618
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Additions to plant and equipment                    (2,889)        (2,433)
  Proceeds from disposal of plant and                                       
   equipment                                               23             56
  Additions to deferred financing                                           
   costs/intangible assets                              (108)            (5)
----------------------------------------------------------------------------
                                                      (2,974)        (2,382)
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
  Increase (decrease) in bank indebtedness                994          (759)
  Proceeds from subordinated loan and                                       
   government assistance                                1,490            960
  Proceeds from long-term bank debt                       497              -
  Repayments of long-term bank debt                   (1,423)        (1,532)
----------------------------------------------------------------------------
                                                        1,558        (1,331)
----------------------------------------------------------------------------
                                                                            
Effects of foreign exchange rate changes on                                 
 cash flow                                               (77)            112
----------------------------------------------------------------------------
                                                                            
Net cash flow                                           (498)          1,017
                                                                            
Cash, beginning of year                                 1,944            927
----------------------------------------------------------------------------
                                                                            
Cash, end of year                               $       1,446  $       1,944
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Disclosure of cash payments                                                 
  Payment for interest                          $          95  $         247
  Payments for income taxes                     $          31  $           2
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
Firan Technology Group Corporation
Bradley C. Bourne
President and CEO
(416) 299-4000 x314
[email protected]

Firan Technology Group Corporation
Joseph R. Ricci
Vice President and CFO
(416) 299-4000 x309
[email protected]
www.ftgcorp.com

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