Circuit World Completes Acquisition of Firan Technology Group From Glendale International


Circuit World Completes Acquisition of Firan Technology Group From Glendale International


Toronto, July 31, 2003 – Circuit World Corporation (TSX:CCW) today announced that it has completed the acquisition of Firan Technology Group Inc., a wholly owned subsidiary of Glendale International Corp. (TSX:GIN).

This acquisition establishes Circuit World as the leading supplier of high reliability printed circuits to the aerospace and defence industries in Canada.

“We are well advanced in the integration planning for the combination of these businesses,” said Mr. Gordon Roseborough, CEO of Circuit World.

This transaction will combine Circuit World”s state-of-the-art facilities and process technology with Firan”s materials-based technology and strong presence in the military and aerospace markets.

“We are very pleased with this acquisition as it should allow us to provide a wider range of products, achieve higher operating efficiencies and strengthen our position in strategic markets. The printed circuit industry continues to be redefined as a result of economic factors worldwide. We must anticipate that further changes will occur and position ourselves accordingly,” said Mr. Roseborough.

Under the Merger Agreement, Circuit World has issued 8,541,987 common shares to Glendale, in consideration for the acquisition of Firan Technology Group, representing 49% of the outstanding voting shares of Circuit World post-issuance, and Glendale has nominated four of seven Circuit World directors.

Firan Technology Group manufactures various electronic products. Through its Precision Division, Firan Technology Group manufactures printed circuit boards primarily for large US corporations in the electronics industry. Through its Edgelit Division, the business manufactures aircraft illuminated instrument panels for commercial aircraft manufacturers in the civil and military aviation industries. In addition, Edgelit also manufactures electro-luminescent lamps for use in illuminated instrument panels and a variety of other products sold to various commercial and aviation companies.

Circuit World Corporation is a high-technology fabricator of high-density, multi-layered printed circuit boards. Approximately 80% of its sales are derived from the Avionics, Telecommunications, Medical and Advanced Test industries in the U.S., with the remainder in Canada.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Circuit World with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.

For further information please contact:

John Bartkiw, CFO Tel: (416) 299-4000
Circuit World Corporation

Gordon Roseborough, CEO Tel: (416) 299-4000
Circuit World Corporation

Updates can be found at the company”s web site
The company welcomes calls from brokers and analysts wishing to learn more about Circuit World.