Micron Solutions Secures $1.2 Million SBA Loan under Paycheck Protection Program Provision of CARES Act
April 24 2020 - 3:10PM
Micron Solutions, Inc. (OTCQB: MICR) (the
“
Company”), a diversified contract manufacturing
organization, through its wholly-owned subsidiary, Micron Products,
Inc., producing highly-engineered, innovative components requiring
precision machining, injection molding and assembly services,
announced today it received a $1.2 million loan (the “
SBA
Loan”) under the Paycheck Protection Program contained in
the Coronavirus Aid, Relief and Economic Security Act
(“
CARES ACT”). The SBA Loan was obtained from
Rockland Trust in Massachusetts.
The SBA Loan has a two-year term with a fixed
rate of one percent (1%) per annum and up to 100% of the SBA Loan
may be forgiven based on the amount of funds used during the first
eight week period following the loan origination date used towards
payroll, rent and utilities, calculated in accordance with the
requirements of the Paycheck Protection Program, including
provisions of Section 1106 of the CARES Act.
“During these unprecedented times, we are
grateful for the support of Massachusetts Senator Tran,
Massachusetts Representative Hay and Fitchburg Mayor DiNatale. The
expeditious actions by the U.S. Small Business Administration
implementing this loan program in response to the COVID-19 pandemic
is tremendously helpful. As a Massachusetts designated “COVID-19
Essential Services” provider, this SBA Loan improves our ability to
fund operations with certainty while supporting our critical
workforce,” said Bill Laursen, President and CEO of Micron.
Wayne Coll, Micron’s Chief Financial officer
said, “I’d like thank Rockland Trust for its timely communication,
loan processing efficiency and round-the-clock customer service
that resulted in Micron receiving its SBA Loan.”
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned
subsidiary, Micron Products, Inc., is a diversified contract
manufacturing organization that produces highly-engineered,
innovative medical device components requiring precision machining
and injection molding. The Company also contract manufactures
components, devices and equipment for military, law enforcement,
industrial and automotive applications. In addition, the
Company is a market leader in the production and sale of
silver/silver chloride coated and conductive resin sensors used as
consumable component parts in the manufacture of integrated
disposable electrophysiological sensors. The Company’s
strategy for growth is to build a best-in-class contract
manufacturer with a specialized focus on plastic injection molding
and highly-engineered medical devices and components requiring
precision machining.
The Company routinely posts news and other important information
on its websites:
http://www.micronsolutionsinc.com and
http://www.micronproducts.com
Safe Harbor Statement
Forward-looking statements made herein are based
on current expectations of Micron Solutions, Inc. (“our” or the
“Company”) that involve a number of risks and uncertainties and
should not be considered as guarantees of future performance. The
factors that could cause actual results to differ materially
include our ability to obtain and retain order volumes from
customers who represent significant proportions of net sales; our
ability to maintain our pricing model, offset higher costs with
price increases and/or decrease our cost of sales; variability of
customer delivery requirements; the level of and ability to
generate sales of higher margin products and services; our ability
to manage our level of debt and provisions in the debt agreements
which could make the Company sensitive to the effects of economic
downturns and limit our ability to react to changes in the economy
or our industry; failure to comply with financial and other
covenants in our credit facility; the impact on the Company’s
financial results due to economic uncertainty and disruption
including, but not limited to, recent events concerning COVID-19;
reliance on revenues from exports and impact on financial results
due to economic uncertainty or downturns in foreign markets;
volatility in commodity and energy prices and our ability to offset
higher costs with price increases; continued availability of
supplies or materials used in manufacturing at competitive prices;
variations in the mix of products sold; continued availability of
supplies or materials used in manufacturing at competitive prices;
and the amount and timing of investments in capital equipment,
sales and marketing, engineering and information technology
resources. More information about the Company's financial
results is included in the Company's most recent Annual Report on
Form 10-K.
For more information, contact: |
Mr. Wayne
Coll |
Chief
Financial Officer |
978.345.5000 |
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