The LGL Group Announces New Paycheck Protection Program Loan
April 20 2020 - 3:05PM
Business Wire
The LGL Group, Inc. (the “Company” or “LGL”; NYSE American:
LGL), announced its operating subsidiaries have entered into loans
pursuant to the Paycheck Protection Program under the Coronavirus
Aid, Relief, and Economic Security (CARES) Act totaling
approximately $1.9 million that mature on April 15, 2022 and bear
interest at a rate of 1.00% per annum, with the first six months of
principal and interest deferred.
Ivan Arteaga, LGL’s CEO, said, “Our company’s $1.9 million in
loans from the Paycheck Protection Program provides paycheck
protection for our employees from the economic impact to our
business due to the COVID-19 virus. Our businesses have been
impacted and face uncertain future impacts as a result of ‘Stay at
Home’ orders within jurisdictions in which our company and its
subsidiaries operate.”
Mr. Arteaga continued, “While the future outlook is uncertain,
we are very grateful that our businesses are considered ‘essential’
for the sake of its customers and employees. We continue to produce
and ship orders that are vital to the defense and aerospace
industries.”
Bill Drafts, CEO for MtronPTI, said, “We greatly appreciate our
employees' heroic efforts as we continue delivering mission
critical products to our Aerospace and Defense customers, allowing
them to protect our nation and the World. We are incredibly proud
of the passion and dedication of MtronPTI’s employees during this
pandemic and we are working hard to implement every safety
precaution recommended by the Centers for Disease Control and
Prevention in order to provide the safest possible environment in
which to work.”
About The LGL Group, Inc.
The LGL Group, Inc., through its two principal subsidiaries
MtronPTI and Precise Time and Frequency LLC, designs, manufactures
and markets highly-engineered electronic components used to control
the frequency or timing of signals in electronic circuits, and
designs high performance frequency and time reference standards
that form the basis for timing and synchronization in various
applications.
Headquartered in Orlando, Florida, the Company has additional
design and manufacturing facilities in Yankton, South Dakota,
Wakefield, Massachusetts and Noida, India, with local sales offices
in Hong Kong and Austin, Texas.
For more information on the Company and its products and
services, contact James Tivy at The LGL Group, Inc., 2525 Shader
Rd., Orlando, Florida 32804, (407) 298-2000, or visit
www.lglgroup.com and www.mtronpti.com.
Caution Concerning Forward Looking Statements
This press release may contain forward-looking statements made
in reliance upon the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21 E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include all statements that do not relate solely to
historical or current facts, and can be identified by the use of
words such as “may,” “will,” “expect,” “project,” “estimate,”
“anticipate,” “plan,” “believe,” “potential,” “should,” “continue”
or the negative versions of those words or other comparable words.
These forward-looking statements are not guarantees of future
actions or performance. These forward-looking statements are based
on information currently available to us and our current plans or
expectations, and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and our future financial condition and results. Certain of
these risks and uncertainties are described in greater detail in
our filings with the Securities and Exchange Commission. We are
under no obligation to (and expressly disclaim any such obligation
to) update or alter our forward-looking statements, whether as a
result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200420005806/en/
The LGL Group, Inc. Ivan Arteaga, 407-298-2000 CEO
iarteaga@lglgroup.com or James Tivy, (407) 298-2000 CFO
jtivy@lglgroup.com
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