Micron Solutions, Inc. Completes Sale-Leaseback Transaction
June 10 2021 - 10:54AM
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 and injection
molding, completed the closing of the sale and leaseback of the
Company’s main manufacturing facility at 41 Sawyer Passway,
Fitchburg, Massachusetts.
CEO Bill Laursen commented, “We are happy to
report that we have brought the sale-leaseback transaction on terms
consistent with our previous disclosure to a successful close,
which will provide Micron with additional financial resources as we
seek to take advantage of a number of new customer
opportunities.”
CFO Wayne Coll commented, “The sale of 41 Sawyer
Passway provided proceeds of approximately $3.8 Million, of which
$3.07 Million was used to pay off all of the Company’s term and
revolving debt with our former lender, with the remainder available
for use by the Company. Additionally, we are currently negotiating
a new revolving credit facility with a commercial bank that will
provide us with additional capital resources. We expect to close on
this second financing transaction within the next thirty to sixty
days.”
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 website: http://www.micronsolutions.com.
Safe Harbor Statement
Forward-looking statements made herein,
including but not limited to, the ability to take advantage of new
customer opportunities, an expected rise in economic activity, and
the terms, conditions, timing and ability to close on a new
revolving credit facility 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. Therefore, actual results may
differ materially from what is expressed in or implied by these
forward-looking statements. The factors that could cause our actual
results of operations, financial condition, performance or
achievements to be affected materially include, but are not limited
to, 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 any current or future
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 any current or future credit
facility; our ability to enter into a new credit facility on terms
of commercially reasonable terms or at all; 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; and the amount and
timing of investments in capital equipment, sales and marketing,
engineering and information technology resources. The Company
assumes no obligation to update the information included in this
press release, whether as a result of new information, future
events or otherwise. More information about the Company's financial
results is included in the Company's Quarterly Report for the
quarter ended March 31, 2021 and our most recent Annual Report for
the fiscal year ended December 31, 2020, which are posted at
https://www.otcmarkets.com/stock/MICR/ and
http://www.micronsolutions.com.
For more information, contact: |
|
Mr. Wayne Coll |
Chief Financial Officer |
978.345.5000 |
Micron Solutions (AMEX:MICR)
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