Retractable Technologies, Inc. to Receive Additional Funding From U.S. Government Under Technology Investment Agreement
May 25 2021 - 03:35PM
Business Wire
Retractable Technologies Inc. (NYSE American: RVP) announced
today that it has entered into an amendment to the Technology
Investment Agreement (originally awarded on July 1, 2020) with the
U.S. government providing $27,365,232 in additional funding. The
amendment calls for an increase in existing domestic manufacturing
capabilities by a minimum of 50 percent in order to meet ongoing
and future U.S. COVID-19 medical countermeasures demands. In order
to satisfy this new objective, Retractable is directed to increase
U.S. production of 1mL low dead-space safety syringes by installing
new assembly lines and further expanding a portion of its
facilities in Little Elm, Texas. The scheduled end date for the
modification effort is January 31, 2022.
Under the Technology Investment Agreement signed in July 2020,
the Biomedical Advanced Research and Development Authority, part of
the Office of the Assistant Secretary for Preparedness and Response
at the U.S. Department of Health and Human Services worked with the
Joint Program Executive Office for Chemical, Biological,
Radiological and Nuclear Defense and the Army Contracting Command
to provide approximately $53.6 million to expand Retractable’s
manufacturing capacity for safety needles and syringes in support
of the COVID-19 pandemic.
For more information on Retractable, visit its website at
www.retractable.com.
Forward-looking statements in this press release are made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995 and reflect Retractable's current
views with respect to future events. Retractable believes that the
expectations reflected in such forward-looking statements are
accurate. However, Retractable cannot assure you that such
expectations will materialize. Actual future performance could
differ materially from such statements.
Factors that could cause or contribute to such differences
include, but are not limited to: the impact of COVID-19 on all
facets of logistics and operations, as well as costs, Retractable’s
ability to complete capital improvements and ramp up domestic
production in response to government agreements, potential tariffs,
Retractable's ability to maintain liquidity; Retractable's
maintenance of patent protection; Retractable's ability to maintain
favorable third party manufacturing and supplier arrangements and
relationships; foreign trade risk; Retractable's ability to access
the market; production costs; the impact of larger market players
in providing devices to the safety market; and other risks and
uncertainties that are detailed from time to time in Retractable's
periodic reports filed with the U.S. Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20210525005931/en/
Retractable Technologies, Inc. John W. Fort III, 888-806-2626 or
972-294-1010 Vice President and Chief Financial Officer
Retractable Technologies (AMEX:RVP)
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