EVANSVILLE, Ind., April 28, 2020 /PRNewswire/ -- Escalade,
Incorporated ("Escalade") (NASDAQ: ESCA) announced that it repaid
its outstanding $5.6275 million loan
received pursuant to the Paycheck Protection Program ("PPP")
and issued the following statement from Scott Sincerbeaux, Escalade's new Chief
Executive Officer and President:
"Our focus is to protect the health and livelihood of our
employees while serving our customers and the communities in which
we operate. We applied for a PPP loan at a time of great
uncertainty for our business – and, at the time, our application
fulfilled all the requirements of the program. Although Covid-19
continues to create substantial uncertainty and hardship throughout
the world, we repaid our loan as a result of new guidelines from
the Small Business Administration (SBA). We appreciate the
opportunity provided by the SBA and look forward to the future
success of our country and our Company."
Escalade is a leading manufacturer and marketer of sporting
goods and outdoor recreation products sold worldwide. To obtain
more information on the Company and its products, visit our website
at: www.EscaladeInc.com or contact Patrick
Griffin, Vice President of Corporate Development &
Investor Relations at 812/467-1358.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements relating to
present or future trends or factors that are subject to risks and
uncertainties. These risks include, but are not limited to:
specific and overall impacts of the COVID-19 global pandemic
on Escalade's financial condition and results of operations;
Escalade's plans and expectations surrounding the transition to its
new Chief Executive Officer and all potential related effects and
consequences; the impact of competitive products and pricing;
product demand and market acceptance; new product development;
Escalade's ability to achieve its business objectives, especially
with respect to its Sporting Goods business on which it has chosen
to focus; Escalade's ability to successfully achieve the
anticipated results of strategic transactions, including the
integration of the operations of acquired assets and businesses and
of divestitures or discontinuances of certain operations, assets,
brands, and products; the continuation and development of key
customer, supplier, licensing and other business relationships; the
ability to successfully negotiate the shifting retail environment
and changes in consumer buying habits; the financial health of our
customers; disruptions or delays in our business operations,
including without limitation disruptions or delays in our supply
chain, arising from political unrest, war, labor strikes, natural
disasters, public health crises such as the coronavirus pandemic,
and other events and circumstances beyond our control; Escalade's
ability to control costs; Escalade's ability to successfully
implement actions to lessen the potential impacts of tariffs and
other trade restrictions applicable to our products and raw
materials, including impacts on the costs of producing our goods,
importing products and materials into our markets for sale, and on
the pricing of our products; general economic conditions;
fluctuation in operating results; changes in foreign currency
exchange rates; changes in the securities markets; Escalade's
ability to obtain financing and to maintain compliance with the
terms of such financing; the availability, integration and
effective operation of information systems and other technology,
and the potential interruption of such systems or technology; risks
related to data security of privacy breaches; and other risks
detailed from time to time in Escalade's filings with the
Securities and Exchange Commission. Escalade's future financial
performance could differ materially from the expectations of
management contained herein. Escalade undertakes no obligation to
release revisions to these forward-looking statements after the
date of this report.
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SOURCE Escalade, Inc.