Nortech Systems to Apply for the Employee Retention Credit (ERC)
May 20 2021 - 11:05AM
Business Wire
Nortech Systems Incorporated
(Nasdaq: NSYS) (the “Company”), a leading provider of engineering
and manufacturing solutions for complex electromedical and
electromechanical products serving the medical, aerospace &
defense and industrial markets today announced that it is applying
for the Employee Retention Credit (“ERC”) to support ongoing
investment in Nortech’s frontline workforce and to drive increased
manufacturing output to meet customers’ rising demand for mission
critical parts. The Company estimates the ERC will, if the
application is successful, total $5 million in fiscal
2021.
Nortech, in partnership with our medical, industrial and defense
customers, uses intelligence, innovation, speed and global
expertise to provide manufacturing and engineering solutions. This
enables our customers to be leaders in digital connectivity and
data management to achieve their business goals. Nortech strives to
be a premier workplace that fosters valued relationships internally
and in our communities.
About Nortech Systems
Incorporated Nortech Systems is a leading provider of
design and manufacturing solutions for complex electromedical
devices, electromechanical systems, assemblies, and components.
Nortech Systems primarily serves the medical, aerospace &
defense, and industrial markets. Its design services span concept
development to commercial design, and include medical device,
software, electrical, mechanical, and biomedical engineering. Its
manufacturing and supply chain capabilities are vertically
integrated around wire/cable/interconnect assemblies, printed
circuit board assemblies, as well as system-level assembly,
integration, and final test. Headquartered in Maple Grove, Minn.,
Nortech currently has seven manufacturing locations and design
centers across the U.S., Latin America, and Asia. Nortech Systems
is traded on the NASDAQ Stock Market under the symbol NSYS.
Nortech’s website is www.nortechsys.com.
Forward-Looking Statements
This press release contains
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995
including without limitation statements regarding the Company
obtaining 2021 Employee Retention Credit (ERC) funds of
approximately $5 million and with respect to customers’ increasing
demand. Important factors that could cause actual results to differ
materially from the forward-looking statements include, without
limitation: (1) the impact of the COVID-19 pandemic on our
customers, employees, manufacturing facilities, suppliers, the
capital markets and our financial condition (2) supply chain
disruptions leading to parts shortages for critical components; (3)
volatility in market conditions which may affect market supply of
and demand for the company’s products; (4) increased competition;
(5) changes in the reliability and efficiency of operating
facilities or those of third parties; (6) risks related to the
availability of labor; (7) commodity cost increases coupled with
our inability to raise prices charged to our customers; (8) the
unanticipated loss of key members of senior management and the
transition of new members of our management teams to their new
roles; and (9) and general economic, financial and business
conditions that could affect the company’s financial condition and
results of operations. Some of the above-mentioned factors are
described in further detail in the section entitled “Risk Factors”
in our annual and quarterly reports, as applicable. You should
assume the information appearing in this document is accurate only
as of the date hereof, or as otherwise specified, as our business,
financial condition, results of operations and prospects may have
changed since such date. Except as required by applicable law,
including the securities laws of the United States and the rules
and regulations of the United States Securities and Exchange
Commission, we undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise, to reflect actual results
or changes in factors or assumptions affecting such forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210520005787/en/
Chris Jones, CFO cjones@nortechsys.com 952-345-2244
Nortech Systems (NASDAQ:NSYS)
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