Omni-Lite Industries Receives Proceeds of Approximately US$400,000 from the New Round of the Paycheck Protection Program (“...
March 02 2021 - 7:00AM
Omni-Lite Industries Canada Inc. (the “Company”) is pleased to
announce that it received Paycheck Protection Program 2 loan of
approximately US$400,000 (“PPP-2 Loan”). The PPP-2 loan was granted
under the COVID-19 Relief Act, which was established to enable
small businesses to pay employees during the economic slowdown
caused by COVID-19. Under the terms of the PPP-2 Loan, the amount
borrowed is eligible to be forgiven provided that (a) the Company
uses the PPP-2 Loan proceeds during the eight (8) to twenty-four
(24) week period after receipt thereof, and (b) the PPP-2 Loan
proceeds are only used to cover payroll costs, including benefits,
rent, mortgage interest, utility costs and certain operating costs.
The amount of the PPP-2 Loan forgiveness will be reduced if, among
other reasons, the Company does not maintain staffing or payroll
levels.
In addition, the
Company has received notice from the U.S. Small Business
Administration (“SBA”) that US$182,900 of its $819,700 outstanding
Paycheck Protection Program Loan (“PPP-1”) has been forgiven. The
Company further expects to receive SBA notification for the
forgiveness of the remaining PPP-1 loan balance, US$636,800, prior
to the end of the Company’s first quarter of fiscal 2021.
About
Omni-Lite Industries Canada Inc.
Omni-Lite Industries Canada Inc. is an
innovative company that develops and manufactures mission critical,
precision components utilized by Fortune 100 companies in the
aerospace and defense industries.
For further information,
please contact:
Mr. David RobbinsPresident and Chief Executive OfficerTel. No.
(562) 404-8510 or (800) 577-6664Email:
d.robbins@omni-lite.comWebsite: www.omni-lite.com
Forward Looking Statements
Except for statements of historical fact, this
news release contains certain “forward-looking information” within
the meaning of applicable securities law. Forward-looking
information is frequently characterized by words such as “plan”,
“expect”, “project”, “intent”, “believe”, “anticipate”, “estimate”
and other similar words, or statements that certain events or
conditions “may” or “will” occur. Forward-looking information in
this press release includes, but is not limited to, the expect
future performance of the Company. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information. Forward-looking information is based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in Canada, the United States and
globally; industry conditions, governmental regulation, including
environmental consents and approvals, if and when required; stock
market volatility; competition for, among other things, capital,
skilled personnel and supplies; changes in tax laws; and the other
risk factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking information contained in
this news release is expressly qualified by this cautionary
statement. We undertake no duty to update any of the
forward-looking information to conform such information to actual
results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking
information.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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