Micron Solutions Secures $1.2 Million SBA Loan under Paycheck Protection Program Provision of CARES Act

4/24, 9:10 PM (Source: GlobeNewswire)

FITCHBURG, Mass., April 24, 2020 (GLOBE NEWSWIRE) -- 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, injection molding and assembly services, announced today it received a $1.2 million loan (the “SBA Loan”) under the Paycheck Protection Program contained in the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”). The SBA Loan was obtained from Rockland Trust in Massachusetts.

The SBA Loan has a two-year term with a fixed rate of one percent (1%) per annum and up to 100% of the SBA Loan may be forgiven based on the amount of funds used during the first eight week period following the loan origination date used towards payroll, rent and utilities, calculated in accordance with the requirements of the Paycheck Protection Program, including provisions of Section 1106 of the CARES Act.

“During these unprecedented times, we are grateful for the support of Massachusetts Senator Tran, Massachusetts Representative Hay and Fitchburg Mayor DiNatale. The expeditious actions by the U.S. Small Business Administration implementing this loan program in response to the COVID-19 pandemic is tremendously helpful. As a Massachusetts designated “COVID-19 Essential Services” provider, this SBA Loan improves our ability to fund operations with certainty while supporting our critical workforce,” said Bill Laursen, President and CEO of Micron.

Wayne Coll, Micron’s Chief Financial officer said, “I’d like thank Rockland Trust for its timely communication, loan processing efficiency and round-the-clock customer service that resulted in Micron receiving its SBA Loan.”

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 websites:

http://www.micronsolutionsinc.com and http://www.micronproducts.com

Safe Harbor Statement

Forward-looking statements made herein 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. The factors that could cause actual results to differ materially include 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 the 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 our credit facility; 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; continued availability of supplies or materials used in manufacturing at competitive prices; and the amount and timing of investments in capital equipment, sales and marketing, engineering and information technology resources.  More information about the Company's financial results is included in the Company's most recent Annual Report on Form 10-K.


For more information, contact:
Mr. Wayne Coll
Chief Financial Officer
978.345.5000

Primary Logo

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.