Technical Communications Corporation Enters into Loan Agreement with the Small Business Administration under the Paycheck Pro...
22 Abril 2020 - 6:00PM
Technical Communications Corporation (NasdaqCM: TCCO) today
announced that on April 17, 2020, the Company entered into a loan
agreement with the U.S. Small Business Administration under its
Paycheck Protection Program as authorized under the Coronavirus
Aid, Relief and Economic Security Act (the “CARES Act”). The loan
is in the amount of $474,400 and a portion of the loan is expected
to be forgiven under the provisions of the CARES Act. Any
portion of the loan that is not eligible to be forgiven will be
paid back over two years at an interest rate of 1% beginning six
months from the date of the loan.
Commenting on the good news, Carl H. Guild, Jr.,
President and Chief Executive Officer of TCC, said, "During this
difficult time for the country, we are delighted that we were able
to collaborate with BankHometown to obtain this loan, which will
assist the Company in retaining its employees. The retention of our
employees is essential for us to respond to the strong interest
from our customers, despite certain order activity being delayed
due to COVID-19."
Under the provisions of the Paycheck Protection
Program, the loan amount will be forgiven as long as the loan
proceeds are used to cover payroll costs, interest on mortgages,
rent, and utility costs over the 8 week period after the loan is
made, and employee and compensation levels are maintained.
The Company expects to use the loan proceeds for payroll,
rent and utilities.
About Technical Communications
CorporationFor over 50 years, TCC has specialized in
superior-grade secure communications systems and customized
solutions, supporting our CipherONE® best-in-class criteria,
to protect highly sensitive voice, data and video transmitted over
a wide range of networks. Government entities, military agencies
and corporate enterprises in 115 countries have selected TCC's
proven security to protect their communications. Learn
more: www.tccsecure.com.
Statements made in this press release or as may
otherwise be incorporated by reference herein constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include but are not limited to statements regarding
anticipated operating results, future earnings, and the ability to
achieve growth and profitability. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors,
including but not limited to the effect of foreign political
unrest; domestic and foreign government policies and economic
conditions; future changes in export laws or regulations; changes
in technology; the ability to hire, retain and motivate technical,
management and sales personnel; the risks associated with the
technical feasibility and market acceptance of new products;
changes in telecommunications protocols; the effects of changing
costs, exchange rates and interest rates; and the Company's ability
to secure adequate capital resources. Such risks, uncertainties and
other factors could cause the actual results, performance or
achievements of the Company, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. For a more
detailed discussion of the risks facing the Company, see the
Company’s filings with the Securities and Exchange Commission,
including its Quarterly Report on Form 10-Q for the quarter ended
December 28, 2019 and its Annual Report on Form 10-K for the fiscal
year ended September 28, 2019 filed with the Commission and the
“Risk Factors” section included therein (as the same may be amended
from time to time).
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com
Technical Communications (NASDAQ:TCCO)
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