CPS Technologies Corporation Increases Credit Facility to $3 Million
21 May 2020 - 6:00AM
CPS Technologies Corporation (Nasdaq:CPSH) today announced that it
has entered into an amendment to its credit facility with The
Massachusetts Business Development Corporation. The maximum
borrowing on the facility has been increased from $2.5 million to
$3.0 million.
Chuck Griffith, Chief Financial Officer, stated, “This increase
to the credit facility provides us with more flexibility in meeting
the needs of our expected growth. It also provides us with
additional security given the uncertainties around the COVID-19
pandemic. Although we do not expect to use the additional
amount in the near future, we view it as prudent to increase our
flexibility in the current environment of increased
uncertainty. We are pleased to be working with
The Massachusetts Business Development Corporation. As
evidenced by this amendment, we expect our relationship with them
to continue to be excellent, and that they will be able to fulfill
our capital needs for the foreseeable future.”
About CPS
CPS Technologies Corporation is a global leader in producing
metal-matrix composite components used to improve the reliability
and performance of various electrical systems. CPS products are
used in motor controllers for hybrid and electric vehicles,
high-speed trains, subway cars and wind turbines. They are also
used as heat spreaders in internet switches, routers and
high-performance microprocessors. CPS also develops and produces
metal-matrix composite armor.
Safe Harbor Statements made in this document that are not
historical facts or which apply prospectively, including those
relating to 2020 financial results, are forward-looking
statements that involve risks and uncertainties. These
forward-looking statements are identified by the use of terms and
phrases such as "will," "intends," "believes," "expects," "plans,"
"anticipates" and similar expressions. Investors should not rely on
forward looking statements because they are subject to a variety of
risks and uncertainties and other factors that could cause actual
results to differ materially from the company's expectation.
Additional information concerning risk factors is contained from
time to time in the company's SEC filings, including its Annual
Report on Form 10-K and other periodic reports filed with the SEC.
Forward-looking statements contained in this press release speak
only as of the date of this release. Subsequent events or
circumstances occurring after such date may render these statements
incomplete or out of date. The company expressly disclaims any
obligation to update the information contained in this release.
CPS Technologies Corporation Chuck Griffith, Chief Financial
Officer 111 South Worcester Street Norton, MA 02766 Telephone:
(508) 222-0614 Web Site: www.alsic.com
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