Micron Solutions, Inc. announces new credit facility of $ 7,000,000
FITCHBURG, Mass., July 7, 2021 (GLOBE NEWSWIRE) – Micron Solutions, Inc. (OTCQB: MICR) (the “”Company“), a diverse contract manufacturing organization, through its wholly owned subsidiary, Micron Products, Inc., producing innovative, high-tech components requiring precision machining and injection molding, announced that Micron Products, Inc. entered into a new three-year, $ 7,000,000 contract. Loan and Guarantee Agreement (the “Agreement”) with Berkshire Bank, a Massachusetts banking company, on June 30, 2021, replacing the previous lender of the society.
The agreement includes a revolving line of credit of up to $ 5.0 million and a capital line of credit of $ 2.0 million, which lines are secured by the assets of Micron Products and Micron Solutions. . The objective of the funding is to provide additional liquidity that will be used for future working capital requirements and capital expenditures as well as for general corporate purposes, subject to the terms of the agreement. Under the terms of the Agreement, the Company will repay its outstanding subordinated debt in the amount of $ 500,000.
“We are pleased to announce our agreement with Berkshire Bank. We recently announced that we have completed the sale and leaseback of our main manufacturing facility, which allowed us to write off our balance sheet of bank debt from our previous lender. This new loan agreement provides us with additional capital availability to take advantage of opportunities to expand our business and continuously improve our operating results. Berkshire Bank’s Asset Lending and Treasury teams have worked diligently with us to tailor the facility to Micron and we are grateful for the opportunity to partner with them over the next several years, ”commented the CEO. Bill Laursen.
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly owned subsidiary, Micron Products, Inc., is a diverse contract manufacturing organization that produces high-tech, innovative medical device components requiring precision machining and injection molding. The Company also manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications under contract. In addition, the Company is a market leader in the production and sale of conductive resin and silver / silver chloride coated sensors used as consumable components in the manufacture of integrated disposable electrophysiological sensors. The Company’s growth strategy is to create a first-class subcontractor specializing in plastic injection molding and high-tech medical devices and components requiring precision machining.
The Company regularly posts news and other important information on its website: http://www.micronsolutions.com.
Safe Harbor Declaration
The forward-looking statements made here are based on the current expectations of Micron Solutions, Inc. (“our” or the “Company”) which involve a number of risks and uncertainties and should not be taken as guarantees of future performance. . Therefore, actual results may differ materially from what is expressed or implied by these forward-looking statements. Factors that could affect our actual results of operations, financial condition, performance or achievements include, but are not limited to, our ability to obtain and retain customer order volumes that represent significant proportions of net sales. ; our ability to maintain our pricing model, to offset rising costs with price increases and / or to reduce our cost of sales; variability in customer delivery requirements; the level and ability to generate sales of higher margin products and services; our ability to manage our level of indebtedness and the provisions in all debt agreements that could make the Company sensitive to the effects of economic downturns and limit our ability to respond to changes in the economy or our industry; failure to meet financial and other covenants under our credit facility; the impact on the Company’s financial results due to economic uncertainty and disruption, including, but not limited to, recent events regarding COVID-19; dependence on income from exports and the impact on financial results due to economic uncertainty or downturns in foreign markets; the volatility of commodity and energy prices and our ability to offset rising costs with price increases; continuous availability of supplies or materials used in manufacturing at competitive prices; variations in the mix of products sold; and the amount and timing of investments in capital equipment, sales and marketing, engineering, and information technology resources. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise. Further information on the Company’s financial results is included in the Company’s quarterly report for the quarter ended March 31, 2021 and our most recent annual report for the year ended December 31, 2020, which are published on https: //www.otcmarkets. com / stock / MICR / and https://micronsolutions.com/.
For more information, contact:
Mr. William Laursen
Chief executive officer