NORTON, Mass., May 20, 2020 (GLOBE NEWSWIRE) -- 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."
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