TECHNICAL COMMUNICATIONS CORPORATION Receives Loan from bankHometown under the Paycheck Protection Program
February 03 2021 - 3:25PM
Technical Communications Corporation (OTCQB: TCCO) today announced
that on February 1, 2021, the Company received a loan from
bankHometown under the U.S. Small Business Administration's
Paycheck Protection Program as authorized under the Economic Aid to
Hard-Hit Small Businesses, Nonprofits, and Venues Act (the
“Economic Aid Act”). The loan, evidenced by a promissory note,
is in the principal amount of $474,400 and all or a portion of the
loan is expected to be forgiven under the provisions of the
Economic Aid Act. Any portion of the loan that is not eligible to
be forgiven will be paid back over five years at an interest rate
of 1% per year.
Commenting on the good news, Carl H. Guild, Jr.,
President and Chief Executive Officer of TCC, said, "We again
collaborated with bankHometown to obtain this loan, which will
provide assistance to the Company in retaining its employees. The
retention of our employees is essential for us to respond to the
recent strong interest from our customers, despite certain order
activity being delayed due to the COVID-19 pandemic."
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 24 week period after the loan is
made. 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 impact of the COVID-19 pandemic
(including its duration and severity) and governmental actions in
response thereto; 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 Annual Report on Form 10-K for the fiscal year ended
September 26, 2020 filed with the Commission and the “Risk Factors”
section included therein (as the same may be amended from time to
time).
Technical
Communications Corporation 100 Domino
DriveConcord, MA 01742 – 2892 |
Michael P. MaloneChief Financial Officer(978)
287-5100www.tccsecure.com |
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