Enablence Technologies Announces Successful Funding of Paycheck Protection Program Loan
Ottawa, Ontario--(Newsfile Corp. - May 14, 2020) - Enablence Technologies Inc. (TSXV: ENA) ("Enablence" or the "Company"), a leading supplier of optical components and subsystems, today announced that its U.S. subsidiary received a loan in the amount of US$612,500 under the Paycheck Protection Program (PPP) administered by the U.S. Small Business Administration ("SBA"). The PPP is a loan program that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The loan has a term of two years, is unsecured and is guaranteed by the SBA. The loan carries an interest rate of 1% per annum, with payments of principal and interest deferred for six months. The SBA will forgive loans if the loan proceeds are used to cover payroll costs (including benefits), rent and utilities during the eight-week period following the loan funding date.
About Enablence Technologies Inc.
Enablence is a publicly traded company that designs, manufactures and sells optical components and subsystems to a global customer base. It utilizes its patented technologies, including planar lightwave circuit intellectual property, in the production of an array of photonic components and broadband subsystems that deliver a key portion of the infrastructure for current and next-generation telecommunication systems. The Company's components are key elements in large optical network infrastructure builds which enable global networking and large-scale computing for businesses and individuals, including data centers and 5G telecommunications networks. For more information, visit www.enablence.com.
This press release contains forward-looking statements regarding the Company based on current expectations and assumptions of management, which involve known and unknown risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are forward-looking statements under applicable Canadian securities legislation. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution our readers of this press release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR (www.sedar.com) under Enablence's issuer profile Enablence does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For further information contact:
Scott Larin, Chief Financial Officer
Enablence Technologies Inc.
+1 613 656-2850
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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