Brief: Retractable Technologies Says Entered Into Promissory Note Of $1.4 mln In Favor Of Independent Bank Pursuant To Paycheck Protection Program

Retractable Technologies

22/04/2020 17:21

April 22 (Reuters) - Retractable Technologies Inc  RVP.A :
    * RETRACTABLE TECHNOLOGIES - ON APRIL 17,ENTERED INTO
PROMISSORY
NOTE OF $1.4 MILLION IN FAVOR OF INDEPENDENT BANK PURSUANT TO
PAYCHECK PROTECTION PROGRAM
    * RETRACTABLE TECHNOLOGIES - PPP LOAN MATURES ON APRIL 17,
2022
AND BEARS INTEREST AT A RATE OF 1.0% PER ANNUM
    * RETRACTABLE TECHNOLOGIES - TO DATE, CO'S MANUFACTURING
FACILITY
IN LITTLE ELM, TEXAS HAS CONTINUED TO OPERATE DUE TO ITS STATUS
AS ESSENTIAL BUSINESS
    * RETRACTABLE TECHNOLOGIES - HAS IMPLEMENTED ARRANGEMENTS TO
REDUCE NUMBER OF OFFICE STAFF EMPLOYEES WORKING ON-SITE AT
PRODUCTION FACILITY
    * RETRACTABLE TECHNOLOGIES - BELIEVES THAT IT HAS SUFFICIENT
INVENTORY, MANUFACTURING CAPACITY, AND ABILITY TO SOURCE
PRODUCTS TO MEET CURRENT DEMAND

Source text - https://bit.ly/3eRTCqm
Further company coverage:  RVP.A 

 ((Reuters.Briefs@thomsonreuters.com;))